by Karen | Jan 6, 2022 | Accounting, Business Costs, HMRC, Tax
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading, a business may incur expenditure on items such as: acquiring premises; recruiting staff; buying stock; setting up...
by Karen | Dec 28, 2021 | Accounting, Business Costs, HMRC, Tax
Under the current rules for determining which profits of an unincorporated business are taxed in a particular tax year, some profits may fall to be taxed twice in the opening years of a business. These profits are known as overlap profits. Once the business is up and...
by Karen | Nov 15, 2021 | Accounting, Business Costs, HMRC, Tax
As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government fund to install electric charge points. The fund aims to help small business to gain access to the...
by Karen | Sep 30, 2021 | Accounting, Business Costs, HMRC, Tax
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are not available where accounts are prepared under the cash basis;...
by Karen | Aug 23, 2021 | Accounting, Business Costs, Expenses, Tax
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be able to claim the associated expenses from their employer. If the journey is by car, the easiest way to do...
by Karen | Jul 30, 2021 | Accounting, Business Costs, HMRC, Tax
It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the Self-Employment Income Support Scheme (SEISS) provided help for...
