Tip #2: record your expenses as soon as you incur them. Take a pic & use an app like Receipt bank – links to your #accountants #QuickBooks
Read MoreAuthor: Polly Lee
I am an ICAEW Chartered accountant and qualified with PricewaterhouseCoopers in 2001. I have many years accountancy experience with big names such as GE Life, BGL Group, Anglian water, Nokia and HR Owen.
Accountancy tip #1 Mileage and expenses
Tip of the day #1: everytime you make a business journey, keep track of the mileage. Each mile reduces your taxable income by 45p meaning you will ultimately keep more of the income you have worked hard for! Call LeeP for more tax efficient advice 01733 699033
Read MoreHandy Guide to Allowable Business Expenses for Soletraders
Most people will know that certain costs can be expensed against your sole-trading revenue or income to reduce taxable profits and ultimately reduce your tax liability and help you save tax. Here is a helpful guide to allowable business expenses that HMRC will normally allow. The Inspector of Taxes (HMRC) will allow revenue expenditure as…
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Earn £7,500 tax free – Rent a room Relief
If you have a spare room in your home (applies to tenants also) and you don’t mind living with someone who is not family (of course, you can vet them first!) then you could be earning up to £7,500 completely tax free. The government Rent a Room Scheme lets you earn up to a threshold of £7,500…
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