What do we mean when we talk about Dinosaur Accountants?
First things first, being a Dinosaur Accountant has nothing to do with age. Broadly speaking, it refers to an accountant that’s stuck in the past and has no intention of changing or improving their service, but still charges their client an unreasonable amount. How to spot a dinosaur: – Gets you to send months of receipts in one go – Only speaks to you near the financial year end – Doesn’t offer any proactive tax planning – Makes no attempt to understand your business or industry – Heavily relies on outdated technology that isn’t fit for purpose (i.e Excel Spreadsheets…) – Speaks in accounting jargon. It might seem extreme but our desire to change the industry means we don’t think it should be accepted anymore.
If you're a Limited Company operating in the UK, you'll have to pay Corporation Tax.
Not only will you have to pay it on any profits you make, but it’ll also be on any money made on the sale of assets such as land, property or shares. As of April 2023, businesses with profits of £50,000 or less will continue to pay corporation tax at 19 per cent, however businesses with profits above £250,000 will pay corporation tax at 25 per cent. Any business with profits between £50,000 and £250,000 will also pay corporation tax at 19 per cent. Tax rates are something that change often, which means its important to keep on top of things…. Or, you could let us do it for you and not have to worry, your choice!
In short, yes.
Taxes unfortunately are inevitable, but there are lots of ways you can lessen the amount you’ll have to pay. That’s where a good accountant comes in. Trivial benefits, business expenses, capital allowances, pensions contributions ya-da, ya-da. We won’t bore you with the jargon but there are plenty of options that allow you to reduce the bill you pay to HMRC. A good tax advisor will make you aware of these way ahead of time and help you put in the necessary steps so you can take advantage of them proactively rather than letting the opportunity pass. We’ll also explain it in simple terms that a real life person can understand so you don’t have to be a HMRC-created robot.
Blowing our own trumpet
Jason Williams, X Digital Media Limited
I’ve been with Accounts and Legal for just under a year and it’s true to say they’ve helped my business in a huge way. I was recommended them by my business coach which really says a...