If you run your own business, an important thing you need to do is keep records. The reason to keep records is so that you have evidence of your business activities. This is mainly for money coming into your business through sales and money that your business has paid out through expenses. What happens if…
Profit and loss accounts or income statements are useful documents that allow you to see how well a business is doing. This is handy when you are deciding whether or not to purchase or invest in a business and also useful because you can see how your business is faring. Unfortunately most people are not sure…
Normally with business expenses you would claim the amounts you have paid in the tax year you made the payments in. Some items, such as vehicles and other business assets are not treated in this way and are instead claimed as capital allowances. Capital allowances let you claim tax relief on the cost of business…
Subsistence (meals while working) is only tax‑deductible in specific situations. The key distinction is between everyday meals at or near your normal workplace (not allowable) and extra meal costs caused by genuine business travel (usually allowable). When subsistence is not allowable Everyday food and drink you consume while working at your usual place of work…
What is the Construction Industry Scheme (CIS)? The Construction Industry Scheme (CIS) is where contractor withholds an amount of payment from their subcontractors as tax, which is then paid to HM Revenue and Customs (HMRC). It is similar to when an employer deducts income tax from an employee’s wages on their behalf. How does the…
Automatic Enrolement is a system that requires all UK employers to provide a workplace pension scheme to all of their employees. If you are an employer it is likely that you have received a letter from the Pension Regulator about it. Unfortunately, AE can be a complicated system that you are advised to begin preparing for…
If you run a small business and hire freelancers or contractors, you’ve probably heard the term IR35. But what does it actually mean for you? To help you understand how IR35 can impact your business, we’ve put together this guide for you. What is IR35? IR35 is a piece of UK tax legislation designed to prevent…
If you work in construction and hire the services of other construction businesses you need to be aware of the Construction Industry Scheme (CIS). The scheme is where contractors deduct tax on the behalf of their sub-contractors and then pay this tax to HM Revenue and Customs (HMRC). First, you would register as an employer…
Sometimes in business you need to use a car to get around, whether directly part of the job or for going out and meeting your customers. If you have a limited company it is possible for the company to own a car you can use for company business. How does a company car affect a limited…
As your business grows and becomes more successful, you will find a point where it would be beneficial to have some regular help. Most commonly this would involve employing someone to work for you. Aside from the obvious factors such as what you want the employee to do, there are seven points you must address when…