Category: Expenses

Keeping business finances separate

Top tip- keep business and personal finances separate by opening a separate business bank account and be meticulous in how you spend money from it. One of the easiest ways to open a business account is to make an appointment at your local branch and speak to an advisor. Explain that you wish to open…

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Top 5 Tax Mistakes That Cost You Money

It’s that time of year. The time when we all start looking at our pile of receipts and mountain of tax forms with dread. When preparing your tax return, even a little mistake can cause problems. You could end up with a larger tax bill than you should, your refund could be delayed, or ever…

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How To Avoid Late Filing Penalties – Self Assessment Tax Return

Many business owners will know that there are a few deadlines they face when running their own business. The most infamous deadline being their Self Assessment Tax Return. The deadline for this is almost invariably 31st January of the year following the tax year, so the deadline for the 16-17 tax year is 31st January…

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A Company Motorbike? It Makes Tax Sense!

Have You Ever Considered A Company Motorcycle? If not, here are some reasons for doing so…. At first glance, a company car may appear to be a fantastic perk, but once employees start looking at the emissions based company car tax they’ll have to pay, the luxury of having one may begin to seem like…

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Mileage Tip Part 1

If you travel for work you can claim 45p/ mile you travel up to 10,000 miles in the tax year. After 10,000 miles this drops to 25p/mile- treat as a business exepense to reduce your taxable profit.  This rate is supposed to cover fuel, maintenance, road tax and insurance so you can’t claim for these…

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