HMRC are now writing to more and more sole-traders who have incorrectly claimed any one of the FIVE SEISS (self employment income support scheme) grants during 2020 and 2021 demanding repayment. You should be aware of the conditions for repayment and make the necessary arrangements to repay sooner rather than wait for HMRC to add…
Read MoreCategory: financial
Got Covid? Had to close? Lost income?
If you or one of your dependents have caught COVID-19 which means you are unable to work, then you could be eligible for a £500 “test & trace” payment. You are eligible if: The £500 does constitute TAXABLE income, so it must be included in your tax return if you’re self-employed. If you’re employed, the…
Read MoreOctober 2021 Autumn Budget headlines
NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…
Read MoreWhat’s New In The Autumn Budget?
In Summary, the Autumn Budget today impacts your business and personal finances in the following ways: Stamp Duty has been abolished for all new home purchases costing £300,000 or less. This means a potential saving of £3,500 compared to the old stamp duty of 2% on homes costing more than £125,000. This means that if…
Read MoreChristmas party tax tip
If you’re having a Christmas party (or any other annual event) there is an exemption of up to £150/pp you can spend and it’s all tax free! The conditions The total cost must not exceed £150 per head, per year. £150 includes VAT together with any extra costs such as transport and accommodation. The £150…
Read MoreLeeP Accountant’s Top 6 Bookkeeping Tips To Make Your Accountant Happy!
LeeP Accountants top tips for a healthy relationship with your Accountant! It’s no secret that business owners have to wear many hats – and most would agree that the least exciting of those hats is the bookkeeper’s. A recent survey of businesses conducted by the ICAEW indicated that the #1 thing that slows down business growth…
Read More