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Allowable Expenses for Sole Traders and Partnerships

allowable expenses

If you are a sole trader or in a partnership, you have likely wondered which expenses you can claim against your income tax liability.    Different tax rules apply for different types of expenses.  The underlying rule is that expenses must be ‘wholly and exclusively’ for the purpose of your business and evidence must be available […]

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A Simple Guide to Marriage Allowance

marriage allowance

For richer, for poorer – are you taking advantage of Marriage Allowance?  Introduced in April 2015, Marriage Allowance means that if you are married, or in a civil partnership, you can transfer £1250 of your Personal Allowance to your partner.  If the lower earner, makes less than £12,500 (the current Personal Allowance) their partner’s tax […]

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COVID19 Update – May 4th 2020

Following the range of updates over the last several weeks, we have now rounded up the latest information from the government on specific schemes where additional detail was released. This update covers measures discussed on 4 May. Bounce Back Loan Scheme (BBLS) The scheme opened for business at 9.00 am on 4 May. Since last […]

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Why Your Business Needs Accountancy Advice

accountancy advice for small business

When is the right time to hire an accountant?  Is it necessary for our business at this stage?  There are various ways in which accountancy advice can benefit your small business, whether it’s financial planning advice, applying for credit and funding, tax queries or hiring your first employee.  Accountants can make things easier for you […]

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Covid-19 Measures: 26 March 2020

On Thursday 26 March, Chancellor Rishi Sunak made his long-awaited statement about the Covid-19 government support scheme for the self-employed, called the Self-employment Income Support Scheme (SEISS). Reports suggest that the announcement had been slow to arrive because of the greater difficulty in structuring and running a scheme that relied on annual information (via tax […]

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Covid-19 measures: 
11 and 17 March 2020

Last week’s Budget from the new Chancellor, Rishi Sunak, included £7 billion of expenditure targeting the impact of Covid-19 on employees, the self-employed and businesses. Six days later a further raft of measures was announced, amounting to an additional £20 billion of support expenditure plus £330 billion of loan guarantees.  The Chancellor’s 17 March statement […]

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