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QuickBooks Online ProAdvisor – We are certified

QuickBooks Online ProAdvisor – We are certified

Today we became certified QuickBooks Pro Advisors so can now offer support to those using QuickBooks as well as Xero, Sage, Excel and many other accounting software possibilities.   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Xero Accounting in the Cloud

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What are claimable expenses?

What are claimable expenses?

This is a question we hear A LOT! What are claimable expenses? What can I claim back? Self employed people can deduct certain claimable expenses from their turnover to reduce the amount of profit they make, and therefore the amount of tax they have to pay. However there is always confusion around the expenses. Ultimately the test that HMRC use is to ask if the expense is “wholly and exclusively” for the purpose of running the business. Example: A beauty therapist can claim for beauty products she uses e.g. face creams. A bookkeeper cannot claim for face creams as they have no relation to her work. The type of business is important when asking this question. Obviously the types of expenses that a retail shop will have are wildly different to those that a hairdresser will have. There is therefore no definitive list of claimable expenses as they differ so much between businesses. As a bookkeeper I have a car that I use to go to clients premises and work. However I also use that same car to take my children to school and to go shopping. I use the car for both private and business use. I claim the business use against income. The same applies to other equipment that has a shared use between your private and business lives. I have come across people in the past who believed that because they work from home they could have claimable expenses of their mortgage, council tax etc. Whilst there is an element of this that is claimable, obviously you also use your house to live in, not just...

Making Tax Digital – HMRC Initiative

What is “Making Tax Digital”? Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system. The aim is to make the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will be able to pay tax based on your business activity during the year. You can upload and update your tax account in real time. Will it affect me? If you own a business, you are self-employed and you pay income tax, national insurance, VAT or corporation tax then you will be affected. This means you will need to keep track of your tax affairs digitally using MTD compatible software. You will need to update HMRC at least quarterly via your digital tax account. Eventually this will abolish the annual tax return. This will be the law and there will be penalties for non-compliance. What do I have to do? You will need to open and log into your digital account. Everyone will be allocated one through the current Government Gateway. Then you will need to ensure your accounting software can update this account at least quarterly. For most businesses, this means a move away from desktop and onto Cloud based accounting software. You will use digital (Cloud) software to maintain your business records and to provide updates of information to HMRC. You will be prompted to send summary updates directly to HMRC – quarterly updates will need to be submitted within a month of quarter end, and an end of year activity report will be due within nine months of...

Summer holidays have come and gone…

As a parent of a school age child it is refreshing to be back into the routine of the school term. Thoughts begin to turn to self assessment tax returns if you’re self employed, along with thoughts of booking next year’s summer holiday. Wouldn’t it be great if you knew exactly how much tax you have to pay to HMRC? Then you can make a decision about the long anticipated summer vacation? If you use a bookkeeper to calculate and submit your tax return they will be forever grateful to receive your information in the autumn when there is no panic to get the data submitted. Bookkeepers loathe January! They hate the influx of late clients needing self assessment returns done in a rush. We also hate having to work over Christmas. Remember, your bookkeeper is human too 🙂 In addition, doesn’t it make you feel a rather smug sense of self satisfaction when you know that your return is submitted, the tax is paid and when everyone else is panicking in January you can sit back and relax, whilst anticipating your summer break? A bookkeeper will ensure that you claim all applicable expenses and that your income is declared correctly. This means less likelihood of an HMRC audit. However if an audit is carried out there is far less chance of HMRC finding any discrepancies. Contact us today to see how we can help you. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new...