Learn what business entertainment expenses are tax-deductible, how to handle VAT on client and staff entertainment, and tips for small business owners to manage corporate hospitality costs effectively.
Understanding Business Entertainment Expenses: Tax Deductible Costs for Small Businesses Read More »
The Budget 2025 as laid out by Chancellor of the Exchequer Rachel Reeves brings crucial tax updates for small business owners, particularly affecting limited companies with a sole director.
Budget Day 2025: What Small Business Owners Need to Know Read More »
Learn how to manage tax losses in your limited company. Discover how to offset losses, carry them forward, or reclaim corporation tax with expert advice from 2 Sisters Accounting.
Tax Losses in Your Limited Company Read More »
Having run through the basics of VAT registration recently there are some core things to be aware of when you have registered for VAT. – Flat rate schemeThe VAT flat rate scheme is designed to simplify the process for businesses that do not have a lot of expenses that they can reclaim VAT on. While
Most of you would have heard us bang on about this before but it is something that is well worth reminding everyone and maybe it is new to you. Save your tax throughout the year!!!And not just save it in your current account, ideally set up a separate account (or pot if you are with
How much should I save for tax? Read More »
“It’s tax deductible” we all merrily say, while people brand new to business politely smile and nod while not having a clue what we mean. Lets break it down. Sales – expenses = profit. You pay tax on your profit. So in simple terms, more expenses = less profits = less tax. Sales might be
What does tax deductible mean? Read More »
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
What are payments on account? Read More »
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
Who needs to do a tax return? Read More »
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
Rental Property Expenses – What can I claim? Read More »
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 »
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
