Posts Categorized: Blog

Can I get rid of my paper receipts and go digital?

In the modern age with Making Tax Digital looming large on the horizon, is it still necessary to keep paper receipts for  all your business documents? Will a scanned copy be enough to satisfy HMRC? Should you keep the paper version as well? The answer is YES! The good news is that for most types of… Read more »

Annual confirmation statement, annual accounts – what’s the difference?

Can you tell your annual accounts from your annual confirmation statement? They sound similar but in fact they’re quite different. What’s required, what are the deadlines and do they apply to sole traders as well? The annual accounts Let’s start with the easy stuff, the annual accounts.  Both sole traders and limited companies prepare annual accounts and file… Read more »

Can I claim mobile phone expenses from my business?

In the good old days of the landline, sorting out phone expenses was simple, business landline at the office for business, home landline for personal. In the modern days of the smartphone, things are much less clear cut. Few people want to carry around two mobiles, one for business and one for personal, it’s much… Read more »

Can I buy personal items from my business account?

Can I buy personal stuff from my business bank account? It’s a question that we get asked quite a lot. In fact it’s a question I wish more people would ask, as there’s a very simple answer to this one. Yes you can, but please don’t! It can be very tempting to get the business… Read more »

Should I do my own bookkeeping?

Should you do your own bookkeeping? With some many user friendly accounting packages on the market these days, is it worth paying someone else to do it for you? The government’s recent Making Tax Digital changes mean that eventually, almost every business (whether sole trader or limited company) will have to start submitting their data… Read more »

What is happening to the flat rate VAT scheme?

If you are on the flat rate VAT scheme, you will have received a letter from HMRC letting you know that The VAT Flat Rate Scheme is changing. So what on earth is going on? This is a change that was announced quite recently in the Chancellor’s Autumn Statement on 23 November 2016 and comes… Read more »

Dividends for directors are changing

From April 2016 the way in which your dividends are taxed is going to be changing significantly. It will affect the tax that you pay in order to take profit out of your limited company. This change was announced in the July 2015 budget and became part of the 2015 Finance Act. How do things… Read more »

Why do my accounts show different types of profit?

Your accountant sends over your annual accounts and you open them in anticipation, your eyes scanning down the page for that all important figure. How much profit did I make last year? But wait a minute, there are two profit figures, maybe even three or four. Which profit figure should you be looking at? As… Read more »

What business clothing can I include in my expenses?

If you are going to dress for success in your business, then surely it is a allowable business expense? Unfortunately not. This is an area that causes a lot of disappointment for our clients as HMRC are very strict about what clothing is allowed. You will probably be surprised by how little business clothing you can actually include. Why… Read more »