Your Accountant in Glasgow
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 […]
Tax for small businesses can be a minefield. With so much to keep up with when you start out, it can be difficult to know if you are paying the right tax, particularly if you have grown quickly. This can be costly to your business as you will be charged if you miss tax deadlines. […]
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 […]
By the end of 2019, there were more than 5 million people in the UK who were registered as self-employed. Despite so many people working this way, becoming self-employed can be quite daunting if you have never done it before as there are so many things to consider. What type of trader are you? How […]
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 […]
Having a clear budget plan laid out for your business is essential for planning ahead. It helps you to see how you’re performing and allows for risk aversion. Business budget planning will help you to look at all your income and expenditure. This allows you to tweak things to avoid potential cash flow issues, particularly […]
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 […]
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 […]
The 11 March 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. On 17 March a further raft of measures was announced, amounting to an additional £20 billion of support expenditure plus £330 billion of loan guarantees. By 20 March another […]
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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