What’s the difference between accounting profit and taxable profit?
Many people don’t realise that there is a difference between accounting profit and taxable profit – and that they are very rarely exactly the same figure. Lots of business owners arrive at their accounting profit – thinking it’s…
What is a P11D and do I need to complete one?
What is a P11D? The P11D form is a statutory form required to be filed with HMRC by businesses that detail benefits paid to their employees and the cash equivalents of those benefits. You will also need to…
What does my tax code mean? 2020/21 Edition
What exactly do all the numbers and letters in my tax code mean? And what do I do if I think it’s wrong? HMRC generate your tax code based on the information that they hold about you and…
Do I need to file a personal tax return for 2020?
The 2019/20 personal tax year ended on 5th April and we are now in the 2020/21 tax year. Every year we are asked the same thing – ‘Do I need to fill in a personal tax return?’. Here…
Information to keep for your personal tax return
The 2019/20 tax year ended on 5th April, for which many of us will need to produce and file a personal tax return . To make things easier, here is our list of the information you need to…
Coronavirus update
Hi everyone. Please see below some updates and clarifications on some of the help that is out there for you and your businesses during the coronavirus situation. Check back regularly to the HMRC website for updates on everything coronavirus…
We are now a Silver Partner with Xero!
We make no secret that we love Xero here at Flamingo Accounting! And now we are happy to be able to announce that we have been made a Silver Partner with them. Our team of Certified Xero Advisers have been using and…
Ten Top Tips for working from home during the coronavirus
As as result of the Coronavirus, many of us will be working from home having never done so before. It’s tempting to sit back and treat it as a leisurely day or have a Netflix binge, but that…
Xero adds credit limits to customers – but there is a catch
After many requests from users, Xero has recently added credit limits to customer accounts – but there is a catch… Whilst you can add the limit to the customer account in Xero, and check what is left of…
What interest can you charge on late payments?
What interest can you charge on late payments? From time a customer may pay you late, and you may be ok with that. But when the problem becomes persistent, it can effect your own cash flow and the…