Posts Categorized: Blog

What are capital allowances all about?

You are busily filling in your business tax return doing fine with the income and the expenses but suddenly you are brought to a grinding halt in confusion. Capital allowances, what are they all about? Will I miss out if I don’t have them? How do I work them out? Quick find an accountant! Capital… Read more »

What can I claim for travel and subsistence?

Travel and subsistence is a little bit of a can of worms (or even spaghetti)! The rules for self employed versus employees and company directors don’t always line up, so if you have recently moved from one employment structure to another, you might find yourself caught out by the differences. For both self employed and… Read more »

How do I take the profit from my business?

Your business is in profit, fantastic. Now you want to be able to use some of the money. How do you take profits out of your company so that HMRC stays happy? 1. Profit from Self Employment (or Partnership). This is actually quite straightforward, for an accounting concept! If you are self employed then you… Read more »

What is an accrual or a prepayment?

Belonging Your accounts will be prepared under what is known as the “accruals basis” – unless you are self-employed and choosing to do cash accounting. Accruals basis sounds a bit technical but it isn’t that bad really. I think about it in terms of “belonging”. You can only include sales and expenses that “belong” in… Read more »