Introduction For many years, the SA302 was the go-to document for self-employed individuals applying for mortgages. Accountants were frequently asked to provide these forms to verify a client’s income. However, in 2017, HMRC stopped issuing SA302s directly to accountants, instead providing alternative ways for taxpayers to prove their income. Yet, eight years later, mortgage advisors
Category Archives: Self-Assessment Tips for Sole Traders
Common Bookkeeping Mistakes, Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips
Accounting vs. bookkeeping: Clearing up the confusion
If you’ve ever found yourself wondering what the difference is between an accountant and a bookkeeper, you’re not alone. Many business owners use the terms interchangeably, assuming they mean the same thing. However, while accounting and bookkeeping often go hand-in-hand, they’re distinct roles with unique responsibilities – and understanding these differences can help you make
Bookkeeping, Common Bookkeeping Mistakes, Organising Your Receipts & Invoices, Self-Assessment Tips for Sole Traders, VAT Tips for Small Businesses, Xero Tips & Tricks, Year-End Preparation Tips
Behind the scenes of double-entry bookkeeping with Xero: Why the details matter
For many small business owners, bookkeeping might feel like a bit of a mystery. You upload receipts, reconcile bank transactions, and assign account codes, but what’s really happening behind the scenes? At DNA, we love pulling back the curtain to show how double-entry bookkeeping – the unsung hero of good financial management – works its
Automating Your Finances, Bookkeeping, Organising Your Receipts & Invoices, Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips, Xero Tips & Tricks
Credit Control: Chasing invoices and lending clients money for no gain
In the bustling world of UK business, maintaining a healthy cash flow is paramount. Credit control, the process of managing a company’s credit policies, plays a crucial role in ensuring that invoices are paid on time and that the business does not inadvertently become a lender to its clients. Here’s a deep dive into effective
Automating Your Finances, Bookkeeping, Common Bookkeeping Mistakes, Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips, VAT Tips for Small Businesses, Xero Tips & Tricks
The importance of providing bank statements to your accountant despite Xero direct feeds
In today’s digital world, tools like Xero have made managing business finances much easier. With direct bank feeds, your transactions automatically show up in your accounting software, saving you time and effort. But even though this technology is fantastic, it isn’t perfect. That’s why your accountant might still ask for copies of your physical bank
HMRC Updates & Changes, Payroll Basics for Employers, Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax
Understanding the HMRC Payments on Account System
What Are Payments on Account? The payments on account system is designed for people with untaxed income sources like the self-employed, partners in partnerships, or those with investment, rental, or dividend income. Unlike PAYE (Pay As You Earn) where tax is taken directly from your salary or pension each month, these payments cover income that
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, 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
CIS for Subcontractors, Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax, Xero Tips & Tricks
What are the benefits of filing my tax return early?
Although the end of January is still a few weeks away, did you realise that filing your tax return sooner rather than later has a number of advantages? The one positive aspect of the tax return deadline is that it is always the same – January 31st. This means that with a little planning and
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