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Guide to Importing and Exporting Outside the EU
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Helpful Guide on National Insurance for the Self Employed
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Clear Explanation of Expenses Taxman will Allow
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Self Employed Plain English Tax Guidance
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Steps to Take When Employing People
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Boom! Emma Wimhurst
I started to read Boom! by Emma Wimhurst on the tube. I felt slightly embarrassed as a man because I think cover is targeted at the female market.
Having said all this, this is a practical and helpful business book with substance that will be read by both men and women rather than just be displayed on a book shelf to be read some day. The layout and style of the book makes it a very easy to read and refer to it time and time again. It covers all the key business disciplines to run and expand your business.
Emma’s explanation of Business Strategy is one of the better explanation I have read. Thinking strategically is crucial to business success.
I will be recommending this book to all my clients to be used as an accessible business bible. Furthermore, it will also make my life easier since Emma has done a great job of explaining how to manage business finances and also how best to work with accountants.
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This does not put accountants in a good light!
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How Come That Idiot’s Rich and I’m Not? – Robert Shemin
I did not learn anything new from this book. It has all been said before- to be financially successful, invest in property and go into business rather than work for someone else. Rehash of books like Rich Dad, Poor Dad.
I did not like the approach Shemin took on people with education – they think in a straight line rather than thinking differently to others. This clearly is a gross generalisation since in all fields they are a variety of thinking types.
Overall this book not is not worth the read.
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Tax Position on Christmas Presents
Gifts to Your Customers
These are not an allowable business expenses unless you are giving free sample of products or your gifts have conspicuous advertising and the cost of the gift does not exceed £50+VAT per person per year. Further, food, tobacco, drink or gift vouchers are not tax deductible.
You can reclaim the VAT as long as the cost is no more than £50+vat per gift to each customer.
Gifts to Staff
Taxman says trivial benefits to staff as staff welfare are tax deductible and VAT can be claimed by the employer. Further, employees are not taxed on these trivial benefits. Examples of trivial benefits include turkey, box of chocolates or bottle of wine. Taxman has not set financial limits on these trivial benefits but he has said that value of these gifts should be reasonable.
Third Party Gifts
Employees can receive gifts from third parties (eg suppliers and customers) without being taxed as long as the gifts are up to the value of £250 (including VAT).
If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.