Don’t forget to claim for Expenses

Many of business owners I have spoken to recently forget to claim for expenses either because they haven’t been given receipts, they have misfiled them as the receipts were emailed or the receipts have been lost. That’s potentially hundreds or even thousands of pounds of legitimate business expenses which could have reduced your business tax…

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Handy Tip #23 – Bank statements

Most bank statements are online these days – there will almost always be a download function where you can download each month’s/ quarter’s bank statement to save onto a “bank statement 2017” folder ready for you or your accountant at the end of the year. If you save it as an Excel (.xls) file then your…

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Making Tax Digital “Treat” for 400,000 Lucky Guinea Pigs

To encourage 400,000 people to sign up for the “public beta” testing programme starting next month HMRC is offering a “special treat” for participants by excusing them from having to complete an SA return Theresa Middleton – the lead on the MTD project for HMRC stated “It is not a question of opting out of…

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Tax Year End Tips & Advice On How To Save Tax

Advice for Small Business LeeP Clients for the end of the Tax Year The end of the tax year is the 5th April 2017 and everything is pretty much done and dusted right? Wrong – this time of year means a lot of things for small businesses. It’s not only time to start thinking about…

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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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Annual Returns are No More!

Did you know that the Annual Return for Companies has been replaced by the Annual Confirmation Statement? The Annual Confirmation Statement is a longer more detailed version of the old Annual Return but it still costs the same – £13 if you submit on line or £40 if you send in by post.   When do…

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