Accountancy

P is for Personal tax

P is for Personal Tax

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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O is for Operating Profit

O is for Operating Profit What does that mean? Operating profit is the money left after paying all the business costs but before paying tax. This is also known as EBIT (earnings before interest and taxes). Formula; GROSS PROFIT – OPERATING EXPENSES = OPERARTING PROFIT A positive operating profit shows that your business makes more …

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N is for national insurance

N is for national insurance

N is for national insurance – A to Z Accountancy Top Tips There are different classes of national insurance that you may pay depending on your source of income. If you are self-employed you may pay Class 2 and Class 4 national insurance. Class 2 is a flat rate for self employed which used to …

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M is for Mileage

M is for Mileage

M is for Mileage – A to Z Accountancy Top Tips There are various rules for claiming the cost of business journeys. These are trips that are for business reasons e.g. seeing clients or suppliers, other meetings or doing deliveries. You can’t claim for going between home and your main place of work. If you …

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L is for losses

L is for losses

L is for losses – A to Z Accountancy Top Tips If you are self employed and you make a loss or have a share of a loss in a partnership, you might be able to get a tax refund. A loss occurs when you have more business expenses than business income. You can use …

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J is for Joint ownership!

J is for Joint ownership!

J is for Joint ownership! – A to Z Accountancy Top Tips If you are married, you often own assets jointly as a couple and therefore split the income or gains. If you don’t then it may be beneficial for tax purposes to consider transferring, so they are jointly owned. This does need to be …

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H is for Home Office

H is for Home Office

H is for Home Office – A to Z Accountancy Top Tips This is such a big topic this year for obvious reasons. Working from home looks likely to continue for some time, so what can you claim? There is tax relief for working from home for employees, directors and self-employed. Employees If you must …

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G is for Gift Aid

G is for Gift Aid

G is for Gift Aid – A to Z Accountancy Top Tips If you are a higher rate taxpayer then there are various tax reliefs you may be entitled to.  If you make charitable donations with Gift Aid, then you may be able to reduce your tax bill!  What is Gift Aid? Gift Aid is …

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F is for Fixed Assets

F is for Fixed Assets

F is for Fixed Assets – A to Z Accountancy Top Tips Nearly all businesses will have fixed assets, but you may not realise what the fixed assets are in your business. What is a fixed asset? A Fixed Asset is something that a business: gets with the intention of keeping for a long-term period …

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