Know Your Expenses – What Can I Claim For?
If you’re self-employed, then it’s incredibly important to know your expenses when it comes to filing your annual taxes. Naturally as a business you will have various running costs that need to be accounted for, but there are some that are allowable expenses. These can be deducted from your business income to calculate your taxable profit, which is the remaining
HMRC To Crack Down On “Cottage Industries”
Whilst the UK Government provides much support for entrepreneurs and self-employed businesses, there are some that aren’t towing the line. It seems that across a number of industries, there are instances where “cottage industries” are being set up to take advantage of subcontracting work and avoiding paying the right amount of tax. This is something that HMRC wants to address
The Most Important Changes To This Year’s Personal Tax
Tax season is a stressful time that often leaves one wanting to put their head in the sand. So much paperwork, looming deadlines and the constant changes and confusion surrounding doing your taxes are enough to scare anyone off, however, it is a necessary evil. Knowledge is power, so we have put together a list of some of the more
How an accountant can help your business
Firstly, ask yourself, why do I need an accountant? You may have recently started up a new business either as a sole trader or a partnership, or have incorporated a company. You may have rental income from properties. You may have made a capital gain from selling a property. You may have foreign income that you wish to or are
Checking your payslip for errors
I always get told by people that they think ‘they are being taxed too much’ and the ‘employer is taking too much of their money’. It is the employers’ responsibility to pay HM Revenue & Customs the tax and National Insurance Contributions due by the employees. But it is the employees’ responsibility to inform HM Revenue & Customs of any
Use of Home as an Office is an allowable business expense
There has been a big increase in people becoming self-employed in the past couple of years. A lot of start-ups have begun in bedrooms and study rooms. Successful businesses are still being carried out at home after several years of trading. H M Revenue & Customs provides an entitlement for those that do not rent office space, or do rent
Debit & Credit
It is not surprising when small to medium sized business owners query about Debits and Credits and the whole system of double entry bookkeeping, but it is a shock when you ask an accountant and they can’t explain it, although most of us accountants use the system day in day out. I would like to share a feeble philosophy that
What Are My Options for Start-Up Investment?
If you’re looking to start up your own business it’s an incredibly exciting time, but there are a number of financial aspects to consider before you can get it fully up and running. Unless you have the capital yourself, you may be wondering what other options there are available for investment for your new business. Well, you’ll be pleased to
VAT – will your business benefit from the Flat Rate Scheme?
As an SME, whether you are self employed or a limited company, if your turnover becomes above £82,000 (£81,000 2015) then you are obliged to register for VAT. You are therefore obliged to charge VAT on your sales, at the going rate, currently 20%, and claim VAT on your expenses accordingly. At the end of the month, quarter or year
The Importance of Hiring a Great Accountant
Every business, big or small, needs to hire an accountant to protect the financial integrity of the organisation. Many business owners think that with the assistance of handy software such as QuickBooks, they can personally handle the accounting, and truth be told, that is the biggest mistake a business owner can make. When business owners decide not to hire an
