Posts Tagged: expenses

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 »

Should I buy a car through my business?

Are you thinking about getting a new car? Maybe the old one has given up the ghost and it’s time for an upgrade? If a new set of wheels is on the cards there lots of options to consider, buy outright, buy on finance, new or second-hand. Another factor in the equation is your business…. 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 donate to charity through my business?

As business owners, myself included, we’re often focussed on growing sales and increasing profit, but sometimes it’s good to give as well as to receive. If you’re feeling inspired to give something back, can you donate to charity from your business? The short answer is yes – whether sole trader, partnership or limited company, you can… 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 claim mobile phone expenses from my business?

In the good old days of the landline, sorting out phone expenses was simple, business landline at the office for business, home landline for personal. In the modern days of the smartphone, things are much less clear cut. Few people want to carry around two mobiles, one for business and one for personal, it’s much… 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 is happening to the flat rate VAT scheme?

If you are on the flat rate VAT scheme, you will have received a letter from HMRC letting you know that The VAT Flat Rate Scheme is changing. So what on earth is going on? This is a change that was announced quite recently in the Chancellor’s Autumn Statement on 23 November 2016 and comes… Read more »