Your business, your life, your success.

As accountants for hospitality businesses, we are always looking for our clients to make a good return on their investments, and that includes their investment into working with us. Here at Passman Leonard, we know that leisure and hospitality sector business owners have much to focus on, from overseeing personnel to keeping facilities maintained to […]

Maximising Tax Savings with Capital Allowances For businesses, capital expenditure is an integral part of growth and expansion. What many business owners may not realise is that they can leverage capital allowances to gain significant tax advantages. Whether you’re a sole trader, limited company or a corporation, understanding these concepts will help you make informed […]

Maximising tax benefits when working at home In recent years, the concept of working from home has gained significant popularity, leading to a surge in the demand for garden offices. These purpose-built structures offer a dedicated workspace while providing a range of tax benefits for entrepreneurs and small business owners. By understanding the capital allowances […]

What are the tax liability advantages vs disadvantages Investing in residential property as a buy-to-let venture has become increasingly popular, attracting both private landlords and corporate entities. However, the choice between holding buy-to-lets in a limited company or personal name carries significant tax advantages and disadvantages. In this blog post, we explore the advantages and […]

Maximising profits and minimising tax liabilities when selling a second home or investment property Selling a second home or investment property can be lucrative, but it also brings with it potential tax implications. One such implication is Capital Gains Tax (CGT), which is levied on the gains made from the sale of chargeable assets. If […]

When we are heading towards the end of the tax year, it’s time to take stock of your finances to make sure you’re making the most of any tax reliefs efficiencies available to you. Whether you’re an individual looking to reduce your tax bill or a business looking to optimise your tax strategy, Passman Leonard […]

Will I miss out on my State Pension? At Passman Leonard, we understand the importance of planning for your future and ensuring that you receive all the benefits that you are entitled to. One of the most important benefits is the State Pension, which provides a regular income in retirement. However, many people are concerned […]

Government statistics reveal that the UK threshold of £85,000 enables approximately 3.55 million small businesses to operate without being Value Added Tax (VAT) registered. If you wish to deregister for VAT, your taxable turnover must be under £83,000. The VAT deregistration threshold is £2,000 below the registration threshold in order to avoid business having to […]

I am a full-time employee, do I still have to fill in Self-Assessment tax return If you’re an employee earning income through the PAYE (Pay As You Earn) system, you may wonder whether you need to go through the process of filing a self assessment tax return. Let’s delve into the details and shed light […]

If you are a director or owner of a limited company that has ceased trading, you will need to notify HM Revenue & Customs (HMRC) and Companies House. In this blog, we will discuss the steps you need to take to inform HMRC your company ceases to exist, including the importance of filing the relevant […]

With the convenience of setting up an online store and the ability to reach a global audience, it’s no wonder that many entrepreneurs are turning to ecommerce as a means of growing their business. As with any business, ecommerce businesses have certain financial responsibilities that must be met, and this is where Passman Leonard, accountants […]

Passman Leonard understands that running a successful estate agents office, or offices, means there will be not enough hours in the day. Dealing with accounting principles can take precious time and resources that would be better spent elsewhere – building your business and helping it to thrive. To make time to focus on your business, […]

HMRC have implemented a new system of penalty points for the late filing of VAT returns and late payment of VAT from 1st January 2023. The new process has been put in place to give repeat offenders more harsh payment penalties. It aims to be less harsh on those who might miss the odd deadline. […]

We have a wealth of experience as accountants for startups here at Passman Leonard and provide tailored services to support new businesses on their route to success with holistic startup business accounting. We know that launching a startup is exciting but it’s not easy. Finding the right accountant for your startup business accounting should be […]

Are you working in the office or on your mobile app out or about viewing your receipts and invoices in real time? Regardless, it’s important that everything to do with the finances of your business are kept safe, secure, and organised at ALL times. Why? Because the numbers are everything and getting them wrong or […]

CIS stands for Construction Industry Scheme (CIS). They help regulate the payments construction contractors make to subcontractors who carry out work for them. CIS contractors must complete a CIS return each month so that HMRC know which subcontractors have been paid, and how much. Every contractor who uses subcontractors to carry out construction work must […]

We look at HMRC’s MTD ITSA From 6 April 2026, self employed sole traders, businesses and landlords with an annual business or property income of above £50,000 will need to make quarterly reports to the governments Making Tax Digital for Income Tax programme (MTD ITSA) via MTD compatible software. Those with an income of between […]

Capital Gains Tax on the sale of residential property UK Capital Gains Tax (CGT) is a tax on the profit gained from the sale of valuable items or assets. The most common capital gains are realised from the sale of stocks and property; mainly the sale of second homes and buy-to-let property sales. When you […]

At Passman Leonard Certified Accountants, we specialise in working closely with our IT Consultant clients, so we understand the speed at which tech moves. In this industry, you need a specialist IT Consultant Accountant who can work at your pace, helping you take advantage of business opportunities just as quickly as they arise. From VAT […]

Building sound business finances Why is accounting for an architectural firm different to any other business? All businesses deal with common financial matters such as managing cash flow and keeping an eye on the bottom line. But every industry has unique constraints. In the case of architecture this is a combination of the fact that […]

Accountancy professionals The title of a chartered certified accountant is given to a person who has trained and qualified with ACCA (the Association of Chartered Certified Accountants) and is a paid-up member of the association. This both gives them the title and differentiates them from other accountants who aren’t qualified or have qualified with a […]

No More Spreadsheets What is XERO software? Every business needs to manage its finances. Large businesses have whole departments of experts dedicated to that process. For small and medium-sized businesses, the picture can be very different. They may outsource some or all of the financial management, or they may have an in-house bookkeeper, but still […]

Money matters Payroll is the process of calculating the amount of money to be paid to an employee taking into account any deductions for income tax, national insurance, pension contribution, or anything else that needs to be deducted at source. It also involves accounting for those payments within the business’s books and accounting for the […]

Do sole traders have to file accounts? Small businesses can take a variety of legal forms including sole trader, partnership, Limited (Ltd) company and And Limited Liability Partnerships (LLP). Legal protections and responsibilities are different for each form of business, and that includes the way in which business accounts and taxation are handled. What is […]

Why tax planning is important? Tax planning is important when thinking about your future financial well-being. When creating any form of a financial plan, you need to factor in the tax implications. Getting this step right can not only avoid nasty surprises further down the line but can even reduce the amount of tax you […]

A common misconception non-UK residents who own UK property have is that they do not have to pay UK taxes as the UK is not their home. WRONG! If you own a UK property and earn income from it, you need to ensure you are fully compliant...

What is the difference between a UK Tax Resident and non-resident? This report takes you through the tests that HMRC apply when deciding whether you are a UK resident for UK tax purposes. Tax treatment in the UK can be significantly different...

Cash flow is the single most important element of any business. It is the oxygen that your business breathes. You can survive for a short time without sales or profits, but not without cash. And the risk of running out of cash isn’t only for...

Before you start writing a business plan you need to establish its purpose and who the target audience is. There are many reasons for a business plan, the most common being to obtain finance. However it could also be used to test if a new direction for your company...