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.
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
P11D forms are due to be submitted to HMRC on 6 July. You do need to complete a P11D if you have any 'benefits-in-kind'. This is where your company pays taxable expenses on your behalf such as company cars and/or private healthcare. You then have to pay income tax on...read more
If you had a tax bill of over £1,000 at the end of January 2015, it is likely that you will have a payment on account due at the end of the month. This amount should be 50% of what your tax bill was last year. HMRC assume that your earnings are the same as last year...read more
I often talk about profit, sales, cash and the importance of knowing these numbers every week in your business. If you've got these, then here are some more numbers that you need to grow your business that your competitors will not have bothered to calculate: Number...read more
The quick answer to this is yes. You are always legally able to appeal our fine providing you have a 'reasonable excuse'. Unfortunately, what HMRC say is a 'reasonable excuse' and what you say may be two different things. Generally, HMRC say that this represents a...read more