Tax Needn’t Be Taxing:
Sole Trader Tax Help
Britain has the most complex tax system in the world, proving too much to handle for some self-employed individuals and entrepreneurs. Discover how to manage your sole trader tax right here!
Sole trader tax can be a tough nut to crack.
While businesses and corporations often find support from finance experts and in-house account management teams, those running their own single-person operations tend to be left to their own devices when it comes to tax.
In any business, there should be 3 arguments going on. The first is the sales person who argues for growth of the business. This person is usually the entrepreneur and business owner (and the one who will shout the loudest). The second is the finance person. This is...read more
Clients and contacts of mine will know that I get through quite a few books in the year (average 1.2 a week!). Some books are good whilst you read them but then forgotten, some are forgotten whilst you are reading them and some books really stand out that you a) want...read more
Here's a step by step guide on what needs to happen after you've just become a limited company. 1. Set up a company bank account. This needs to be in the name of your limited company. You'll need your incorporation certificate (a one page document that has your...read more
This is a fairly straightforward question. It is when the tax saving becomes more than the accountancy fees. Accountants will charge you 2-3 times the annual fee of for a limited company compared to self employment. This is because there is about 3 times more work...read more
The business owner wants to grow the business so starts investing in marketing. The suppliers that this business owner is using have 30 day terms i.e. they want to be paid within 30 days. The marketing is successful and the sales roll in to the business. Turnover...read more
You have two choices. We can put your cost as business owner into the costs or leave out. There isn’t really a right or wrong answer to this but I’m going to argue that you put your cost in for the following reasons: It shows your TRUE profit since you are a cost to...read more
There are two answers to this one. There is the quick answer and the long answer. The quick answer is probably no. Generally, if you have a limited company, have a company car is often bad for tax. This is because the government ramped up the tax on company cars....read more
Here are the flat rate VAT %s..... Remember the 1% discount in the first year. If you are not sure what I'm talking about feel free to email me at Russell@rsaccountancy.co.uk Type of business Current VAT flat rate (%) Accountancy or book-keeping 14.5 Advertising...read more
If there was ever one benefit to having an accountant it is this - you don't have to speak to HMRC. The accountant will do it on your behalf. This is even more true today as we've learned of the HMRC telephone answering results last year. One in four calls (about 18...read more
In summary, this is what the bookkeeper does: Step 1 - Invoices Raise the sales invoices Record the sales invoices in the accounts (both the sale and the debt owed FROM the customer) Give the purchase invoice / expense receipt a reference number Record the purchase...read more