Claiming just expenses on your tax return

Recently I was asked if they could do a tax return if they didn’t have any sales and just put expenses through. My initial thought was why go through the whole hassle of doing a tax return and the stress of meeting the self-assessment deadline if you don’t have to? With a new business, you can go back up to 7 years to claim your expenses and if you earn less than £1000, you can receive trading allowance before you even need to declare your income.

Technically though you could claim just expenses. There are some restrictions in that you would need to prove to HMRC your business is genuine. You need to do at least 10 hours a week with a view to making a profit. Continue reading “Claiming just expenses on your tax return”

My Top 5 Posts For 2017

I thought I would summarise my blogging year for 2017 with my top 5 most read posts this year.  For a few years now, I have been posting every Friday for which I feel quite proud. Until you read how there are other bloggers who write nearly every day or even more than once a day! People blog for a variety of reasons though so for now I’m happy with once a week.

Originally, when I started posting on Fridays, it was with the intention of writing the post live on the Friday. But the more I read and learn about blogging and how to make it interesting, the longer it takes to actually post a blog.

I’m still trying to find a niche that combines what I like writing about with what is popular and actually gets read.  This led me to looking at my stats for which posts gets the most views.  Below are my top 5 for 2017: Continue reading “My Top 5 Posts For 2017”

The Tax Return Checklist

Every year, when tax return season approaches I send out a standard tax return reminder email along with a standard tax return checklist. This is a habit I picked up from working in practice for over 10 years. I very much doubt it ever gets read based on the emails and phone calls I get about tax returns. Its not very fancy which could be its downfall but in my mind, I’ve covered everything. Continue reading “The Tax Return Checklist”

Four years at Aqilla

Since going on maternity leave over 7 years ago, I’ve attempted working in several different jobs trying to fit it in with life as a new mum and working. I’ve been a full-time mum, I’ve attempted to work for myself as an accountant in practice, I’ve attempted to juggle 3 to 4 different accounting contracts at the same time, I’ve even gone off in a tangent and attempted other things like this blog and other writing gigs. However, in the last four years the one thing I have held onto has been working for Aqilla. Continue reading “Four years at Aqilla”

Is it worth having a second house?

A second house can be a good investment but with so many changes to tax laws at the moment, you may start to wonder is it worth it.  Some of the few things that you would need to consider are: Continue reading “Is it worth having a second house?”

Accounting for bloggers – Part 1

Accounting for bloggers is a four part email series.  This first post gives you an idea of what the email series will be about and starts by looking at allowable expenses.

Whether you have just started blogging or you have been blogging for a while, one of the things that you might need to think about is money.  This four part series will look into how you can start getting organised and be prepared for any tax liabilities. Continue reading “Accounting for bloggers – Part 1”

Don’t forget your Marriage Allowance!

The Marriage Allowance has been around since 5 April 2015. It allows you to transfer 10 % of your Personal Allowance (£1,150) to your husband, wife or civil partner – if they earn more than you. This reduces your partners tax by up to £230.

Who can apply for Marriage Allowance?

You need to meet the following conditions in order to apply for the marriage allowance:

·         You and your partner were born after 6 April 1935

·         You’re married or in a civil partnership

·         Your income is £11,500 or less

·         Your partner is a basic rate taxpayer (ie. income between £11,500 and £45,000 or £43,000 in Scotland)

If all these conditions apply, you claim can be backdated to include any tax year since 5 April 2015 that you were eligible for Marriage Allowance. You will keep getting the tax break in the future too as long as the eligibility doesn’t change.  If your circumstances do change, you or your partner can cancel the marriage allowance online.

How to apply

To apply for it online, follow this link https://www.gov.uk/apply-marriage-allowance

To apply by phone, you can call HMRC on this number 0300 2000 3300

You will need yours and your partners national insurance number and something to prove your identity.

More information

More information can be found here:

https://www.gov.uk/marriage-allowance

As usual, if you would like any further details on this or any other accountancy matters, please follow this link:

In the meantime, here is a download for next month’s tax deadlines: October tax dates