From April 2017 there is a new National Minimum Wage introduced by the Government. You must ensure that you pay your employees at least this:
Read More
Category: Expenses
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…
Read More
Assets and liabilities accountants speak
LeeP tip #10: #assets are what your business owns, #liabilities are what your business owes. The difference between the two = owners #equity
Read MoreAccountancy 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…
Read More