Blog


Choosing an Accountant- Why it’s Important to Get it Right

It’s fair to say that when you first set up your own business, your ‘to-do’ list will most likely be full of important jobs to get done, things like purchasing insurances and obtaining business contracts. And one of the items that should be at the top of that list is making sure that you have a great accountant...
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Managed Service Company Legislation- Should I Be Worried?

If you keep up to date with the latest HMRC or contractor goings on, you may have heard recently about HMRC targeting contractors with large tax bills, having accused their accountant of being a Managed Service Company (MSC). So, what is an MSC, and should you be worried...
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P11ds- What They Are And Whether You Need To Complete One

Now that we are a few weeks into the 2022/23 tax year, it’s time to start getting everything tied up in order to say goodbye to the 2021/22 tax year. And one of the first things you’ll want to see to is your P11d for the year- if, that is, you need to complete one...
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Happy New Tax Year!

We have now bid adieu to 2021/22 and stepped foot into the 2022/23 tax year, which runs from 6th April 2022 to 5th April 2023. In this week’s blog, we break down what the start of the new tax year means for you, and what allowances are available to you in 2022/23...
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Spring 2022 Statement

With the cost of living sky rocketing at the moment, it’s fair to say that all eyes were on the Chancellor as he stood up to deliver this year’s Spring Statement. In normal times (who can remember those eh!), nothing much would come from these statements, as all...
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PaperRocket Accounting Shortlisted in Two Categories at The Contracting Awards

We are very proud to announce that, for the third year running, PaperRocket has been shortlisted as ‘Best Contractor Accountantancy (<1000 clients)’ at The Contracting Awards!...
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PaperRocket Awarded Cyber Essentials Certification – You Can Trust in Us to Keep Your Personal Data Secure and Safe

In 2022, we live in a digital age, where every day, most of us carry around more data that could ever have been imagined in a phone no bigger than your hand. But, as the saying goes, with great power comes great responsibility, and whilst having such easy access to...
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Saving Tax: Making the Most of Your Allowances Before the End of the Tax Year

In this week’s blog, with the end of the tax year rapidly approaching, we are going to take a look at the various 2021/22 allowances we are entitled to, to help you check that you aren’t missing out on utilising any of them before they disappear with 21/22...
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Saving Tax: Understanding Your Tax Code

This week we will be looking at tax codes. Having an incorrect tax code applied to your salary can potentially leave you out of pocket, or perhaps even worse, with an additional amount of tax to pay in the future...
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Saving Tax: Marriage Tax Allowance

This week, we will be looking at the Marriage Tax Allowance. It is estimated that around 2.4 million qualifying couples miss out on claiming the marriage tax allowance, which could be costing them up to £252/year. Are you one of them?...
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Student Loans Repayments To Increase From 2022/23

With all the goings on that have been happening on the political landscape recently (cheese and wine anyone?!), you would be forgiven for not having heard or taken stock of the fact that from April 2022, university leavers with a plan 2 student loan will, on average...
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Self Assessment Return Deadline Extended

Benjamin Franklin once famously said that ‘in this world, nothing can be said to be certain except death and taxes’. And before 2021, one of the tax certainties was that self assessment returns had to be filed by 31st January. However, it was announced recently...
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2021 – The Christmas To Get Your Jolly On (And Save Some Tax In The Process)

After the rather mellow affair of Christmas 2020, with lockdowns, social distancing and masks aplenty, here’s hoping that Christmas 2021 will be a much more traditional celebration, with socialising aplenty. And, after the couple of years we’ve all had, now is...
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Director’s Loan – All You Need To Know

Whether you’ve been running your company for years, or just set up, you may well have heard of the ‘Director’s Loan Account’ (DLA). But what is it, and what are the implications of having one?...
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Autumn Budget and Spending Review

Whilst usually we are only ‘treated’ to one Budget a year by the government, it’s safe to say that the last couple of years have been like no others, so yesterday, we were treated to our second budget of 2021 (the first having been announced in March this year)...
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Have You Ensured That Your Business Is Insured?

Whether you have just set up a limited company, or you’ve been a company director for a while now, you probably have many different things on your business ‘to do’ list. But one very important item for that list is to ensure that your company is adequately insured. As...
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Understanding Your Accounts – PaperRocket’s Top Tips

For most limited company directors, hiring an accountant to help them with the accounting side of their business is a must. After all, as a business owner, you are going to want to spend your time focussing on running and growing your business, rather than...
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PaperRocket Accounting Shortlisted For ‘Service Excellence’!

Yes, there may be an apparent fuel shortage at the moment in the UK, but at PaperRocket, we’re cooking on gas! Once again, we have been shortlisted as the SME Hertfordshire Business Awards 2021, this time in the ‘Service Excellence’ category...
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Self Assessment Returns – Why You Should Get Yours Submitted Today

Autumn is officially upon us, and as we say goodbye to the Summer (not that the weather made it feel very summery!) and look forward to the remainder of the year, now is the perfect time to sort out your self assessment affairs for the tax year that ended in April...
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Health and Social Care Levy – What It Means For You

Yesterday in the House of Commons, Prime Minister Boris Johnson stood up and outlined his plans for how the government are going to pay for the many reforms required for social care and the NHS across the UK...
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Continuing Working From Home – What You Can Claim

It is fair to say, that over the past 18months, more people have been working from home than ever before. For many, lockdown forced companies to find new ways for employees to work from home productively, and whilst there may be a push at the moment to try...
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Time To Celebrate?

The 19th July has been labelled by some as ‘Freedom Day’. As we largely say (a cautious) goodbye to social distancing and masks, for many, it is the chance to go back to some sort of normality that hasn’t been seen since pre March 2020...
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Self Assessment – Second Payment On Account Deadline Approaches

Can you believe it’s July already, how on earth has that happened?! And as we enter July, we also creep closer to the self assessment second payment on account becoming due. Have you paid yours...
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Working Mums – Summer Holiday Childcare

At PaperRocket, we pride ourselves on offering a jargon free, no nonsense service to our clients. PaperRocket was founded by, and is run by, working mums who know how hard it is juggling work and home life, and so we are firmly on the side of the ‘Mumtrepreneurs’...
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Covid-19 Support Update

As we reach the month in which, under the Prime Minister’s original ‘roadmap’, we are meant to be returning to normal life (although whether this will happen remains to be...
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P11d Deadline Approaches – What Do YOU Need To Do?

Thank goodness, the 20/21 tax year, and all of the turmoil that came with it, is over, and I’m sure we’re all glad to see the back of a tax year that, for many, was mainly about keeping their business’ heads above water. But, whilst (hopefully) better times are ahead...
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Sole Traders – The Accountancy Need To Knows

As a sole trader, your main priority is, of course, going to be the day to day running of your business. If you’re passionate enough about your trade to have set up a business to work through doing it, then of course, that will be your focus. But, like the angel on your...
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What To Look For In An Accountant

Whether you have just set up your business, or having been running it for years, making sure that you have a great accountant is something that you can’t afford to neglect. Not only will they be there to save you time and assist with the necessary filing requirements...
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Working Mums – Helping Keep the Economy Going

At PaperRocket, we pride ourselves on offering a jargon free, no nonsense service to our clients. PaperRocket was founded by, and is run by, working mums who know how hard it is juggling work and home life, and so we are firmly on the side of the ‘Mumtrepreneurs’...
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Covid Isn’t Stopping The Scammers- Make Sure YouDon’t Get Caught Out

Whilst you would hope that a global pandemic would bring out the humanity in people, unfortunately, scammers are actually using the pandemic and people’s misery to their...
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Time To Say Goodbye To 2020/21 – Personal Tax Return Tips

With just over a week left in the current 2020/21 tax year, you may well already be thinking about getting...
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Time To Say Goodbye – To The 2020/21 Tax Year

With only a few weeks of the 2020/21 tax year remaining, I think it’s fair to say that most of us will be glad to see the back of it, and the upheaval and uncertainty that it brought. But, before we say goodbye (and good riddance) to 20/21, you should check that you’re...
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Budget 2021

It’s safe to say that all eyes were on Rishi Sunak as he stepped up to the despatch box to deliver just his second Budget of his career as Chancellor. As he delivered his Budget last year, no one could have anticipated that a year later, the measures he put in place to try...
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Self Assessment Deadline Looms

Well, haven’t the first two weeks of 2021 seemed like a lifetime?! Unfortunately, the start of the new year hasn’t exactly brought with it the fresh start that we were hoping for. But, whilst things around us may be changing constantly, one thing that remains the same is...
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A Very ‘2020’ Kind of Christmas

This time last year, it’s fair to say that for most of us, the words ‘coronavirus’, ‘furlough’, ‘social distancing’ and ‘covid-19’ had never passed our lips… in fact, the biggest topic this time last year was still Brexit (who’d have thought a bigger news story than Brexit would...
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Furlough Extended… Again!

Now, you may well be feeling a sense of déjà vu reading that headline (this blog’s writer certainly is!) as it was just over a day ago that we wrote about the furlough extension until December that had been announced by the Prime Minister as part of the new lockdown ...
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PaperRocket Win Best Contractor Accountancy At TheContracting Awards!

We are absolutely thrilled to announce that last night, at the second Contracting Awards, PaperRocket Accounting was awarded the accolade of ‘Best Contractor Accountancy (less than 1000 clients)’...
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Furlough Extended As Lockdown Part 2 Approaches

Up until Saturday, despite increasing pressures especially from the North, the government were adamant that furlough would not be extended, and would instead be replaced by the Job Support Scheme, which was scheduled to kick in from 1st November. However...
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Everything You Need To Know About: Confirmation Statements

If you are relatively new to running a company and have received a reminder about filing a confirmation statement, you may be wondering what it is exactly that is required of you. So here we break down exactly what you need to know about, and need to do to file, your...
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Keeping Accounting Records- PaperRocket’s Top Tips

When you have your own business, of course, your main priority is going to be its day to day running, and doing everything you can to make it a success. In turn, this can mean that other obligations can get neglected and come self assessment or company accounts...
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Self Assessment Filing- The Time Is Now

Well, 2020 hasn’t exactly been the year we all expected has it? I’m not sure the words coronavirus, furloughing or social distancing had passed my lips before this year, and now they’re all we seem to be talking about. And it may well seem with everything going on...
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Chancellor’s Economic Statement

On Tuesday evening, it was announced that the coronavirus restrictions were to be tightened, with 10pmpub and restaurant curfews, and the reversal of plans to gradually reintroduce crowds to sporting/theatre events. Since these restrictions were announced...
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PaperRocket Accounting Shortlisted in Best Accountant Award for the Second Year Running

We are very proud to announce that, for the second year running, PaperRocket has been shortlisted as ‘Best Contractor Accountant (<1000 clients)’ at The Contracting Awards...
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Going Electric- The Future of Company Cars?

When you run your own limited company, generally speaking, you are better off purchasing a car personally rather than through the business. This is because it will be treated as a benefit in kind, and as such, both the employee and employer will have...
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Student Loan Repayments For Company Directors and the Self Employed

If you have a student loan, and have recently become a company director or self employed, then you maybe wondering how student loan repayments work when you may only be taking a small salary, if at all, and the rest as drawings or dividends...
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Common Expenses When Running Your Own Business

When running your own business, whether as a limited company or a sole trader, you may be uncertain as to what exactly you can pay for straight from the company. Any expenses that you put through your business will help to reduce your tax (corporation tax if using a...
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Working From Home Expenditure

As a result of the CV-19 pandemic, a lot more of us will have found ourselves working from home. For many, lockdown forced companies to find new ways for employees to work from home productively, something that, now that lockdown is being eased, many...
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Temporary Reduced VAT Rate- What You Need To Know

As part of Chancellor Rishi Sunak’s Summer Economic Statement at the beginning of July, it was announced that from 15th July until 12th January 2021, VAT would be temporarily cut from 20% to 5% in the hospitality and tourism sector...
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Self Assessment 2nd Payment On Account Due- Or Is It?

With everything that’s been going on in the world recently, you’d be forgiven for having things other than self assessment payments on account on your mind! But, with the 31st July 2020 approaching, in this week’s blog, we take a look at what payments on account...
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Summer Economic Statement aka “The Mini Budget”-The Details

With our country (and indeed the world) potentially facing the biggest economic recession since records began, it was announced last week that on Wednesday 8th July, Chancellor Rishi Sunak would be announcing the next steps of the government’s plan to...
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A Socially Distanced Summer on the Horizon

It was announced yesterday that from 4th July, England’s new ‘normal’ will begin, with pubs, hairdressers, restaurants, cinemas etc being allowed to open, but all under strict new social distancing rules...
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Furlough Scheme Phasing Out – The Details

Since the furlough scheme was announced on 20th March 2020, more than a quarter of the UK’s workforce (some 8.9 million people) have been supported by it, with the current cost estimated at £19.6billion...
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Choosing an Accountant- What To Look For

When you first set up your company, it is safe to say that the reason you did so probably wasn’t because you were excited to get filing VAT returns and accounts! So, for that, and many other reasons, appointing an accountant for your company is a wise decision, and...
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Further IR35 Reform Delay Looking Unlikely

Back in March, when it became clear that the Covid-19 pandemic was going to dramatically alter the employment landscape, the government announced a postponement of the much maligned IR35 reform in the private sector that was due to...
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Why Can’t I Withdraw All My Company Bank Balance As A Dividend?

t is a question that as accountants, we are asked a lot- ‘if my company bank account has £X, why is my profit available figure only showing £X? Why can’t I withdraw the whole amount?’...
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P11ds- What are they, and do I need to do one?

Even though we may have bid adieu to the 19/20 tax year, there are still a number of important filings that are required before we can forget about it entirely. Of course, there...
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Happy New Tax Year!

It’s fair to say that with everything going on at the moment, the start of the new tax year could easily pass you by. But in this week’s blog, we break down what the start of the new tax year means for you, and what allowances are available to you in 2020/21...
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House of Lords IR35 review

With the ongoing coronavirus crisis, what was the hot topic of 2019, IR35 reform, has now taken somewhat of a back seat. With the reform in the private sector due to take affect from 6th April 2020, on17th March, it was announced that this would be postponed for a...
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Covid-19/Coronavirus support for contractors and the self employed

Raise your hand if you’re now longing for the ‘simple’ days of Brexit! As we find ourselves in these extraordinary, unprecedented times of social distancing, self-isolation, quarantining and lockdowns, uncertainty has never been higher. In this week’s blog, we...
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IR35 off-payroll reforms delayed

Yesterday evening in the House of Commons, Steve Barclay, Chief Secretary to the Treasury, announced that there is to be a shock delay to the controversial off-payroll IR35 reforms within the private sector. The reforms will now be delayed by at least 12 months...
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Budget 2020

Thanks to Brexit and the surprise Christmas present of a General Election last year, we have been kept waiting for the latest Budget. Finally, today, new Chancellor Rishi Sunak delivered his inaugural Budget (the first of two in 2020 as we are also due a Budget in the...
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Are you ready to say goodbye to the 19/20 tax year?

March is here, and we can only hope that with it brings a departure to the many storms that we have been having in the UK recently, and the arrival of Spring. And with the arrival of Spring also comes the start of the new 2020/21 tax year on 6th April...
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Working Inside IR35- How It Works

With the new IR35 reform being rolled out from 6th April 2020, some contractors are being told that working outside IR35 on their contract is no longer an option. We explored the different options that you may be offered in a previous blog, but let’s take a...
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How limited is the liability of a limited company?

If you are new to the world of being your own boss, you may be undecided about whether to work as a sole trader or through your own limited company. And whilst there are indeed pros and cons to both, one of the major pros of a limited company is the...
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Upcoming IR35 changes- what can YOU do?

With the upcoming IR35 reform in the private sector, and the way in which some of the major businesses have responded, it may feel like you are a helpless pawn in a one-sided game of chess. But, whether or not it makes a difference, there are ways that you can still...
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Trivial Benefits vs. Benefits In Kind

With P11d season now upon us, declaring benefits in kind (and paying the relevant NI liability) may well be at the forefront of your mind. But did you know that there is such a thing as ‘trivial benefits’, that are totally tax/NI free for your employee?...
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Limited company or sole trader? Which is right for me?

So, you’ve made the decision to move away from the employed life and become self employed. When it comes to self employment, there are three main options; 1) set up a limited company, 2) act as a sole trader and 3) work through an umbrella company. But...
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Important Tax Deadlines To Be Aware of

If you have never run your own company before, then the variety of different taxes and their corresponding deadlines may feel like a lot to get your head around. With this in mind, below we have compiled a detailed list of the various different taxes and their...
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Umbrella or Limited company, which is right for me?

As a first time contractor, you will need to make many decisions, but the first important one will be how you choose to trade...
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