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…
Read MoreAllowable Expenses For Soletraders
Check out our Useful guide published in the Hampton and Stanground Gazettes here Business Expenses for the Freelance or Self Employed If you’re self-employed or work on a freelance basis, your business will have various running costs. You can deduct some of these costs to reduce your taxable profit as long as they’re allowable expenses….
Read MoreDirectors duties
LeeP tip #19- even if you aren’t officially appointed as a director – if you act as one then you are required to follow the directors code of conduct
Read MoreKeep business and private expenses separate
Tip #8- keep business vs out-of-pocket expenses separate. If your records are inspected by HMRC, they will check whether your bank balance in your accounts match the actual bank balance. Call LeeP to find out how we can help you keep things in order. 01733 699033 Or visit us at www.leepfinancial.com to see our affordable…
Read MoreVALUE ADDED TAX
If your taxable turnover is £83,000 or more over a 12 month period then you must register for and charge VAT to your customers. Contact LeeP to see how this impacts you! 01733 699033 If you do need to be registered for VAT then LeeP can do all the applications and submit your quarterly returns…
Read MoreHMRC accept electronic receipts
Tip #7: save electronic copies of all your receipts in a folder by month. HMRC now accepts electronic copies #happyaccountant #bookkeeping
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