Amica Accounting
Accounting Firm based in Surrey. Committed to providing high end finance support to businesses

Although the VAT registration threshold could seem irrelevant when you’re running a small business, you need to know how it can affect your tax obligations.
Some businesses have to register for VAT, some aren’t allowed to, and others can choose.
Businesses with an annual taxable turnover of more than £90,000 have to register for VAT.
Once you’re VAT registered, you don’t end up paying VAT on business expenses. You’ll still get charged the VAT-inclusive price when you make the purchase, but you can claim that money back when you file your return with HMRC.
We can process all of your VAT returns, let you know how much to pay HMRC and also register your business for VAT.

Xero are launching three new streamlined business plans for UK customers, and enhancing the Ultimate plan.
Xero Ignite plan — accounting basics made for businesses starting out
Xero Grow plan — accounting tools for self-employed and growing businesses
Xero Comprehensive plan — streamlined accounting and payroll for businesses with employees
Xero Ultimate plan (enhanced) — accounting, payroll and forecasting tools to help businesses scale for future growth
With the new plan line-up for UK small businesses available from 12 September 2024, the existing Xero Starter, Xero Standard and Xero Premium plans will no longer be available.
With the help of Xero, we will soon be migrating all of our clients across to the new plans.

To all of our Self-Assessment clients, if you haven't done so already, please begin to upload your business information for the 2023-2024 tax year so we can begin works on your Self-Assessment over the coming weeks.

Even though you might be making profit, not all of the money is yours as you’ll need to hand some over to HMRC to pay your business taxes. This could be for Corporation Tax, VAT or PAYE.
A good rule to follow is that you budget for this as you go along so that you’re not shocked when you come to pay tax.
If you have a savings account or something similar, set a little bit of your income aside so that you can easily pay off your tax bill without any worries and enjoy the rest of your profit.

Want some tips and a guide to invoicing?
Follow this link and enter your email address to download Xero's Invoicing guide PDF.
https://www.xero.com/uk/guides/invoicing/

Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons.
The speech outlines the government's plans for raising or lowering taxes.
It also includes big decisions about spending on health, schools, police and other public services.
The budget will be announced on 30th October and we will keep you posted on any business updates.

Did you know we offer Xero Training for yourself and or your business employee's?
We can offer our training as a one off session for you to get to know the basics or we can deliver training in bundles to multiple members of your team.
Get in touch today! [email protected]
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If you are a DEXT user and have regular supplier invoices, have you looked into Auto Publishing?
This could make your life a lot easier and quicker and the auto publishing will feed directly into Xero for bookkeeping requirements.
Nice & simple!

From September 2024 Xero have announced they will be increasing their package prices slightly so we want to give all clients as much notice as possible for these increases.
Please see the table on our post.
Starter Package is increasing by £1 per month and Standard Package is increasing by £3 per month.

Are you nearing the VAT threshold?
Reach out to us today and we can get you VAT registered and setup with quarterly VAT returns quickly & efficiently!

A few top tips for new start-ups!
We recommend having an initial chat with us (free of charge) to discuss your business needs and goals and we can get you setup on Xero Software!

Calculate your allowable expenses using a flat rate based on the hours you work from home each month.
This means you do not have to work out the proportion of personal and business use for your home, for example how much of your utility bills are for business.

The VAT registration and deregistration thresholds will increase from 1 April 2024.
The 12-month taxable turnover threshold which determines whether a person must be registered for VAT will increase from £85,000 to £90,000.
The 12-month taxable turnover threshold which determines whether a person may apply for deregistration will increase from £83,000 to £88,000.

If you earn more than £1,000 in a tax year from a side hustle then you need to register and submit a Self-Assessment Tax Return!
If you earn under this amount then you are covered by the trading allowance and do not need to do anything!

What is Closing Stock in Accounting and at Year End Accounts?

Did you know we offer Xero Training!?
We can offer one off single sessions or can bulk together hours with a discount to train your teams.
Get in touch today to learn the ins and outs of Xero!

The salary that we recommend for all Directors for this current tax year of 2024/2025.
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Address
Amica Accounting Limited, Freedom Works, Astral Towers, Betts Way, RH10 9XA
Crawley
RH109XA
Opening Hours
Monday | 9am - 5pm |
Tuesday | 9am - 5pm |
Wednesday | 9am - 5pm |
Thursday | 9am - 5pm |
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