Category: Accountants

Got Covid? Had to close? Lost income?

If you or one of your dependents have caught covid which means you are unable to work, then you could be eligible for a £500 “test & trace” payment. You are eligible if: you’re employed or self-employed you, or a child you’re the parent or guardian of, has tested positive for coronavirus (COVID-19), or been…

Saving tax as a company director

How to maintain tax efficiency as a small business company director of your own limited company with the impending increase in dividend tax from April 2022 From the 6th April 2022 the tax cost of drawing dividends from your limited company will increase by 1.25% Currently, dividends are taxed on basic rate taxpayers at 7.5%,…

We have a new intro video!

Check out the short clip below, many thanks to Pixel Click and Kardesign!

UK Tax rates explained in plain and simple English (using buckets!)

People often get confused about tax and a common misconception is around how tax works for the higher tax bands. People often think “Oh I don’t want to earn too much as I’ll get taxed at 40% and I’ll lose out”. THAT’S NOT HOW IT WORKS! Here’s a handy guide to simplify and explain things.

Taxable vs. Non-Taxable Income – Do You Need To Put It In Your Tax Return?

Taxable and non-taxable income Yesterday a client asked me about whether insurance payouts were a taxable income for her which got me thinking about writing a post on the less well known forms of taxable and non-taxable income as a quick reference guide for business owners. Some of these may surprise you…. Non-taxable income…

Travelling Expenses – What You Need To Know

1. Self Employed Normal Place or base of work The first thing you need to think about is your normal place of work, so that you can work out what is your ordinary commute which is disallowed. If you rent an office or workspace anywhere then that generally be your normal place of work. If…

How to Buy a Van for your trackdays and enjoy tax benefits

If you can demonstrate a need for a van for your business, then this could be a really tax efficient way to acquire a van and use it for your biking enjoyment too but there are a few things to watch out for to ensure you are on the right side of the tax man:…

LeeP Tip: Tax payments and what HMRC don’t want you to know about!

For many people, 31st July signifies another payment to HMRC – it’s called a “payment on account” towards your 2017/18 tax liabilities and was calculated based on your 16/17 tax return. If your bill is rather large, then did you know that there are various options for you to consider: Option 1 If you think…

LeePTip on Home Office Expenses for Sole-traders

“Can I claim Home Office costs and How much?” This is one of the most commonly asked questions we get asked here at LeeP, your local Peterborough Accountants, and there are so many misconceptions are flying around. Here is what you need to know if you work from home. There are TWO methods you can…

LeeP Accountant guide to the P11D – what is it and should I be worried?

If you’re an employer and provided expenses or benefits to employees or directors in the previous tax year ended 5th April 2018, you might need to tell HM Revenue and Customs (HMRC) and pay tax and National Insurance on them. Examples of expenses and benefits include: Company cars Health insurance Travel and entertainment expenses Childcare…