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Kontor Space
James Townsend MRICS
“Alexander Rosse have been instrumental in navigating us through the day to day accounting jungle, not only helping us set up the business but ensuring our systems and processes are fit for purpose and scalable going forward. Implementing modern accounting practices and technology coupled with excellent day to day service – we very much view them as an in-house function and would highly recommend them to others.”
Baba-Boom
Eve Bugler
“The detailed management accounts that Alexander Rosse produce for us each period in Xero are the backbone of our business. The insight we gain from the accounts drives our operational decisions, our investor confidence and our cashflow management. The AR team fully understand the food industry and our needs (e.g 4 weekly accounting, multi-site operations, supplier invoicing challenges) and such they are my first recommendation for other fast growing restaurant & hospitality companies.”
Ameliant Ltd
Jakub Korab
“I have worked with Alexander Rosse for years because they simply make all of my accounting problems go away. They have made sure that everything is done correctly and on time, and have been on-call to step in whenever unexpected issues came up, leaving me to concentrate on my business. Highly recommended.”
Temple Employment Law
Sophie Clifford
“Alexander Rosse have been great. I feel I can ask them any question – no matter how silly. They have been so supportive of my business and its growing needs, adapting the service along the way.”
Peak Games
Itamar Lesuisse and Sagi Shorrer
“Alexander Rosse is a great partner that provides the flexibility and services needed to grow from an early stage start up to a successful scale up company.”
OTS calls for simplifying everyday tax for smaller businesses
A report by the Office of Tax Simplification (OTS) calls on the government to prioritise action to ‘address long-standing concerns about the experience of smaller businesses’. The report considers the business lifecycle, especially those starting up and provides recommendations in five areas:
- providing simple step-by-step guidance about the key things a business needs to do in its early days to help things run smoothly
- improving the operation of the PAYE system
- implementation of HMRC’s Agents Strategy
- improving the mechanics of the Corporation Tax return process
- ensuring that tax changes are built on an understanding of business processes.
Forms P11D – reporting employee benefits
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2019, are due for submission to HMRC by 6 July 2019. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the last minute.
Employees pay tax on benefits provided as shown on the P11D, generally via a PAYE coding notice adjustment or through the self assessment system. Some employers ‘payroll’ benefits and in this case the benefits do not need to be reported on forms P11D but employers should advise employees of the amount of benefits payrolled.
In addition, regardless of whether the benefits are being reported via P11D or payrolled the employer has to pay Class 1A National Insurance Contributions at 13.8% on the provision of most benefits. The calculation of this liability is detailed on the P11D(b) form. The deadline for payment of the Class 1A NIC is 19th July 2019 (or 22nd for cleared electronic payment).
HMRC has produced an expenses and benefits toolkit. The toolkit consists of a checklist which may be used by advisers or employers to check they are completing the forms correctly.
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which take effect from 1 June 2019. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 June 2019 are:
| Engine size | Petrol |
| 1400cc or less | 12p |
| 1401cc – 2000cc | 15p |
| Over 2000cc | 22p |
| Engine size | LPG |
| 1400cc or less | 8p |
| 1401cc – 2000cc | 9p |
| Over 2000cc | 14p |
| Engine size | Diesel |
| 1600cc or less | 10p |
| 1601cc – 2000cc | 12p |
| Over 2000cc | 14p |
HMRC guidance states that the rates only apply when you either:
- reimburse employees for business travel in their company cars or
- require employees to repay the cost of fuel used for private travel.
You must not use these rates in any other circumstances.
The Advisory Electricity Rate for fully electric cars is 4 pence per mile. Electricity is not a fuel for car fuel benefit purposes.
Simple. Smart. Secure
Small business accounting software that’s beautifully simple Xero is the beautiful alternative to your old accounting software, providing a real-time view of cash flow – anytime, anywhere. It’s small business accounting software that’s simple, smart and occasionally magical. Explore features like invoicing, payroll, reporting and more. Xero small business accounting software has all you need to manage your numbers effortlessly.
- Intro to Xero
- Xero Mobile
- Getting Started
- Xero
Features
- Real-time view of your business finances at a glance
- Import bank statements for up-to-date reconciliations and transaction matching at the click of a button
- Manage your business contacts and have them automatically appear in invoices and transactions
- Access your accounts from anywhere in the world through your PC, Mac, laptops and other mobile devices
- Rapidly create, send, receive and report on invoices
- Quickly and easily manage your debts, payments and due dates
- Easily enter expenses and generate real-time reports
- Share your information with your chosen financial advisors.