Posts Tagged: self employed

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 »

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 »

I quit! How do I close down my business?

Maybe you’ve just had a job offer that’s too good to refuse. Maybe you’ve lost the passion for what you’re doing? Maybe you’re just not making the money that you need. Maybe a new opportunity has come along? Whatever the reason, sometimes you just have to say “That’s enough, I quit!” and close down your… Read more »

I’ve made a mistake with my tax? What can I do?

We all make mistakes. We’re only human after all. But what should you if you realise there’s a mistake in a tax return you’ve already submitted to HMRC? The main thing to remember is that once you realise your mistake, you are responsible for letting HMRC know about it. If HMRC review your tax and… Read more »

Where do I find my yearly income figure?

It’s Tax Credits Annual Review time again! What was your yearly income? You have all your financial documents in front of you but there are so many figures, profit before tax, profit after tax, not to mention dividends! Which one do you need? Whether it’s for tax credits or a mortgage application, when you work… 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 »

Annual confirmation statement, annual accounts – what’s the difference?

Can you tell your annual accounts from your annual confirmation statement? They sound similar but in fact they’re quite different. What’s required, what are the deadlines and do they apply to sole traders as well? The annual accounts Let’s start with the easy stuff, the annual accounts.  Both sole traders and limited companies prepare annual accounts and file… 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 »