Sole trader

19 11, 2019

Can I claim entertainment as a business expense on my tax return?

By |2019-11-19T09:06:03+00:00November 19th, 2019|Business planning, Personal tax, Sole trader, Tax|

Business entertaining when you are self-employed or a small business could very well be a major part of your business development, helping to establish and grow your business relationships to help your small business grow and thrive.  Claiming tax relief on your entertainment is a complex and grey area, read on to find out more. […]

29 10, 2019

Your Go-To-Guide: Payment on Account for the Self-Employed and Sole Trader

By |2019-10-29T14:40:09+00:00October 29th, 2019|Sole trader, Tax|

If you have to complete a Self Assessment tax return as a self-employed individual or sole trader, the deadline for the online submission of your tax return for the previous tax year is 31 January, and this is also the date you are required to pay any tax due. On 31 January, you may also be required to pay  some tax in advance for the current tax, known as 'payment [...]

24 10, 2019

Tax allowances to consider when completing your Self-Assessment Tax Return

By |2019-10-24T08:43:38+00:00October 24th, 2019|Sole trader, Start-ups, Tax|

When completing your Self Assessment Tax Return (SA) there are other things you will need to consider in addition to your profits from self-employment, including other income such as a pension, employment or savings. There are also tax allowances and tax reliefs which you may be entitled to which could reduce your tax bill.  Here are the main tax allowances you should consider when turning your attention to your [...]

13 09, 2019

Small Businesses risk losing the Employment Allowance

By |2019-09-25T18:50:00+00:00September 13th, 2019|limited company, Personal tax, Sole trader, Tax|

Plans to remove the employment allowance from large employers could have an impact on small businesses too, according to research by the The Association of Taxation Technicians (ATT). From April 2020, the next tax year, the employment allowance, which currently gives employers a reduction in their National Insurance (NI) bill of £3,000 per annum, will no longer be available to large businesses.  The change in tax legislation means that this [...]

15 08, 2019

How best to make use of company trade losses

By |2019-08-15T09:43:35+00:00August 15th, 2019|limited company, Sole trader, Tax|

Did you know tax reliefs may be available to you if you experience losses in a given year in your business as a self employed individual or a limited company owner? Furthermore, any losses you make can be offset against total profits of the current or previous year's sales and can even be carried forward and set against future trading income, as long as it's the same trade. The rules [...]

25 06, 2019

Our client commitment – understanding you and your small business

By |2019-07-02T18:55:49+00:00June 25th, 2019|Business planning, Client stories, Sole trader|

Below is a real life case study of one of our client's, John, and is typical of the relationships we have with our clients and our client service excellence. Our approach with all our clients is the same. We listen, discuss and truly get to know you and your business, bringing our creativity and energy to your wider company issues on the back of your business numbers. Offering solutions. Disentangling [...]

1 04, 2019

Payments on account – update for 2019/2020 tax year

By |2019-05-20T21:02:56+00:00April 1st, 2019|Business planning, Sole trader, Start-ups, Tax|

When a person first becomes self-employed, the first tax bill can have an extra sting in it if they are required to make “payments on account”.  There is a lot of confusion about what these represent, and when they are due for payment, so we hope to make them a little clearer in this blog and look at how to reduce payment on account. Imagine an individual’s tax bill is [...]

12 03, 2019

Final days to get ready for VAT filing changes on 1 April 2019

By |2019-05-20T21:05:57+00:00March 12th, 2019|Business planning, MTD, Personal tax, Sole trader, Start-ups, Tax, VAT|

The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return information to HMRC by using compatible software. HMRC has published a press release to [...]

4 02, 2019

Can you benefit from Tax Relief when working from home?

By |2019-05-20T21:06:55+00:00February 4th, 2019|Business planning, Personal tax, Sole trader, Start-ups, Tax, VAT|

Flexible working, including working from home, is becoming increasingly common in the workplace, as we are starting to see larger corporate organisations rolling out their formal flexible working policies.  There are, however, many employees who work from home and incur costs but do not proactively receive reimbursement from their employer and are not aware of the possible tax relief available to them.  The relevant legislation states that an employee can only claim [...]