Reclaiming Business Expenses can Reduce Your Income Tax Liability

For any sole trader or freelancer, even if your accountant helps produce your tax return, it is beneficial to understand your allowable business expenses as they can often significantly reduce the average tax bill. The so called ‘allowable expenses’ are legitimate business costs that are deducted from the profit that a sole trader or freelancer Read more about Reclaiming Business Expenses can Reduce Your Income Tax Liability[…]

Countdown to Self-Assessment filing deadline

The self-assessment tax return season is upon us. Registering for self-assessment online If you are filing online for the first time, be aware that this process can take a few weeks to achieve. Ensure you register to use HMRC’s Self-Assessment online service as soon as possible. Key dates The deadline for paper returns ends on Read more about Countdown to Self-Assessment filing deadline[…]

Full Payment Submission Date for Christmas

HMRC stipulate that the date of the Full Payment Submission (FPS) is the actual pay date and cannot be a weekend or bank holiday.  However, it needs to be remembered that the FPS date can adversely affect entitlement to benefits including Universal Credit as they are calculated by date. During the Christmas period, a business Read more about Full Payment Submission Date for Christmas[…]

What is the Apprenticeship Levy?

Since 6 April 2017, employers must pay the Apprenticeship Levy if they meet the threshold set down by HMRC. This is an additional charge of 0.5% added to an employer’s National Insurance contributions bill but only paid by employers with an annual wage bill of more than £3 million. However, not just large employers are Read more about What is the Apprenticeship Levy?[…]

Accounting for Import VAT on Your VAT Return

From 1 January 2021, businesses will need to account for import VAT on imports into Great Britain (England, Scotland and Wales) from EU and non-EU countries. VAT registered businesses do not need approval to account for import VAT on their VAT Return and can start doing so from 1 January 2021. The normal rules setting Read more about Accounting for Import VAT on Your VAT Return[…]

New Default Tax Codes and How They Affect Your VAT Return

T0 – Zero rated transactions T1 – Standard rated transactions – Currently 20% T2 – Exempt transactions T4 – Sale of goods to VAT registered customers in EC T5 – Lower Rate – Currently 5% T7 – Zero rated purchases of goods from suppliers in EC T8 – Standard rated purchases of goods from suppliers Read more about New Default Tax Codes and How They Affect Your VAT Return[…]

Covid19 Coronavirus

Coronavirus (Covid 19) and Statutory Sick Pay (SSP)

Statutory sick pay (SSP) must be paid to all employees who are absent from work due to sickness and who qualify for sick pay. However, with the Coronavirus situation, normal SSP rules do not apply. Covid-19 sick pay The latest government guidance says that SSP will now be available for qualifying individuals who have been Read more about Coronavirus (Covid 19) and Statutory Sick Pay (SSP)[…]

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Coronavirus (Covid-19) Job Retention Scheme (Furloughed employees)

HM Government have announced that under the newly created Coronavirus Job Retention Scheme, all UK employers will be able to access financial support to continue paying up to 80% of their employees’ salary for employees who would otherwise have been laid off or made redundant during the Covid-19 crisis. However, you can only claim for Read more about Coronavirus (Covid-19) Job Retention Scheme (Furloughed employees)[…]

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Employment Allowance Changes 2020

From April 2020, HMRC are introducing new rules and processes for claiming employment allowance. What will be changing? From the beginning of the new tax year in April 2020, HMRC will only be making the £3000 per annum Employment Allowance available to businesses whose Employer National Insurance contributions bill will be below £100,000 in the current Read more about Employment Allowance Changes 2020[…]

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Sage 50 Accounts Courses for Beginners

Sage 50 Accounts is a market-leading accounts software designed to help you manage your finances, by keeping track of who owes you money and who you owe money to. It can also quickly analyse your business performance with a range of reports and give you the information you need to stay in control of a business. But this Read more about Sage 50 Accounts Courses for Beginners[…]

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Is Sage Pay Safe?

Sage Pay is one of the most trusted payment brands and processes over 4 billion payments securely online, through card machines and over the phone each year. As you would expect from a leading independent PSP (Payment Service Provider), Sage Pay makes payments safe and secure as all transactions are encrypted to the highest global Read more about Is Sage Pay Safe?[…]


What does inside IR35 & outside IR35 mean?

In summary, the terms indicate your IR35 status as being a genuine contractor (outside IR35) or an employee for tax purposes (inside IR35). Inside IR35 The term ‘Inside IR35’ means that you are treated the same as an employee of your end client but, for PAYE purposes only. If you are considered ‘Inside IR35’ you Read more about What does inside IR35 & outside IR35 mean?[…]

Making Tax Digital Checklist

From April 2019, all VAT registered businesses in the UK will need to submit their VAT returns using ‘Functional compatible software’ in order to comply with HMRC’s Making Tax Digital process. As the deadline is fast approaching, here is a quick checklist to help you. The key thing to remember is that from April 2019, if Read more about Making Tax Digital Checklist[…]

The Importance of Sage Software Training

Let’s face it – not many people embrace change easily and the thought of having to learn something new in a busy office makes a lot of people think of running for the hills, a qualified Sage trainer can help you make the most of your Sage software training. The process of learning anything new Read more about The Importance of Sage Software Training[…]

Do I Need Software to Do Book Keeping?

“Do I Need a software package to do my book keeping?” is a common question that many software resellers get asked. In all honesty, they are the wrong people to ask, because they of course, have a vested interest in saying “Yes you do!” The question that should be asked is “How do you keep Read more about Do I Need Software to Do Book Keeping?[…]

Cloud Accounting Explained

Many businesses are increasingly moving to cloud based accounting solutions but what does this actually mean for your business and your customers? How can you make sure your data is safe? Here are some useful facts about cloud security. What is the Cloud? You have almost certainly heard about ‘The Cloud’ and wondered what it Read more about Cloud Accounting Explained[…]

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Sage 50 Accounts – Tips, Tricks and Shortcuts

Sage 50 Accounts (previously known as Sage Line 50) is the UK’s best selling accountancy software for small to medium sized businesses. In this article we cover some of the most requested tips, tricks and shortcuts to take your Sage 50 Accounts software to the next level. Sage 50 Accounts Shortcuts F1 – Brings up Read more about Sage 50 Accounts – Tips, Tricks and Shortcuts[…]

HMRC is Making Tax Digital

Making Tax Digital will transform HMRC into a world leading digital tax authority The new Making Tax Digital initiative from HMRC requires online tax filing and payment, as well as digital record keeping. The aim is to reduce tax errors and generate an extra £610 million for the treasury by 2021 however the impact is likely Read more about HMRC is Making Tax Digital[…]

Sage 50 Accounts Professional Overview

Sage 50 Accounts Professional is the top variant of the Sage 50 Accounts suite of solutions and can compete with many of the off the shelf solutions with a much higher price tag. It is a popular solution for those businesses who want to process Sales and Purchase Orders with or without a Stock system Read more about Sage 50 Accounts Professional Overview[…]

Sage 200 Vs Sage 50 Accounts Comparison

Sage 200 was evolved from Sage Line 100 and Sage MMS and is the natural upgrade route for Sage 50 Accounts customers who require a system that can manage more users, more complex business processes and higher functionality. The most economical route for Sage 50 Accounts users is the new Sage 200 Online edition. It Read more about Sage 200 Vs Sage 50 Accounts Comparison[…]

What has happened to Sage Instant Accounts?

Sage Instant Accounts was discontinued earlier this year but fear not as it has re-emerged as Sage 50 Accounts Essentials. There’s so much more to this release than just a change of name. Sage 50 Accounts Essentials is packed with improvements over Sage Instant Accounts as well as new functionality. Sage 50 Essentials is a Read more about What has happened to Sage Instant Accounts?[…]

Electronic Payslips and The Law

Here in the UK, the Employment Rights Act 1996 states that an employee “has the right to be given by his employer, at or before the time at which any payment of wages or salary is made to him, a written itemised pay statement” This statement is accompanied by a further clarification of what information Read more about Electronic Payslips and The Law[…]

Can VAT be Reclaimed from a Staff Christmas Party?

I am frequently asked if VAT is reclaimable against expenses and company parties are a popular topic. So if you are treating your staff to a Christmas party you should be aware of what is allowable by HMRC. VAT cannot be claimed if entertainment is provided solely to directors, partners or sole traders as the entertainment is not provided Read more about Can VAT be Reclaimed from a Staff Christmas Party?[…]