Posts Tagged: profit

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 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 »

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 »

How do I prove my self employed income for a mortgage?

One of the downsides to being self employed is when you come to get a mortgage. For someone who is employed, it’s generally easy to get a decision in principle and proof of income is often a matter of producing past payslips. When you are self employed (whether as a sole trader or a limited… 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 »

Dividends for directors are changing

From April 2016 the way in which your dividends are taxed is going to be changing significantly. It will affect the tax that you pay in order to take profit out of your limited company. This change was announced in the July 2015 budget and became part of the 2015 Finance Act. How do things… Read more »

Why do my accounts show different types of profit?

Your accountant sends over your annual accounts and you open them in anticipation, your eyes scanning down the page for that all important figure. How much profit did I make last year? But wait a minute, there are two profit figures, maybe even three or four. Which profit figure should you be looking at? As… Read more »

Summer budget secrets and what they mean for you.

There was a lot of media coverage over the Chancellor’s summer budget with the usual discussion over average households, who will benefit and who will lose. Flying pretty much under the radar, almost unnoticed through all of this, were some budget changes that will have significant impact on small businesses in the UK. These budget… Read more »

What start up expenses can I include for my business?

Can I include business expenses before I have any income?  Starting a new business can be expensive, with plenty of costs even before you have made your first sale. When you come to prepare your first year’s accounts for your new business, how do you know which start-up expenses you can include? When is my… Read more »