As a Small business owner, you are juggling everything and there are so many hats to wear, so many things to know, that you are bound to trip up somewhere and drop a ball. Wouldn’t it be great to have a crystal ball and skip some of those mistakes? Well, unfortunately I don’t have one […]
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What is in the Spring Budget 2023 for small business owners? The Spring Budget 2023 was announced last week, 15th March 2023, Jeremy Hunt had previously said it would be a light budget and he wasn’t wrong. There wasn’t a great deal for Small Business Owners and whilst Jeremy Hunt commented is was focusing on
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What to consider before the end of the tax year – Pre Year-End Tax Planning The current tax year is 2022/23 and this finishes on 5 April 2023. As the end of the tax year approaches, as a small business owner you should really be thinking about your financials for the year and any last
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Managing Your Taxes Maybe you find dealing with the UK tax system daunting or gives you anxiety or maybe you just have no idea where to start. With only a few weeks until the new tax year on 6 April 2023 here’s some top tips to help you manage your taxes; 1) Be organised Make
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Z is for Zeal, Zest & Zing I didn’t want to Zap the life advising on Zero rated VAT, Or reduce you to zombies on calculating your z-score Or for you to zone out listening to zero-based budgeting. The three Z’s important attributes to get a business up and on the path to zillions are:
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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
U is for Utilising Allowances Read More »