The Wealth Chef by Ann WilsonThis is a practical book showing you how to get your personal finances sorted. It’s not a wishy-washy book saying here are all your options, now go and find something that works for you. The book has a step by step guide like following a recipe to get out of debt and start saving. Continue reading “The Wealth Chef”
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”
VAT was originally introduced as a simple tax on purchases of goods and services in 1973. It was originally called the purchase tax but changed its name to VAT when the UK joined the EEC. VAT is now anything but simple. It is an indirect tax charged on the purchase of goods and services. Most goods and services in the UK are charged at the standard rate of VAT which is currently set at 20%. Continue reading “VAT rates in the UK”
A sales invoice is a request for payment by the seller for goods or services provided. It is important for businesses to raise sales invoices for many reasons. Some of these reasons are listed below:
These are just my favourite accounting apps and in the link to their website, which can be found by clicking the title, has no affiliate links that I benefit from. There are obviously so many accounting apps out there that will help you sort out your finances and keep you on top of your paperwork and sometimes you just have to use trial and error to find the ones you are happy with. Continue reading “My Favourite Accounting Apps”
A dictionary definition and its simplest explanation, income tax is the tax levied on personal income that you earn.
Personal income that is taxed in this way is made up of:
Every year when the budget comes out you hear about taxes going up, the economy growing and unemployment going down. If you’re in employed work and receiving a monthly salary you might not really understand or care how the budget affects you. However, the salary you receive in your bank account is what you get after your employer has taken the PAYE. Your PAYE is made up of your national insurance contributions and income tax. Continue reading “The budget and the PAYE”
Here are my top 5 accounting blogs and why I like them. There are a lot of other people that I do admire in the tax and accounting world who are not listed here as they don’t blog or they don’t have a website. However, as I like to blog, I tried to focus on bloggers only.
Class 3 National Insurance Contribution (NIC) is a voluntary contribution that you can make if you have gaps in your NI history. One of the main reasons that you would want to make a voluntary contribution is in order to ensure you receive your full basic state pension. However, this is a voluntary contribution and you are not contracted to pay it unlike the other national insurance classes. Continue reading “Why Pay Class 3 National Insurance Contribution?”
An accountant and a Mum 