Posts Tagged: book keeping

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 »

What start up expenses can I include for my business?

Can I include business expenses before I have any income?  Starting a new business can be expensive, with plenty of costs even before you have made your first sale. When you come to prepare your first year’s accounts for your new business, how do you know which start-up expenses you can include? When is my… Read more »

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 »

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 »

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 »

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 »