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2 months ago
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As long as you’re up to date with your payments and don’t have any outstanding returns you can set up a budget payment plan with HMRC.
Some people are super organised so they set up a separate bank account and have no problem setting an amount to one side and leaving it there. Some of us are... [read more]
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2 months ago
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The Self Employment Income Support Scheme was available to anyone who was self employed and adversely affected by the pandemic. I’m sorry to be a party pooper but if you claimed it there are some things you should know.
Not telling the accountant
HMRC prevented accountants making applications... [read more]
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3 months ago
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If you are VAT registered you have no choice and must use a recognised accounting package. Even if you aren’t yet registered for VAT it may be your business has grown and you want better control. Either way if you are looking for an accounting package the choice can be bewildering.
The last tim... [read more]
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3 months ago
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When you pay someone for some work it is your responsibility to get it right. Can you treat them as self employed or should they be on the payroll?
Employed versus self employed is always a thorny issue and the man who owns Pimlico Plumbers found out how difficult it can really be. In this insta... [read more]
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3 months ago
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There may be some of you out there who still haven’t made the leap to proper digital software. If you’re registered for VAT then April 2022 is date when it will be compulsory for any VAT registered business to be using approved digital software.
It has been compulsory since 2019 for all business... [read more]
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3 months ago
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There was once a time long long ago in a land far far away, or that’s how it feels, when we didn’t live in our draconian world of penalties. Now there are lots and it makes it even more important when you’re in business to be sure you know all the deadlines avoid the fines.
The most obvious is t... [read more]
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5 months ago
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For all you buy-to-let owners – did you know HMRC has a system using AI to cross check with sources such as the Land Registry, Zoopla and Rightmove? They can also check via letting agents to see if a property is being actively let.
The latest data shows that £17.7m was collected in unpaid tax fr... [read more]
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5 months ago
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Now is the time of year when we all want to get together and let our hair down a bit but is the cost of holding a party for your staff a tax deductible expense?
In short the answer is a simple, yes, but there are one or two conditions.
Before you were thinking of being too generous there is a... [read more]
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5 months ago
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For all you super generous employers this is a very topical subject at this time of year although the same rules apply throughout the year. So, if you’re in a generous mood and feel the need to treat your staff to something this festive season please read on.
In short, as long as the gift doesn’... [read more]
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6 months ago
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As we’re now approaching the festive period we thought it a good idea to remind everyone about how to treat Christmas gifts for your clients.
In this post we just focusing on gifts to customers, not gifts to employees.
The general rule is that business gifts do not qualify for tax relief... [read more]
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6 months ago
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First a bit of basic accounting. All expenses fall into one of two categories and they are either REVENUE or CAPITAL and here’s a very simple summary of each:
Revenue is anything you spend on running costs such as ground rents, repairs, insurance, rates and some others which I’ll cover later.
... [read more]
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7 months ago
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If you’ve been an employee you probably had rules on what could be claimed as an expense which may have meant anything you spent on food or drink could be claimed. If you’re self employed you can still pay for these items fromthe business but they may, or may not, be tax deductible.
It can be te... [read more]
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