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 »

What’s happening to Making Tax Digital?

The fact that 72 clauses have been dropped from the Finance Bill 2017 might not exactly be topping your social media stream at the moment. But this is actually pretty good news for small business owners as one of those lost was Making Tax Digital. So what’s this all about? One thing I’m sure that… 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’s my director’s salary for 2017-18?

What’s your magic number? Last year it was £671 or £916, but what are the magic numbers going to be this year? If you have a limited company you might recognise your director’s salary figure from last year. Now that Spring is in the air and the daffodils are blooming, it must be time for the… 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 »

How do I prove my self employed income for a mortgage?

One of the downsides to being self employed is when you come to get a mortgage. For someone who is employed, it’s generally easy to get a decision in principle and proof of income is often a matter of producing past payslips. When you are self employed (whether as a sole trader or a limited… Read more »

New trivial benefits in kind exemption is not so trivial

We have a limited company client who are basically a lovely employer. They often give their employees little treats and perks and generally make the company a great place to work. Then we come along with our accountant’s head on and start quizzing them about the minute details of each expense to try and determine… Read more »