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
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
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
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
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
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
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
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
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
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
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
There are plenty of options available when selecting a QuickBooks Online package. Your decision may be based on whether to use QuickBooks Online or QuickBooks self-employed or which QuickBooks Online package to use. This article will hopefully help make your decision a little easier. QuickBooks Online vs QuickBooks self-employed There are vast differences between the…Read More
Supply of services The two basic rules for services will remain unchanged post-transition: Business-to-business (B2B) services The basic place of supply of B2B services will be where the customer belongs. If the business customer belongs outside the UK, the supply is outside the scope of UK VAT. The UK service provider must include the sale…Read More
Firstly what is a reverse charge? The reverse charge is described by HMRC as an Anti-fraud measure. It is a mechanism that shifts the liability for accounting for the output VAT from the supplier onto the customer. For chains with multiple contractors, this will transfer the liability to the final contractor in the chain who…Read More
Extra funding of up to £9,000 is now available for businesses in the retail, hospitality and leisure sectors via Adur & Worthing Council. Businesses eligible for the latest top-up funding announced by the Chancellor in early January can now register via the councils’ online portals. The funding is part of a range of support available…Read More
In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.
George W. Bush
