Y is for Year End There can often be confusion with when your business financial year end is. Sole traders, partnerships and individuals have to report to the UK’s tax year which runs from the 6th of April to the 5th of April the following year. This is called the basis period. It is most […]
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X is for Xero As small business owners we have to wear so many different hats. Marketing, sales, admin, the list goes on, but one is the finance function! Dealing with your accounting processes can be hard work, stressful and time consuming. I understand. That is why it makes sense to invest in great accounting
W is for Workwear Now I’m just going to start by saying you cannot claim your new suit and I often see clients trying to stick in a £150 Barbour receipt and pretend they don’t know how it got there. For workwear to be a business expense and therefore reduce your tax it must be:
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V is for VAT VAT is short for Value Added Tax and is charged on most sales of goods and services in the UK. There are different types of sales. Taxable sales or VATable sales are sales in which VAT would be charged. Some sales have special rules which mean they are exempt from VAT
U is for Utilising Allowances We are approaching the end of the tax year in April. This is a great time for taxpayers to review and ensure that you have utilised the allowances available to you where possible. You should review all your sources of income and expenditure and bear in mind that any grants
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T is for Trivial Benefits If you are a director of a limited company and you’ve been working super hard, then you definitely deserve a treat! Do you want to get employer points and treat an employee that really deserves it? You don’t have to pay tax on a TRIVIAL BENEFIT (gift) for your employee
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S is for Social Functions Do you want a tax-free party? These rules are for any social event throughout the year, but a lot of people associate them with a Christmas party. To be exempt from tax and national insurance the event must be: An annual event! Open to ALL employees! (Not just your besties)
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R is for Running a Business Starting up a business of your own is a big step, it takes courage and dedication and sometime can be over whelming. So where do you start. One of the first steps is deciding on a form of legal entity. There are 3 basic forms of business. Sole Trader
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Q is for Quick and easy tips to level up your small business finances straight away – A to Z Accountancy Top Tips 1. Keep business and personal finances separate, if you are still using the same bank account for both go and change it now! This is so important so that you can clearly
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P is for Personal Tax – A to Z Accountancy Top Tips We are now in the new tax year for personal tax. From 6th April 2022 we are in the tax year commonly called 22/23. It also means that you are able to complete the tax return for the previous tax year. This is
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