Category archives: Accountancy news
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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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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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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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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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7 months ago
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Have you done your 2020/21 tax return yet?
Sorry to be the spreader of bad news but Christmas is only ten weeks away which means the end of January deadline is just sixteen weeks from now.
For all the super organised among us that shouldn’t be a problem but most people have busy... [read more]
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