Browse my latest blogs below…
Claiming business expenses for work clothes
There are specific rules around claiming for work clothes as a tax-deductible expense. Any clothes which you could use for ‘everyday’ or ‘personal’ use are not an allowable expense. Uniform If you wear a uniform for work purposes for example you’re in the beauty...
Should I have a business bank account?
This is a question I get asked a lot and the answer is always yes! Here’s why! By law as a sole trader you don’t have to have a business bank account as your finances belong to you. If you’re a limited company, then by law you must have a business bank account as the...
Payroll rates and thresholds for 2023-24
It can get quite overwhelming trying to keep up with all the updates when it comes to payroll rates and thresholds for your employees. We can of course try our best to keep you in the loop with regular updates but if it does get too much as a busy business owner, you...
Why bookkeeping isn’t just data entry
As a bookkeeper I hear people assuming that my job just involves data entry. This is simply because people don’t necessarily understand what bookkeeping is. In this blog it’s my aim to clarify that bookkeeping is much more than just entering data. A bookkeeper plays...
HMRC changes to VAT penalties and interest charges comes into effect 1st January 2023
For VAT periods starting on or after 1st January 2023, the default surcharge fee for filing late VAT returns has been replaced with a new penalties system. Note nil or repayment returns will also need to be filed on time to avoid incurring penalties. What happens if...
Staff Parties & Tax – What you need to Know
STAFF PARTIES We are coming to the end of the year and it’s time to dust of the sparkly outfits and Christmas jumpers as we head into party season. As an employer organising a staff party, there are a few things you need to keep in mind to take advantage of tax...
Are your PAYE payments reaching the right place?
Have you ever received a letter chasing for payment of your PAYE when you know you have paid it? When making PAYE payments, it is vital that your 13-character Accounts Office reference number is shown, or your payments may not be recognised and will languish...
Are you a VAT registered business not yet signed up to Making Tax Digital (MTD) – Your deadline is 31st October 2022
There is no getting away from it, Marking Tax Digital (MTD) for VAT is fast approaching. All VAT registered businesses, regardless of whether they are under or over the £85,000 threshold, will no longer be able to use their existing VAT online account to file...
When should you register for VAT?
You are required to register your business for VAT with HM Revenue and Customs (HMRC) if: your total VAT taxable turnover (your sales) over the last 12 months was over £85,000, the current threshold for 2022/23 tax year you expect your turnover to go over £85,000 in...
Minimum Wage, Statutory Pay and Deduction Thresholds 2022-23
Minimum Wage Rates The rates change on 1st April each year and the hourly rate for the minimum wage depends on your age and whether you are an apprentice. You must be at least: school leaving age to get the National Minimum Wage aged 23 to get the National Living...