Your First Self Assessment
Your First Self-Assessment Tax Return When you do your first self-assessment tax return, it’s important that you get things right: This is because when you first start up a new business you are allowed to claim tax deductions against any equipment, machinery or vehicles you have purchased in the FOUR YEARS prior to the date […]
Pensions Tax Relief
Pensions Tax Relief Everyone who pays into a pension scheme is entitled to pensions tax relief. Depending upon how your pension deductions are arranged, you may be entitled to more pensions tax relief than you are getting. Millions of people in the UK are entitled to additional pensions tax relief that they are not claiming. […]
Using Accounts Spreadsheets
Using Accounts Spreadsheets A spreadsheet is an easy way to get your business transactions to us to do your accounts. If you want to use our accounts software to input and categorise your transactions, that’s also easy. If you intend to use our accounts software, it’s much easier for me to demonstrate the software when […]
CSV Files Download Restrictions
Bank CSV Files: Download Restrictions You would think that banks would allow you to download any of your transactions whenever you require … unfortunately this is not the case. Some banks and building societies impose restrictions on the dates and transaction numbers of the CSV files that you can download. Here are some examples:- Limited […]
Getting your Transactions Data to Us
We have many clients who do their own bookkeeping and rely on us to check over what they do and make amendments where necessary. This is done using software such as FreeAgent, Sage, Xero, Quickbooks, FM Accounts or some other suitable software. The software allows you to enter transactions manually and/or import your transactions from […]
Do I Need to Register for VAT
Do I really need to register for VAT? HMRC Guidance states that you must register for VAT within one month of your turnover (or total sales) exceeding £85,000 or if you expect your turnover to exceed £85,000 within the next thirty days. The language is straightforward, but in practice you must monitor your annual turnover […]
Can HMRC Access My Bank Account
Can HMRC access my Bank Account? Since June of 2021 when the Finance Act 2021 was passed, the answer is ‘yes’. HMRC can access the bank account of anyone that they suspect of tax evasion or tax fraud. HMRC can issue a ‘Financial Institution Notice’ that requires a third party, such as a bank or […]
Best Company Structure
What is the best company structure for my business? In the UK there are only four options for a company legal structure, and all of them have their advantages and disadvantages. However there are a great number of misconceptions about the relative merits of some of the company types that you can choose for your […]