One of the benefits of being a sole trader and working for yourself is you don’t have tax deducted from every payment you receive. Instead of having tax deducted via the PAYE system like usual workers you pay it via the self assessment system. As a self-employed worker, you will complete your first self assessment …
The deadline for registering for self-assessment is 5th October each year. There’s a number of reasons that you might need to register for self-assessment, some are more common than others! If one of these has applied to you for the first time between 6th April and the following 5th April you have until the 5th …
Renting out properties and being sure of what you can and can’t claim as tax deductible expenses can be very tricky. In the past few years HMRC have changed the rules on relief for mortgage interest, and have removed the 10% wear and tear allowance so its important to make sure you’re on top of …
Should you use a limited company to hold rental properties? As is so often the case with accounting and tax issues it depends, however with changes to the tax relief available on finance costs on buy to let properties it is a question more landlords are considering. The best option for you depends on a …
Pros and cons of using a limited company for rental properties Read More »
Whether you are employed or self-employed makes a difference to how you pay income tax and national insurance and how much you have to pay. It is important to understand your employment status so that you can ensure you are meeting your tax obligations. SELF-EMPLOYED OR EMPLOYED? There is no clear law on whether you …
The pros of a garden office are pretty clear for a lot of home workers. Your own dedicated space to work and look out into the garden, less interruptions from family and a safe place to store all your work. But it can be quite an investment, and for a lot of people the advice …
A lot of people hear VAT, think 20% and stop there. However, there is an alternative way for small businesses to work out how much VAT they need to pay HMRC, and this is called the VAT flat rate scheme, its often shortened to VAT FRS. It is designed to help small businesses reduce their …
Despite what some people may believe there is a wide range of reasons other than being self employed that may cause HMRC to ask you to complete a self assessment tax return. The most common are self employment, owning a rental property or being a director of a limited company. Below are some of the …
When it comes to claiming the expense of workwear and corporate gifts it is all about using your logo! You can buy workwear with your logo on it and it will be a taxable expense. Most other clothing is not going to be allowed unless its very clearly specifically for business. Maybe you need some …
R&D is a tax relief you can claim from HMRC for technical development and research projects and it well worth looking into if you think you could be eligible. We hooked up with Simon Bulteel from Cooden Tax Consulting to get his top tips for R&D as its an area that is definitely worth exploring, …
Accounting hints, tips, and updates
Want our fortnightly/monthly rambling on some handy accounting things? We attempt to make it slightly less boring than reading the back of shampoo bottles but can’t make any promises.
2 Sisters Accounting is a Limited company registered in England and Wales Registration No. 11167998
Reg office: International House, 12 Constance Street, London, E16 2DQ
