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2022/23 Tax Year Changes

Now we are well into the swing of the new tax year, there are several changes that the self employed need to know about. We should be on top and aware of any financial changes which could impact us. Let's have a look at some of these tax year changes. National Insurance Hikes The first tax year changes are to do with National Insurance. NI for the self employed is paid through the self assessment tax return. Most of us pay both Class 2 and Class 4 NI. Small business owners with employees pay NI ...

April 19, 2022

Self Assessment Time Again

To all our clients old and newWe have just this to say to youThe tax year now is at an endSo records to use please now sendThe tax man is a scary guySo let's do taxes in JulyThat means we don't have to rememberTo calculate them in DecemberSo pay the tax and feel all smugWhile others hide under the rugPapers lost inside a folderReminder letters getting olderWe're here to help and take the stressTo make your worries ever lessSo send the info at your leisureProcessing it will be our pleasure...

April 19, 2022

New Tax Year 2022/2023

The new tax year is upon us and with that, new spreadsheets are created, new files opened and new documents named. The traditional turning of the calendar, from year to year, is typically when people set themselves resolutions, goals if you will. However in the business world, April is the time to set yourself and the business some objectives. Let's look a 4 new tax year goals and that you can start working towards from this week.  Be More Organised We all live busy lives. The hou...

April 4, 2022

Car Allowance When Self Employed

Like in every business, if you are self employed, you will be keeping a close eye on the money coming in and the payments going out. Cash flow is king when you are self employed and whilst you might feel that you spend a lot of your time chasing payments, there are certain expenses that you can claim for. This helps you to hold onto a little bit more of your money as these expenses will help you pay less tax. It's all legitimate but you need to know what you can and can't claim for. In this post...

March 23, 2022

What To Do If You Need Business Help

Business owners all need a little help sometimes. Having the weight of a company solely on your shoulders can be hard. Sometimes we need to outsource things, have a third party take care of a specific area of the business or even hire someone to come on board and work with us. Let's have a look at a couple of options that you can do if you feel like you need business help. Hire Staff Hiring staff to become part of the venture you have built up can be both exciting and nerve-wracking. You need to...

March 9, 2022

Top Up Your Pension Before The End Of The Tax Year

It feels like we've only just had Christmas, but many families have been enjoying half term and Easter is just around the corner. With April on the horizon, that also means the end of the tax year is in sight. It’s only six weeks away! If you have the money to spare, now is the time to top up your pension to take advantage of your allowance and the tax benefits. Let's look at what you should be doing before 5th April. What Is Your Annual Allowance? When you look to top up your pension, you nee...

February 21, 2022

UK Cost of Living Crisis

We're hearing all about the cost of living crisis. Everything is on the rise, from the price of petrol to the cost of food. Energy bills are about to go through the roof and many people are struggling. Let's have a look at some ways to save money, both at home and in the office. Switch Your Bank When was the last time you switched who you bank with? Maybe you're sick of the low interest rates and poor customer service at your current bank? Did you know what you can get paid to switch? Right now ...

February 14, 2022

UK Self-Employment in 2022

A new year, a new focus, a new list of jobs and projects for those who are self employed. The juggle is real when you are self employed and so often the work life balance can take a bit of a hammering. There are long hours ahead, maybe a bit of stress but hopefully some highs too. Let's look at what we can expect from the world of self employment in 2022. Support Did you know that 4 out of 5 people said they received enough support from the Government during the pandemic? Financial sup...

January 12, 2022

HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020/21 tax return and pay any tax due.HMRC is encouraging taxpayers to file and pay on time if they can, as the department reveals that, of the 12.2 million taxpayers who need to submit their tax return by 31 January 2022, almost 6.5 million have already done so. HMRC recognises the pressure faced this yea...

January 6, 2022

New Year's Resolutions For Your Finances

Many of us make resolutions when the calendar turns over to a New Year. With January just around the corner, now is the time to start thinking about your New Year goals. What are you aiming for in the next twelve months? What do you want to achieve? With money a huge talking point in our daily lives, what are your objectives when it comes to both your business cash flow and your personal finance? Let's look at financial resolutions for the New Year. Business Goals Let's first look at financial r...

December 31, 2021

SEISS Payments On Your Tax Return

How to include your SEISS claims on your tax return Did you make SEISS claims during the pandemic? Many of us did and whilst it must be noted that some people who missed out or fell through the net, these payments kept the majority of the self employed afloat during a terrible time work wise. Of course, these payments were never going to be for free and the money needs to be paid back into the pot somehow. What do you do if you received any? Let's have a look at how to include your SEISS claims ...

December 16, 2021

How To Find A Good Bookkeeper

How To Find Affordable & Professional Bookkeeping Services for Small Business Owners The stats that we can see in 2021, show us that there are 5.5 million small businesses currently in the United Kingdom. That is a lot of small business owners! Many of these businesses have zero employees. Some have a handful of staff and others might have up to 49 members on the payroll. One thing that all those businesses have in common, regardless of the services they provide or products they sell, is that th...

December 1, 2021

Autumn 2021 Budget

Last week, the Chancellor of the Exchequer posed with his red briefcase before unpacking his Autumn budget in the house. There were many things unveiled, things that will be relevant for you, others that perhaps won't be. Have you seen bits and pieces which impact your home and work life? Let's take a look at the Autumn UK budget 2021 summary in regards to business, freelancers and the self employed. NI & Tax Increases Firstly, we already knew that tax rises were coming into play, however we now...

November 2, 2021

Outsource Your Payroll?

Why You Should Consider Payroll Outsourcing How is business going? Are you busy? Tired? Working hard but it feels like there aren't enough hours in the day? Is there a way to help? Have you considered outsourcing some of your jobs? Being able to delegate and push work to different people means you are able to fully concentrate on specific parts of the business. Mastering those areas you set up the business for in the first place, rather than struggling through areas where you may lack the skills...

October 20, 2021

Why Is Bookkeeping Important?

The finances of your business are critical. You need to know what is coming in, what is going out, how healthy the company is in terms of cash. So looking after those numbers is integral. This is where bookkeeping in business comes into play and why it is so important. What Is Bookkeeping? Bookkeeping is the day to day administration side of the business, keeping track of how much money the business receives and the amount it spends. This cash flow is often where small business can live or die,...

October 6, 2021

Business Electricity

Businesses live and die on the amount of money they bring in and the amount of money they spend. If there is more going out than coming in, the business will eventually fail. This is why we, as business owners, need to look at the amount of money we're spending and find ways to reduce that. We need to look at the cash flow. One of the areas we spend money is on energy. The lights that we turn on at the beginning of the day. The energy that it takes to boil the kettle for your mid morni...

September 23, 2021

Keeping Track Of Your Business

Running a business can be tough. There are long hours to work and sometimes not a lot of people coming through the door. Some people don't have the spirit to keep going. Others shut up shop and decide that a 'normal' job is better for them. Running a business has never been easy, however there are things that you can do to ensure you keep on top of everything. Losing user names, passwords and even the pin number for the business credit card can so often happen. Let's have a look at some top tips...

September 8, 2021

Bookkeeping Before Christmas

Time is moving really quickly and if you run your own business, it's a great idea to ensure your finances are in check. Summer is coming to an end. Autumn will be here shortly and before we know it, winter will bring Christmas. Christmas is a fantastic time of the year, one that we so look forward to and where many people spend a lot of money. This can be even more important if you run a business which relies on seasonal business. If Christmas is a huge part of your turnover, be sure to get up t...

August 28, 2021

Financial Equality At Home

The gender gap in the workplace is well talked about. Getting equality in the wages earned for the jobs done in the world of business is important. However, something which is barely spoken about is the financial equality at home. Did you know that the cost of borrowing money is more expensive for women than men? This needs to be put right and there are things that ladies can do to balance the cost of borrowing. The Cost Of Borrowing Right now, there is no financial equality in the world of borr...

August 12, 2021

Fifth HMRC SEISS Self Employed Grant

The Fifth & Final Self-Employment Income Support Scheme (SEISS) Grant We've heard a lot about government support during the pandemic. A lot of this is coming to an end as the country attempts to return to some sort of normality. We now know what the fifth and final Self-Employment Income Support Scheme (SEISS) grant looks like. Whilst it's a little more complicated than the previous four, it will give some financial stability and support to those who qualify. Let's look at the details of SEISS 5...

July 27, 2021

Cost Of The Small Business Financial Problem During The Coronavirus Pandemic

The global Covid 19 pandemic has caused so much hurt. People have passed away, others have had to isolate from loved ones, people have lost their businesses. It is difficult to not be in control of things when you are a business owner. Due to the fact that we rely on keeping in control in order to keep our businesses afloat. Many people have lost a lot. But what is 'a lot'? Let's look at the actual cost of the financial problem during pandemic.The Biggest Losses If we look at new research from&n...

July 12, 2021

HMRC Crypto Currency Tax Declarations

You may have heard about the boom in cryptocurrency. There are so many different coins now available that you can purchase, actually fairly easily. From Bitcoin and Ethereum to Dogecoin and Chainlink, there are lots that you might have heard of and loads you probably haven't. Whatever your thoughts on cryptocurrency, this post is all about how it is being looked at by HMRC. Cryptocurrency is a form of currency, so HMRC want to reinforce their position on it being declared.Digital Currency The HM...

June 27, 2021

Saving Money When You're Self Employed

8 Super Self Employed Tips For Saving Money When you work for yourself, you need to keep a focused eye on your finances. Saving money has perhaps never been more important. Check out these 8 super self employed tips for saving money and keeping a handle on your finances. Knew Your Credit Cards It can be easy to think that a credit card is the answer to your money problems. It might help in the short term but can be a huge problem in the long term. You need to know your credit cards. By all means...

June 15, 2021

Small Business Cash Flow

Small businesses have had it hard over the last year or so. This is on top of the usual challenges that small business owners struggle with. Cash flow has always been critical when you run a business. It's even more so today, especially for small businesses who live and die on the money coming in and out. Let's have a look at the importance of small business cash flow management.What Is Cash Flow? Cash flow is the money that is coming into the business as well as the money going out of the busin...

June 1, 2021

Going Self Employed - Top Tips

Many people have opted for a complete lifestyle overhaul recently and decided to go self-employed. This can be a wonderful thing, something that you might have wished you'd done much sooner. However, there could be difficult times coming up. Obstacles that you may not have thought about, issues that will arise which you will have to face head on. By planning and knowing a few things that will be coming up you can make your change to this new status of work run a bit smoother. Let's have a look a...

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