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 …

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 …

Sole Trader VS Limited Company

Choosing the best structure for your business can either be one of the most frustrating or easiest decisions that you will need to make in the early stages of starting your business. One of the ways to make the decision a lot simpler is to fully understand the key differences between choosing to incorporate your business or not. I am …