Category: Expenses

Do I have to declare my income to the tax man?

Do you earn a bit of extra income? Not sure whether you need to tell the tax man? Well here’s the low down:   If you earn a bit of extra cash be it through walking dogs, babysitting, selling knitted tea cosies on ebay, hiring out your GHD’s or selling the odd Aloe Vera product,…

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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…

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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…

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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…

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Self Assessment Tax Return How-To Guide by LeeP Accountants Peterborough

Get your records in order Record-keeping is a vital for every self-employed person. You have a range of legal obligations when it comes to record-keeping – but entirely apart from this, the Self Assessment process will be significantly easier if you have the relevant documents easily to hand, and organised in an effective way. The…

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