Blog
This article assumes you are not on any VAT schemes, such as the flat rate scheme. The golden rule for claiming VAT back on your expenses is that you should always get a valid VAT receipt when you purchase any goods or services for your business. A valid VAT receipt must always include: the supplier’s … Continue reading Reclaiming VAT on expenses – What can you reclaim VAT on?
National insurance has had changes over the years but the fundamental concept is that it is a form of tax paid by workers (employees) and the self-employed to fund state benefits including the state pension. If you are in employment, your employer will deduct national insurance on your behalf, if applicable, and pay this to … Continue reading Self Employed National Insurance
One of the most common questions we get asked is why the profit per the accounts differs from the taxable profit, whether a sole trader, partnership or a company. Here we look at some of the more common adjustments below: Disallowable expenses When calculating business profits there are a number of costs that the business … Continue reading What is adjusted profit for tax purposes?
Many people think that as a self-employed person, you won’t get any financial assistance when you are pregnant and spending time at home looking after your new child. However, there is a social security benefit called Maternity Allowance that you may be entitled to. Please note that this does not apply to limited companies, it is … Continue reading Can you get maternity pay if you are self-employed?
As we approach the new tax year let us look at some of the changes that we will be facing. These will leave some of us better off but many will face higher bills. Let us look at some of the changes and the effects that they will have on us. Introduction of a new … Continue reading Changes In Tax