What is a Fixed Asset? Alright, folks, let’s dive into the world of fixed assets. Imagine fixed assets as the big-ticket items in your business – the ones that stick around for a while and help you generate revenue. We’re talking about things like buildings, machinery, vehicles, and even that snazzy office furniture. Capitalisation: When
Category Archives: Corporation Tax
Bookkeeping, Common Bookkeeping Mistakes, Corporation Tax, Organising Your Receipts & Invoices, Xero Tips & Tricks, Year-End Preparation Tips
What should your accountant check at Year-End?
As the end of the financial year rolls around, it’s super important to make sure your business’s financial records are spot on. This is where your accountant steps in, performing a bunch of key checks to wrap up your accounts. These checks help prepare accurate financial statements and ensure your business stays compliant with the
Allowable Limited Company Expenses, Changes to Tax Rates & Thresholds, Corporation Tax, Self-Assessment/ Personal Tax, Tax Planning & Saving Tips
Moving Your Investment Property to a Limited Company: What You Need to Know
Thinking about moving your investment property into a limited company? You’re not alone! Many UK landlords are considering this move and in fact recently some of our clients have been doing just that. Let’s break down the practical stuff and the tax consequences so you can make an informed decision. Practical Stuff 1.Setting
Bookkeeping, Director’s Pay vs Dividends, P11D's, PAYE, Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips
Tax-Saving Tips for Small Business Owners
As an ambitious entrepreneur, you often feel like there aren’t enough hours in the week. You’re busy with running the day-to-day operations, managing team members and, well, life. It means you’re left with little time to stop and consider how you can save on tax. Yes, tax can be an absolute minefield if you’re unprepared,
Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips, Technology & Software for Businesses, Xero Tips & Tricks
Small business survival guide
Starting a new business is rewarding, but it certainly comes with its challenges…to put it lightly! You’ve often got to contend with circumstances completely out of your control, all while spinning what feels like a hundred plates to manage the day-to-day. Although setting up a new business takes major legwork, there are key processes you
Allowable Limited Company Expenses, Tax Planning & Saving Tips
Why should my Company buy an Electric Car?
Have you been thinking about changing your car recently and are wondering about buying an electric car to help the environment - sorry, reduce tax? This is a good thing. Yes, A GOOD THING. HMRC have made this a good thing by allowing companies to get full tax relief when they buy a brand new,
Allowable Limited Company Expenses, HMRC Updates & Changes, Self-Assessment Tips for Sole Traders
What can I claim if I’m working from home?
Making a claim for Working from Home Can I claim tax relief for my goldfish, Bubbles, who keeps me company when I’m working from home? We have been asked some odd questions over the years, especially when it comes to claiming expenses of having a home office. Making a claim to your business for working
Changes to Tax Rates & Thresholds, Corporation Tax, HMRC Updates & Changes, Important News from HMRC, Tax Planning & Saving Tips
Corporation Tax – Changes are coming
Corporation Tax MUST be paid on the earnings of a limited company, Corporation Tax is not billed to you. To work out, pay, and submit your taxes, you must do certain things. In last year’s budget announcements (March and October 2021), the Chancellor announced a variety of company tax reforms, some of which are already
Corporation Tax, P11D's, PAYE, Self-Assessment/ Personal Tax, start-ups, VAT
Limited company director’s responsibilities: What you need to know…
When you decide to form a limited company you are creating a separate legal entity with its own legal framework and accountabilities. Any profits or losses incurred belong to the company. So, when you’re managing the company you need to treat it as a separate entity. Even if you’re the sole director and sole shareholder,
Bookkeeping, Self-Assessment Tips for Sole Traders, start-ups, Tax Planning & Saving Tips, Xero Tips & Tricks
Do you know your numbers?
As a freelancer, sole trader or small business owner, other than knowledge of your own trade the most important thing to keep on top of in your business are the numbers. Income, expenses, cashflow, projections, first-hand knowledge of these will prove to be the most important information you will have to hand and without them,