Blog

Dext – Invoice fetch
  • Dext – Invoice fetch

Dext has a feature where partnered suppliers can send any invoices and receipts straight to Dext, rather than you needing to log into each website and manually find and upload them. Dext Prepare will automatically check each of your authorised suppliers once a week and add any new documentation straight to the inbox. This is…Read More

Posted in: Helpful Tips | QuickBooks

Dext Commerce and QuickBooks
  • Dext Commerce and QuickBooks

Dext recently acquired Greenback to launch their third product on the Dext platform, Dext Commerce, an app that formats information from sales platforms and standardises it ready for processing through to QuickBooks Online. Dext already had Dext Prepare in place, originally a place purely for expense receipts, now with Commerce, they are reaching further into…Read More

Posted in: QuickBooks

Tax implications of a garden office
  • Tax implications of a garden office

Tax implications of building a garden office on the company and director A garden office is a popular alternative to converting home space into a home office. Whether the garden office is built before you move in or is built yourself after you move in, the tax implications are the same. The building The building…Read More

Posted in: Benefits | Charity | Helpful Tips | Tax | VAT

The Fifth SEISS Grant
  • The Fifth SEISS Grant

The Self-Employed Income Support Scheme (SEISS) was introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The fifth SEISS grant can be claimed if you think that your business profits will be impacted by Covid-19 between 1st May 2021 and 30th September 2021.There are three stages of…Read More

Posted in: COVID-19 | Helpful Tips | HMRC | News | Tax

Rent a Room Relief
  • Rent a Room Relief

Deciding whether to rent a room in your home and wondering what the most tax efficient way to go about this is? The ‘Rent-A-Room’ relief scheme is a tax exemption scheme, where, as a property owner you are able to let out a room in your home for up to £7,500 a year and this…Read More

Posted in: Allowance | Helpful Tips | HMRC | Tax

Incorporating a Limited Company
  • Incorporating a Limited Company

The benefits of Incorporation If you’re currently a sole trader and your annual profits are high, it might be time to think about incorporating your company. Incorporating your sole trade into a limited company comes with many benefits as well as being an efficient way to save you money on tax each year.As you’ll know,…Read More

Posted in: Companies | Helpful Tips

Tracking Employee Time in QuickBooks
  • Tracking Employee Time in QuickBooks

Many businesses need to track their employees’ time, whether that’s to manage how time is spent, or how to pay them accordingly. This can be calculated and kept within QuickBooks by creating timesheets. To do this, use the ‘New’ button to create a weekly timesheet, and select an employee in the Name drop-down list. If…Read More

Posted in: Helpful Tips | QuickBooks | Staff

  • Care relief

Qualifying care relief  Carers typically receive income from various sources for looking after children and adults who are placed under their care – this income needs to be declared to HMRC via a self-assessment tax return.  However, carers can claim what is known as qualifying care relief whereby the payments they receive for the children placed in their care are not taxable, up to a certain amount. …Read More

Posted in: Allowance | Benefits | Helpful Tips | HMRC

First-year allowances
  • First-year allowances

Capital allowances are claimed on assets as a form of tax relief. Full first-year allowance (FYA) is a type of allowance on certain assets that allows you to claim tax relief on the full cost of the asset in the year of purchase. So how does it work? When you purchase an asset that qualifies…Read More

Posted in: Allowance | COVID-19 | Helpful Tips | HMRC | Tax

What are self-assessment tax returns?
  • What are self-assessment tax returns?

Self-Assessment is a system used by HM Revenue and Customs (HMRC) to collect income tax and National Insurance from individuals who have varied sources of income and who are not on PAYE.  Who needs to file tax return?  A tax return must be submitted if during the previous tax year (April 6th to April 5th) you were: …Read More

Posted in: Helpful Tips | HMRC | Tax

Allowable Business Expenses
  • Allowable Business Expenses

As we approach the end of lockdown and life starts to return to normal, so does our work life. With an increase in business meetings, travel, and staff returning to the office full time, it’s important to remember which expenses are allowable for tax purposes and which are not. More business meetings could mean clocking up…Read More

Posted in: Helpful Tips | HMRC | Tax | VAT

Returning to work
  • Returning to work

As many of you know, for the meantime, the official guidance remains for employees to work from home where possible. With this expected to change shortly, however, are you and your fellow employees ready for the move back to the office? Or quite possibly, has this changed the way your business works for good? One…Read More

Posted in: COVID-19

Trivial Benefits
  • Trivial Benefits

A Father’s Day tax exemption  With Father’s Day fast approaching, the trivial benefits exemption could be a tax-efficient way to treat your dad if he is an employee or director of your company.  Expenses or gifts, provided by employers, to employees or directors may not need reporting to HMRC if they meet all these requirements:  Does not exceed £50   Is…Read More

Posted in: Allowance | Benefits | Helpful Tips

VAT Retail Schemes
  • VAT Retail Schemes

VAT retail schemes can help make calculating your VAT easier by calculating your VAT once with each VAT return rather than for each sale you make. For goods sold that are inclusive of VAT, you deduct the VAT you must record. Whereas for goods that are sold exclusive of VAT you must add the VAT…Read More

Posted in: Helpful Tips | Tax | VAT

Paying your deferred VAT
  • Paying your deferred VAT

If you took the opportunity to defer your vat payment between March and June 2020, then you must act before 21st June 2021 to either pay in full or set up a payment plan with HMRC otherwise you will incur 5% penalty. Last year at the start of the covid pandemic, the government allowed businesses…Read More

Posted in: COVID-19 | HMRC | VAT

Elvis Presley

I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.

Elvis Presley