Category: Uncategorised

Time to buy a new car before 1st April 2017

As result of car manufacturers making their cars so much more “green”, the treasury now needs to fill their road tax “hole” and new road tax rules come into force this Spring in order to recoup this deficit.  The New car Vehicle Excise Duty will rise considerably from 1st April and will impact low emission…

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Use your ISA allowance before times up!

LeeP tip#21: if you don’t use up this years ISA allowance of £15,240 by the 5th April then you lose it! If you have spare funds then make sure you invest it into a tax free ISA. From 6th April 2017 your ISA allowance increases to £20,000.

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LeeP Accountants Mileage Expense tip #3

Whether you don’t have a car, or are simply car sharing to travel for business, you can claim 5p/ mile as an allowable business expense to set off against your business profits thereby reducing your taxable profits and ultimately reduce your tax liability. It might not amount to much, but, in the words of the…

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Mileage Tip Part 2

If you are an environmentally friendly sort/ a fitness bod or simply want to commute by cycle as it’s quicker through traffic then did you know that you can claim 20p/mile for each mile cycled for business? This reduces your taxable income meaning you will pay less tax on your profits, get fitter and be…

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Equity Financing

One way to raise finance for your company is Equity finance. Offer shares in your company in return for cash funding. This is like what they do in Dragins Den!  Make sure you do this properly by issuing the correct paperwork, getting the correct authorisations and notifying Companies House or else you might find yourself…

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LeeP tip#20 – saving time with Quickbooks

Download the Quickbooks App into your phone and every time you spend on business, take a picture of the receipt using your smartphone camera and hey presto! That’s your bookkeeping done!  Call LeeP for more practical advice on looking after your finances 01733 699033 or email [email protected] The top tier Quickbooks subscription is included in…

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Saving for your tax bill

Tip #9- we know we should do it but many of us still don’t- keep 20% of all your income back for paying your taxes. Put it into a separate bank account that you don’t touch maybe. Then you won’t get hit with a nasty surprise from the tax man months down the line because…

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Making Tax Digital is here!

HMRC’s Making Tax Digital director Theresa Middleton said on Tuesday that she expected to see end-to-end MTD software in the next couple of months that will be able to keep digital records digitally, categorise expenses and produce a summary submission for HMRC. HMRC will record the details and present them to the taxpayer in their…

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