Right now for many business owners every penny counts. So reviewing what your business outlays are is essential to see if savings that can made. Whilst necessary for keeping on top of your business finances, one cost outlay that often creeps up on people is the amount that they spend on their accounting software. Over time this cost may have increased from your … [Read more...]
Cost of living crisis help – how to earn £9,500 without paying tax
It won't come as a shock to anyone that we’re slap bang in the middle of a cost of living crisis. Making ends meet and paying all your bills on time is obviously a priority for most people at the moment. To help it's worth reminding people about three tax free benefits that could be advantageous to the household coffers. Earn £7,500 from renting a room in your house Known as … [Read more...]
How to extend your accounts filing deadline HACK – Limited Company
If you are operating a limited company then you probably know that your accounts have to be filed at Companies House nine months after the end of your accounting year end - unless it’s the first year when the filing deadline is 21 months after the date of incorporation. This usually gives sufficient time to get things in order, do the necessary bookkeeping and file … [Read more...]
The Effortlessness that is Accounting!
Back in the day the world of accounting was shrouded in secrecy with grey suited accountants weaving some Harry Potter type magic over your invoices, receipts and bank statements after you’d dropped them off at shiny offices, with the aroma of freshly ground coffee percolating through the air covering up the stink of the expensive fees. Then the shocker of a tax … [Read more...]
Generating your self employed payslip
A recent study by UHY, the international accountancy network, found that the last year saw a rise of 14% in the number of new businesses started in the UK. In real terms 726,000 new businesses were created in 2020 compared to 636,000 in 2019. This outpaces the global trend of just a 6% increase in start-ups. The one thing that all these new businesses do have in … [Read more...]
I’ll do anything for Tax but I won’t do that
Contrary to popular opinion, the life of a Chartered Accountant is far from dull. The stories some people share with us are extraordinary. It’s almost like being a Priest except, for those accountants who are regulated (not all are but that’s a different story) we have a legal obligation, under Money Laundering Rules, to report any financially suspicious behaviour we … [Read more...]
Fraud prevention measure and how it can scupper your business receipts
Many banks have recently introduced a fraud prevention measure to ensure that scammers cannot make people pay them instead of a genuine supplier. The background The banking change has come about due to the increase in a very simple invoice fraud. A scammer would find out, via an active marketing or PR campaign, who a company had won a contract with. They would then … [Read more...]
Travel and subsistence: how much can your limited company claim?
Whether you’re a freelancer, contractor or a small business owner, you may be called upon to work away from your normal base, occasionally or frequently. This will create travel costs for your business, while you’ll also need to feed yourself. But, what are the rules when it comes to claiming for such costs? What travel and subsistence costs are allowed? To be able … [Read more...]
When does my hobby become a business?
Isn’t it great when your hobby and something that you love doing starts to earn you some money. But with the profit comes a stack of officialdom that running a business entails. So how do you know when you have moved from a hobby into actually running a business? Unfortunately there’s no precise definition of what constitutes a business. Equally there’s no amount or … [Read more...]
Pitfalls of starting a business with a friend
Starting out any business with a friend sounds like a good idea. You are both full of enthusiasm at the start. It is great to have company along the hard, difficult road to the launch and running of the business. However all too often the potential pitfalls are overlooked regarding the issues that can arise with the running of the business in a partnership. How will … [Read more...]