Category: financial

Are You Keeping Records Of Your Business Journeys?

Our research shows that 95% of sole traders don’t keep records of journeys, which means they have to claim for petrol rather than mileage. When you claim for petrol, you have to split the bill between business and personal use. Thus, you could lose out if you do a great deal of driving for business…

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Should Small Business Owners Still Form A Limited Company?

“With the much reduced dividend allowance coming in from April 2018, does it still make sense to form a limited company or should I continue to operate as a sole-trader?” This is a question I get asked all the time and the answer, unfortunately, is “it depends”. Forming a limited company can often be driven…

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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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Making Tax Digital – An Update

MTD presentation LeeP Accountants Jun 17 Confused or bemused by HMRC’s Making Tax Digital (MTD)? What does Making Tax Digital really mean? How will it affect you? Does MTD mean quarterly reporting? Is my business exempted from Making Tax Digital? What’s New? On 13 July 2017 the government announced that MTD would be delayed for business until…

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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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