Do You Need To Pay Tax On Your Cryptoassets?

Cryptocurrency is an encrypted digital payment system working through a computer network which isn’t reliant on an authority to verify payments. Different assets include exchange tokens (used as a means of payment or investment), utility tokens (provide access to goods and services), security tokens (provide right or interests in a business) and stablecoins (built to…Read More

8 Ways To Reduce Your Capital Gains Tax Liability

1. Use your Capital gain tax allowance: You are allowed a tax-free Capital Gain Tax allowance of £12,300 (2021/22) before CGT will be due. This is a separate allowance to your tax free personal allowance for Income tax. Any gains of up to £12,300 in a tax year will therefore not attract capital gains tax.…Read More

Important Changes for Taxi, Private Hire or Scrap Metal Licence Applications.

Need to apply for a Taxi, Private Hire or Scrap Metal licence soon? The Government have announced that there will be changes to the application process which you need to be aware of from 4th April 2022.   The rules are changing if you’re an individual, company or any type of partnership applying for a licence for a:  Taxi driver.   Private hire driver. …Read More

How to write off Bad Debts within QuickBooks Online (QBO)

Bad debt(s) will mean that a customer owes you money, however for some reason you are unable to collect it. Within QBO, this will result in you having a debt owed to you which you know you aren’t going to get paid for. To write this balance, or ‘bad debt’ off, the remaining balance will…Read More

Dext mobile app

Uploading documents Due to technology constantly changing, companies need to find new ways to adapt against their competition. One way Dext have achieved this is with their mobile app. It is available on IOS and Android and you can download it from the app store or from an invitation via text or email. Once you…Read More

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

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

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

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

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

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

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

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

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

George W. Bush

In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.

George W. Bush