3 Types of Business Costs and Why They Matter

When people speak about business costs they typically speak about one type of business cost, revenue or business expense. There are in fact 3 different categories of business cost as listed below: 1. Capital 2. Business 3. Personal Sometimes people confuse the three and this can cause errors when completing the business accounts or tax returns. Capital Expense This is …

The ‘A’ Word….

Accounting is often a word that is whispered or buried in the back of one’s mind until a dreaded deadline approaches or the tax man comes knocking. People often comment upon the power of social media and those little e-footprints that are left online. The use of social media into tax investigations and collection of evidence, is becoming more popular. …

VAT

Struggling to keep up with the VAT payments and dreading the quarterly returns! Panicking about where the get the money for the dreaded VAT bill! Tempted to reduce business activity to stay away from the VAT threshold! Sound familiar? Managing VAT can be a stressful time for business especially if hitting the threshold has come as a surprise. In an …

Benefits of submitting your tax return early

Repayments Now this first point needs no introduction really but if you are due a repayment of tax then get your tax return completed and submitted as early as possible. Seriously, the sooner you submit that tax return the sooner you will receive that repayment. Top tip – re-invest the repayment back into the business for further tax relief, or …

The July Payment On Account Deadline for soletraders

If you are anticipating the July payment on account  don’t worry there is still time to review this. If your profits reduced in 22/23, then you should be able to reduce your July payment on account that is due 31 July accordingly. This must only be adjusted if your tax liability is LESS than your previous year (assuming this is not …

The Leap Of Faith

I recently wrote an email to AAT Magazine (Association of Accounting Technicians) after reading a brilliant article about turning points. It got me thinking, I could identify so many but the two that I focused on in my email were the two that identified with the magazine in question. Winning the PQ Accounting Award and then starting my own accountancy …