At LT Accounting, we recognise that keeping up-to-date with the latest accountancy news and regulatory changes is not merely a requirement—it’s a strategic edge for your UK business. Our knowledge hub is committed to delivering the most current and influential accounting insights, trends, and updates.
What Is Accrual Accounting?
In the realm of financial management, understanding various accounting methods is crucial for accurate financial reporting and decision-making. One such method is accrual accounting, which provides a more comprehensive picture of a company's financial health. This article delves into what is accrual accounting, explaining its principles, benefits, and how it [...]
What Are Management Accounts?
In the dynamic landscape of business management, understanding What Are Management Accounts is pivotal for steering a company towards its strategic objectives. These financial snapshots not only illuminate the past and present financial status of a business but also forecast future performance. By providing comprehensive insights into the company's financial [...]
What is Outside IR35?
In the realm of contracting and freelance work, particularly within the United Kingdom, the term outside IR35 holds significant importance. Understanding what it means to be outside of IR35 is crucial for contractors and businesses alike, as it impacts tax liabilities and overall working arrangements. This article will delve into [...]
What is Inside IR35?
IR35 is a tax legislation in the United Kingdom designed to identify and tackle tax avoidance by workers supplying their services to clients via an intermediary, such as a personal service company (PSC), who would otherwise be an employee if the intermediary was not used. Understanding whether you fall inside [...]
What is a Payroll Service Number?
Introduction to Payroll Service Numbers A Payroll Service Number (PSN) is a critical element in managing payroll responsibilities efficiently in the UK. Specifically, it serves as a unique identifier linking the payroll data of employees with the designated payroll service provider, facilitating the accurate and timely processing of payroll under [...]
CIS Deductions: The Key to Maximising Your Profit as a Contractor
Overview of CIS Deductions and its Importance The Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from payments which relate to construction work. CIS covers most construction work to buildings, including site preparation, decorating, refurbishment, and civil engineering. If you are a [...]