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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

Reconciling an Account in QuickBooks Online
  • Reconciling an Account in QuickBooks Online

When handling your accounts in QuickBooks, it is important that all information kept is entirely accurate and up to date. To ensure this, QuickBooks has a reconciliation feature that allows you to match the end balance of your bank accounts against the balance shown in bank statements. To keep on top of your accounts it…Read More

Posted in: Companies | Helpful Tips | QuickBooks

VAT margin schemes
  • VAT margin schemes

The VAT Margin scheme is when you charge your customers VAT on your sales, without incurringunfair VAT liabilities on the sales that are eligible for a margin scheme. This is because HMRC hasintroduced a fairer way to declare the VAT on sales for businesses that do not incur VAT on theirpurchases. How it works Usually,…Read More

Posted in: Companies | Helpful Tips | HMRC | Tax | VAT

CIBLS Loan Deadline
  • CIBLS Loan Deadline

Act now: Why you should secure a CBILS before it’s too late The deadline to apply for the Coronavirus Business Interruption Loan Scheme (CBILS), is approaching once more – and this time it seems to be final. Businesses have until 31 March 2021 to start their application. 2021 is still looking extremely challenging for businesses,…Read More

Posted in: Companies | COVID-19 | Helpful Tips | Loans

New Temporary Tax Reliefs on Capital Asset Investments
  • New Temporary Tax Reliefs on Capital Asset Investments

What are capital allowances? Capital allowances allow businesses to write off the costs of tangible capital assets, such as plant or machinery, against their taxable income. Whilst most businesses use depreciation to write down the value of an asset over its usable life, this is generally not allowed for tax purposes. Therefore, any depreciation must…Read More

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

SEISS the Fourth Grant
  • SEISS the Fourth Grant

The Self-Employed Income Support Scheme (SEISS) Fourth 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. Will I be able to claim? The SEISS fourth grant will be available to those that are self-employed or members of a partnership.…Read More

Posted in: COVID-19 | Helpful Tips | News

Bounce Back Loans (BBL) – 2.0
  • Bounce Back Loans (BBL) – 2.0

For many companies, the bounce back loan has been a saviour, getting them through the tough times of multiple lockdowns with a cheap, currently interest-free loan of up to £50K. If you have been hiding away from the news, preoccupied or are just now thinking that it would be beneficial to have that cash to fall back…Read More

Posted in: Companies | COVID-19 | Loans

Who needs to declare Capital Gains Tax?
  • Who needs to declare Capital Gains Tax?

CGT, which is short for Capital Gains Tax, is a tax that is charged on gains arising on “chargeable persons” making a “chargeable disposal” of “chargeable assets”.   First, let’s deal with what a “chargeable person” is.   A “chargeable person” could be either an individual or a company.   This blog is going to cover disposals by individuals, please keep an eye out for a follow-up blog covering disposals by companies.   Individuals…Read More

Posted in: Helpful Tips | HMRC | Tax

  • The Budget 2021

The economy and headline figures The 2021 Budget took place on 3 March 2021. Chancellor Rishi Sunak announced that, as a result of the Covid-19 crisis, GDP shrank by 9.9% in 2020, the largest annual fall in 300 years according to a Bank of England report, albeit lower than the 11.3% forecasted in November. However,…Read More

Posted in: Allowance | COVID-19 | HMRC | Pension | Tax | VAT

Robert Kiyosaki

The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.

Robert Kiyosaki