We can all appreciate Christmas is an expensive time of year both in business and personally, whether it’s buying gifts for loved ones and colleagues or increasing your advertising budget. So here are four Christmas business expenses you should be claiming this festive season to help with cash flow into the new year. Let’s just call it an early Christmas present from us at Southside Accounting – you’re welcome!
… Continue ReadingBelow is a comprehensive list of what a small business needs to be remember in the tax year to help keep on the right side of HMRC.
If you work for yourself, you may not have anyone to prompt you to remind you of the important dates you need to remember your obligations.
Some of the dates may change year to year but the deadlines will fall broadly at the same time each year, so these are worth remembering or keeping a note off to keep you on track.
… Continue ReadingChristmas parties for staff: can I claim tax relief on the Office Christmas Party and must all staff attend?
The cost of the Christmas staff party can be accounted for as ‘staff welfare’, forming part of general staff costs and is wholly tax deductible.
You can include costs such as transport to the party venue, venue hire, decorations and food and drink.
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Christmas is just over 3 weeks away and the start of the busy social season with clients and staff is upon us. Your guide to claiming entertainment tax efficiently through your business – the do’s and don’ts and everything in between.
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If you are self-employed or run a small business, time may well not be on your side and taking time away from your business may feel tricky to justify. Perhaps you are run a small business with only yourself at the helm, or even with a small team in place, you may feel that you need to be around for clients all the time to retain business. Even if you know in theory the many benefits of taking time out for yourself, not least of all to support your business’ productivity, here are five reasons to do something about it.
The way we work has changed significantly and will continue to evolve and change over time. There are now more people than ever going it alone and setting up their own business and entering self-employment.
In the UK there are now 5.5 million small businesses and self-employed in the UK and 60 per cent of private sector employment is now in small businesses.
Stigma around mental health remains a big issue but is changing in larger businesses, where for example, mental health first aiders are being trained internally providing a confidential, on hand, help to employees.
As a small business owner, you are just as susceptible to mental health issues and could be argued even more so, with potentially more financial and time pressures.
There are a few straightforward tasks you can do now to improve your mental health immediately. For example, making time for exercise, whether this is half an hour in the gym or just going for a long walk. Being physically active will help to improve your mood as well as release any stress. Taking short breaks regularly throughout the day is another great way to boost your overall productivity.
Don’t disregard booking holidays or longer periods of time off either. If planned well and in advance, Lastly, if you can, booking holidays or longer periods of time off can really help you relax and recover.
Now that you are regularly taking short periods of time away from your small business, this is also a good time to re-connect and spend quality time with family and friends. You are more likely to get the support, love and time from your loved ones, giving you a boost to your mental health and well being.
A work/life balance can enrich your daily routine and time away to spend on your other passions and hobbies can help give you perspective and potentially spur new ideas on your business.
Taking time out from your small business on your hobbies doesn’t necessarily need to be a daily occur you enjoy doesn’t need to be a daily occurrence. Even once or twice a week could make all the difference to your health and well being.
It’s important to realise that there is more to life than just your business. Although it is of course essential for you to work on your business, from starting it up to growing it, you do also need a healthy mind and a thought process which is not overstressed or overworked.
Ensuring you get good quality sleep is incredibly important to your productivity, concentration and general well being. Despite this, many people don’t set sleep as a priority, and the build of poor quality sleep can have a detrimental effect on health and well being.
Getting a good night’s sleep gives you the energy you need to get through your busy day and cope with inevitable curve balls and gives your body and brain time to rest and recuperate, ultimately making you more productive.
Sleep also alleviates stress further supporting your mental and emotional wellbeing.
Why not set a daily time to clock off work every day and do something relaxing away from your screen and phone to help you unwind and get the quality sleep you need.
A burnout is repetitive, long-term stress on your mental and physical health leading to exhaustion.
Signs that you are heading for a burnout include persistent low moods and motivation and perhaps feelings of disillusionment with your business.
If left unchecked, burnout can impact your health, happiness and job performance, all of which puts your business at risk.
If you recognise any of the signs then take steps to rebalance your work/life balance and seek help if you need it.
The importance of taking good care of yourself for the benefit of your mental health and the success of your business maybe obvious, but can be hard to enact. Why not get organised, outsource work if you need to, put clear procedures in place and plan longer breaks well in advance. Set aside some time each day to switch off, get your work-life balance in check and reap the rewards!
Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.
We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.
All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.
Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.
So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.
Call us to book a free no-obligation meeting today.
We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.
Written by Shaima Todd.
The number of self-employed individuals and small businesses in the UK is set to increasingly annually and by 2030, 50% of the workforce will be self-employed. If you’re one of the many self-employed and small business owners who spend some time working from home, are you claiming tax relief on your household expenses? If not, here’s how to work out how much you can claim.
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With the UK in full election mode and the main political parties putting environmental issues front and centre of their campaigns, issues which would otherwise be the focus for fringe parties, and this week the Queen boycotting fur, how can small business do its part to help save the planet?
As the inspirational climate activist Greta Thunberg says, ” no-one is too small to make a difference”. As a small business owner you have the power to make a difference and do your part to help save the planet. Here are 5 processes that we employ ourselves at Southside Accounting which you can incorporate into your small business straight away, if you are not doing so already.
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The advent of cloud accounting 5 or so years ago revolutionised the way small businesses now work. The business efficiencies cloud accounting brings to day to day business activities, whilst allowing for real time view of your cash flow, any place, any time. As a result, the path to success and growth for small businesses is becoming a reality rather than a pipe dream.
With low cost subscriptions and several well evolved cloud accounting software packages now available on the market and geared to start-ups and small business, such as QuickBooks and Xero, small businesses can now go out there in the trading world and feel more in control of their finances, especially important in those first few years of growth where cash is king.
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For many people their employment status will be clear, they will either be self-employed or an employee. However, for some people the distinction between employment and self-employment is muddy, along with your tax obligations.
Some businesses who employ contractors and freelancers may treat those they hire as self employed rather than as an employee in order to avoid operating Pay As You Earn (PAYE), which costs them more money. If HMRC become aware that this is the case, they will go after both the employer and employee for the missing tax payments due, and are increasingly adding pressure to businesses to operate fully with employment law, with IR35 regulations being introduced to the private sector from April 2020.
… Continue ReadingI am a Limited Company owner and I charge rent to my limited company for a property that I own personally, can I claim Property Allowance on my Self-Assessment Tax Return?
The Property Allowance was first introduced in 2017, set at £1,000 a year of tax-free allowance to property owners and landlords.
The idea is that if you have an annual gross rental income of £1,000 or more, you may be able to apply for the Property Allowance tax relief, instead of claiming as an expense, via your Self-Assessment Tax Return.
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