Q. Am I able to claim tax relief for mileage expenses incurred when visiting clients, and for a professional subscription relevant to my career?
A. Tax relief is claimable if the items are for business purposes only, and not for personal reasons. These might include the following:… Continue Reading
The British. While we may be known for having a stiff upper lip, or for being slightly eccentric, it seems we’re also getting a name for ourselves as a lazy nation – and this could be affecting business significantly.
Laziness in our personal life – from driving when we could walk or cycle, to putting off shopping around for cheaper insurance or ‘not being bothered’ to take unwanted clothes back for a refund is estimated to cost the average Brit £17,000 over the course of their lifetime. Moreover, at seems that we are liable to continue being lazy when we are at work…. Continue Reading
Routine tax audits tend to be more straightforward than tax investigations, and generally target VAT and PAYE record-keeping systems. Tax investigations can be very complex and usually happen when HMRC suspect inaccuracies, whether deliberate or accidental.
For example:… Continue Reading
Question
How can I make sure that my staff do not pay tax or National Insurance contributions on their Christmas presents from myself? I also want to avoid having to deal with any additional paperwork…. Continue Reading
Keeping your costs down as you start a business is vital to the success. The additional pressure of having to pay off debt is avoided, and as long as you have what you need to operate effectively, reigning in your spending gets you off to a good start.
Controlling initial costs
With the cost of renting premises being so high, working from home provides one of the biggest cost savings when launching a business. Here are some other ways to save money: … Continue Reading
Well-organised tax paperwork is vital for staying in control of your financial situation and helps keep accountancy fees to a minimum when submitting your tax return.
What tax records are needed for self-employment?
The tax records needed to complete your self-assessment tax return include:… Continue Reading
When it comes to handling the payroll, you have the choice of outsourcing this function or handling everything in-house within your business.
Over the recent years technology has made payroll processing function far simpler. The following may help you decided how you would like to handle your payroll function. … Continue Reading
HMRC has withdrawn the Renewals Allowance which allowed landlords of fully furnished residential properties to claim tax relief when replacing some fixtures and fittings within a rental property. These included assets such as baths, sinks, fridges and freezers.
Previously there were two ways for landlords of fully furnished properties to claim tax relief on their assets:
Renewals Allowance
Although the initial cost of an asset was not eligible for this allowance, a sum for the replacement of items such as cookers, televisions and beds could be claimed. The Renewals Allowance worked by deducting the proceeds of sale from the original asset, along with the cost of any improvements to the new one…. Continue Reading
Mumpreneurs is a relatively new term used to describe mums who want it all and are happy to go out there and work for it. With escalating childcare costs, more and more mothers are turning to self-employment or freelancing, leaving them with the flexibility to care for their children while also still earning a living.
Women in business have struggled for a long time trying to juggle everything and find the enigma that is the ‘work/life balance’. One child does not seem to tip the scales too much but once you have had your second, third or even fourth, the related costs such as childcare outweigh the financial benefits of working the 9 to 5.
In fact, it is estimated that childcare costs have risen by a fifth in the last year, with an average cost of around £12,000 to cover childcare for 2 children. Research carried out by the insurers LV= concluded children were at their most expensive between the ages of one and four mainly due to the spiralling costs of nursery fees. This is why more and more women have turned to self-employment and so the term ‘mumpreneur’ was born…. Continue Reading
Directors loan accounts in small companies is one of the key areas which the taxman likes to investigate.
It is also an area that most clients do not clearly understand. I hope the this blog post will help in ensuring that directors keep taxman at bay and the company pays the minimum amount of tax within the law.
How does the Director’s Loan Account work?
If a director pays money into the company, it is accounted for in the Director’s Loan Account which is then deemed to be in credit. Withdrawals can also be made, and if the account remains in credit, there are no tax implications.
It is when the account goes overdrawn that potential tax issues arise as the overdraft is seen as an interest-free loan…. Continue Reading
