10-Minute Presentation Recap: Tom Simpson of Duncan & Topliss – The Accountants’ Quiz
This week’s 10-minute presentation at Business Networking South Leicestershire (BNSL) was delivered by Tom Simpson of Duncan & Topliss Chartered Accountants, who decided to put members’ knowledge of the UK tax system to the test with an entertaining and informative 12-question quiz.
With decades of experience in accountancy, Tom is well placed to explain the complexities of taxation, financial regulations and business accounting. However, rather than delivering a traditional presentation, he challenged the group to see just how much they really knew about the tax rules affecting businesses and individuals.
Putting Our Tax Knowledge to the Test
Tom’s quiz covered a wide range of subjects relevant to sole traders, limited companies and business owners, with some questions proving considerably more challenging than others!
Topics included:
- Accounting software: The discounts available to new Xero subscribers and how cloud accounting can help businesses manage their finances.
- Directors’ loan accounts: How long directors have to repay an overdrawn loan account and the potential tax implications of failing to do so.
- Business mileage: The mileage allowance available to sole traders and partnerships using their own vehicles for business journeys.
- VAT registration: The current compulsory VAT registration threshold and what it means for growing businesses.
- Income Tax and National Insurance: Understanding the combined tax and Class 4 National Insurance contributions payable by sole traders.
- Corporation Tax: The different tax rates applying to limited companies and how profits affect the amount payable.
- Capital Gains Tax: The basic and higher rates applicable when disposing of chargeable assets.
- HMRC investigations: The increasing number of tax enquiries and inspections, and the importance of keeping accurate business records.
- Professional accountancy services: The range of services offered by Duncan & Topliss beyond traditional bookkeeping and tax returns.
Some Interesting Questions!
Among the questions Tom asked were:
- What is the current VAT registration threshold?
- How much Income Tax and Class 4 National Insurance does a sole trader pay on profits between £12,570 and £50,270?
- What is the Corporation Tax rate for a limited company making profits of up to £50,000?
- How much can a sole trader claim per mile for the first 10,000 business miles?
- How quickly must an overdrawn director’s loan account be repaid to avoid an additional Corporation Tax charge?
While some members were confident in their answers, others quickly discovered that keeping up with the UK tax system isn’t quite as straightforward as it might seem!
Congratulations to Our Joint Quiz Winners!
A big congratulations to Manjit Khangura of ELHR Ltd and Tony Harding of Tony Harding Driving School, who were joint winners of Tom’s quiz, both achieving an impressive 7 out of 12.
Considering the combined business experience in the room, the results certainly demonstrated just how complicated the UK tax system can be.
It just goes to show – we all need a good accountant!
Well done to Manjit and Tony, and a big thank you to Tom for organising such an enjoyable and thought-provoking quiz.
Why Good Accountancy Advice Matters
One of the key takeaways from Tom’s presentation was the importance of having access to reliable, professional accountancy advice.
Tax legislation and reporting requirements can change, and getting things wrong can result in unnecessary tax bills, penalties or missed opportunities to make legitimate savings.
For small businesses in particular, a knowledgeable accountant can make a real difference by helping with:
- Tax planning and compliance.
- Making Tax Digital and cloud accounting software.
- VAT registration and returns.
- Corporation Tax and Self Assessment.
- Business expenses and allowances.
- Company accounts and financial reporting.
- Business growth and financial planning.
Tom’s extensive experience means he understands the challenges faced by businesses of different sizes and can help clients navigate the complexities of accounting and taxation.
About Duncan & Topliss
Duncan & Topliss is an established firm of chartered accountants and business advisers, providing professional services to businesses and individuals.
Alongside traditional accountancy and taxation services, the firm offers support in areas including business advice, legal services and wealth management.
Whether you’re a sole trader, running a limited company or looking for guidance on your financial responsibilities, Tom and his colleagues can help you make informed decisions.
Find out more about Duncan & Topliss: www.duncantoplis.co.uk
Join Us at Business Networking South Leicestershire
Tom’s presentation was another great example of what makes Business Networking South Leicestershire such an enjoyable and valuable group to be part of.
Our members come from a wide range of industries and regularly share their experience, knowledge and expertise through informative, interesting and sometimes humorous 10-minute presentations.
BNSL offers a friendly, relaxed and supportive environment where local business owners can build meaningful relationships, exchange referrals and help one another succeed – without the pressure or formality associated with some networking organisations.
Would you like to grow your business and meet other like-minded professionals in South Leicestershire?
Why not come along as a visitor, enjoy some friendly conversation and see what BNSL has to offer?
