Last Updated – 10th May 2020 There has been lots of information to process on the COVID-19 Pandemic and we are receiving lots of enquiries. We are closely following government updates and will update this page as necessary. UPDATE: Government Announces New Lifeline for small businesses to access cash quickly. This new support that has 100% government backed guarantee for …
Self-employed workers
𝗠𝘆𝘀𝗲𝗹𝗳 𝗮𝗻𝗱 𝗺𝘆 𝘀𝘁𝗮𝗳𝗳 𝗵𝗮𝘃𝗲 𝗮𝗹𝗹 𝗱𝗲𝗰𝗶𝗱𝗲𝗱 𝘁𝗵𝗮𝘁 𝘁𝗵𝗲𝘆 𝘀𝗵𝗼𝘂𝗹𝗱 𝗴𝗼 𝘀𝗲𝗹𝗳 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗱. I hear this every single day be it in conversation with clients, potential clients or on the facebook forums 🤯Most often the reason is because it works out better financially.. If this is the only reason that a salon owner is choosing to go self employed whilst …
Who Should Complete A Tax Return
HMRC will issue tax returns to those that they believe need to submit a tax return. You would be expected to complete a tax return if you fall into the below criteria within the tax year. If you are working for yourself. If you are a company director and have been issued with a return (excluding not for profit). …
Allowable Business Expenditure For Sole Traders
One sure way to reduce taxable profit and to ensure that you do not overpay tax is to account for all the business expenditure and claim all the allowable tax relief. Before I go on I want to list the three different categories for business costs: Capital Business/Revenue Expense Personal This article looks at number 2 Business /Revenue expense. For …
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 …
5 Things You Can Do Today To Make Tax Filing Easier
1. Go Online Register to file your tax return online as this is one of the quickest and easiest ways to submit the tax return that is due 31 January 2020. If you submit a paper return you needed to complete this by 31 October 2019 and that is already passed so if you haven’t registered for online tax return …
Treatment of Tips in a salon.
This blog has been inspired by a question from the audience at the women in business Seminar hosted by Re New Beauty Ltd the distributer of Biosculpture Gel Polish and MUD Makeup. As promised on my #60secondswithria video here is the full version with useful links for anybody that is interested in the rules around TIPS given to the beauty …
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 …