Posts Tagged: book keeping

VAT lumps, bumps and hiccups

We’ve covered the VAT basics in the previous post. But unfortunately life isn’t always simple. It has a nasty habit of getting complicated with lumps, bumps and hiccups along the way. Here are some of the more complex VAT issues including a few big VAT wolves that I hope you’ll never encounter. Can I claim… Read more »

Should I register my business for VAT?

They say ‘what you don’t know can’t hurt you’. Unfortunately that’s not true when it comes to tax, HMRC always assume that you know the rules. For many businesses, lack of knowledge about VAT can be a real ‘big bad wolf’. Knowing the VAT basics can keep you out of trouble with HMRC. It will… Read more »

Don’t let your balance sheet be an ugly duckling.

I always feel like the balance sheet is the ugly duckling of the accounts. The bold and brash profit and loss account gets all the glory while the poor old balance sheet is ignored and misunderstood.  It’s time to bring the ugly duckling balance sheet out of the dark corner, dust it off and show… Read more »

What expenses can I claim for my business website?

When was the last time you used a phone directory to look for a business or service? If you’re anything like me, it’s just easier to Google for the information and take a look through the websites that are returned. A business that doesn’t have a website is much less likely to get my custom,… Read more »

Can I get rid of my paper receipts and go digital?

In the modern age with Making Tax Digital looming large on the horizon, is it still necessary to keep paper receipts for  all your business documents? Will a scanned copy be enough to satisfy HMRC? Should you keep the paper version as well? The answer is YES! The good news is that for most types of… Read more »

Can I buy personal items from my business account?

Can I buy personal stuff from my business bank account? It’s a question that we get asked quite a lot. In fact it’s a question I wish more people would ask, as there’s a very simple answer to this one. Yes you can, but please don’t! It can be very tempting to get the business… Read more »

Should I do my own bookkeeping?

Should you do your own bookkeeping? With some many user friendly accounting packages on the market these days, is it worth paying someone else to do it for you? The government’s recent Making Tax Digital changes mean that eventually, almost every business (whether sole trader or limited company) will have to start submitting their data… Read more »

What happened? Why is my personal tax bill so big?

Did January end with a shock for you? Was your personal tax bill a lot bigger than you expected? Maybe the scenario below sounds familiar? Mark is in his full year of self employment and everything is going well. He did a tax return last year but there was only a few months self employment included so no… Read more »

I’ve heard that travel and subsistence expenses are changing?

In summer 2015 HMRC held a consultation on Employment Intermediaries and Tax Relief for Travel and Subsistence. This dry sounding title was enough to strike fear into many hearts. The consultation was looking at who should be eligible for travel and subsistence expenses, focusing those who are employed through an intermediary such an agency, umbrella… Read more »

Help. I don’t understand EU VAT!

There are few things that strike more fear into my heart than EU VAT, apart from perhaps spiders. In the age of the internet as it becomes increasingly easy to buy and sell abroad, so EU transactions are becoming a more common feature in the small business VAT returns. EU VAT cannot be avoided, (a… Read more »