Posts Categorized: Blog

What can I include for use of home expenses?

Not only is there no place like home, but you can also save some tax by working there. So whether you work entirely from home, or just do your invoicing from the kitchen table, you can claim an element for use home as an office in your business expenses.  Self Employed (sole traders and partnerships) You… Read more »

What do I need to do for VAT MOSS?

If you have any kind of digital business in the UK, the chances are that you have heard of VAT MOSS and have been trying to work out how it will affect you. You may now be at the stage of taking getting something in place, or like many people, you might still be a… Read more »

How do I budget for my tax bill? Part 1 – self employed

For many small businesses, December and January can very stressful. Not only are there Christmas expenses to meet, often with less income over the Christmas period, but you are also waiting with dread to find out what your January tax bill is going to be. Will there be enough money to cover everything? How will… Read more »

Stocking fillers – 6 top tax tips to help you save over Christmas

HMRC offers some chocolate coins and some lumps of coal to businesses over the Christmas period. We’ve put our top tips together for you. Christmas Parties Good News – You can celebrate Christmas on the company. You can have a Christmas party as a business expense up to an average £150 per person. It must… Read more »

Are my earnings the same as my profit? How do I know how much money I’ve made?

How much has my business made this year? The big question for all business owners. It feels like it should be very simple – sales less expenses surely equals profit. Yet somehow when you get your accounts back there are so many different figures, drawings, dividends, directors account, profit, taxable profit and all different. Not only that,… Read more »

Claiming for business motor expenses

You have a car, you use it for work, so you want to include it as a business expense, simple surely? Unfortunately, it’s not – travel, and in particular motor expenses are more complicated than your sat-nav directions on a bad day. Here is the what, why and how of motor to help you navigate through. What counts… Read more »

What is the director’s loan account?

If you have just started up a limited company, the director’s loan account can be one of the trickiest concepts to get your head around. But I promise you it’s not impossible. It is necessary in understanding how you relate to your company and more importantly, how you can get at your lovely profits. What isn’t a director’s… Read more »

Self employed or just a hobby?

Unfortunately it is very easy to be self employed without realising it. You might not consider yourself to be running a business empire, but as long as you are undertaking work or trading with the intention of earning money there is a good chance that HMRC will consider you to be self employed. But I’m… Read more »

Confused about categorising equipment?

Let’s call a spade, a spade! Unfortunately not so simple in the world of accounting. Whether you are a sole trader or limited company, there are a number of different ways in which purchases of equipment and tools can be categorised in your accounts. If you are doing your own books it can be tricky… Read more »