Following on from our article last month on what expenses you can and can’t claim, we thought we would give you some advice on receipt tracking. As we explored previously, tracking your expenses is a vital part of managing your company’s finances. It monitors your incomings, outgoings and provides the...
There have been a lot of changes in the construction industry lately - most recently, the introduction of MTD for VAT registered businesses. So, to help you understand how MTD will affect the construction industry, we've written a full breakdown explaining what MTD is, how it will affect your business and...
It is important to keep good records of business expenses so that any expenses that can be deducted are not overlooked. The general rule… The general rule is that a deduction is allowed for expenses incurred wholly and exclusively for the purpose of the trade, profession or occupation. Unlike the equivalent rule...
Running your own small business is hard work – you will find yourself trying to develop and grow your business, alongside managing the day-to-day operations acting as the finance, marketing, HR and sales departments – often all in the space of a few hours! To help you manage and keep on...
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance contributions for those working in the construction industry. This includes companies, partnerships or self-employed individuals. The CIS applies to construction work and jobs such as alterations, repairs, decorating and demolition. Although the responsibility of operating CIS is mainly...
Hot off the press HM Revenue and Customs (HMRC) announced last week that businesses will have an extra year to prepare for the digitalisation of Income Tax. The government will now introduce Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) a year later than planned, in the tax year...
As a budget-conscious freelancer you may be put off by the cost of hiring a professional accountant. You might see financial management as one of the tasks that fall within your freelance workload. However, you have the opportunity to relieve some of the pressure, saving time and money for investment...
The Self-Employment Income Support Scheme (SEISS) has provided grant support for self-employed individuals whose business has been adversely affected by the Covid-19 pandemic. An extension to the scheme was announced at the time of the 2021 Budget. As a result, it will continue to provide support until September 2021. Three grants...
New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”. The new “reverse charge” system of VAT accounting will affect sub-...
The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, however HMRC have just released guidance that the filing penalty will be wavered providing the tax return is filed before...
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