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VAT on Food

VAT on Food 150 150 tom

The VAT on food industry can be quite taxing (pun intended) to get your head around. An instance which demonstrated the complexity of VAT is the Nesquik case. Nesquik is required to pay VAT on strawberry and banana flavoured powder but not on chocolate flavoured powder. This is because the chocolate flavoured powder contains cocoa…

What are Digital Challenger banks?

What are Digital Challenger banks? 150 150 tom

You may have heard of ‘challenger banks’ or ‘digital banks’. They are disrupting the normal banks and making us think of banking in a new way. But what are they? Challenger banks are relatively small and typically digital banks set up that compete with long-established banks. It’s as simple as that! In the past year,…

Making tax digital is here – are you ready?

Making tax digital is here – are you ready? 150 150 tom

You’ve probably heard of HMRCs new initiative, Making Tax Digital (MTD). If you haven’t, we recommend you read our previous article on MTD. The majority of small businesses will be aware of making tax digital and will have made steps to prepare their VAT returns accordingly. However, research has found that whilst many small businesses…

Filing deadlines and how to avoid late fees

Filing deadlines and how to avoid late fees 150 150 tom

Small business owners are held to strict filing deadlines for your statutory filings and payments of tax. Failure to adhere to most filing deadlines set by the likes of HMRC and Companies House will result in a late filing fee – causing you to pay more money and attract unwanted interest from authorities. We’ve put…

How to simplify your expenses

How to simplify your expenses 150 150 tom

As a self-employed person, calculating your profit can be confusing and more importantly time-consuming. To make it easier HMRC have created a way to simplify your expenses. It uses flat rates to work out certain business costs. If you’re a sole trader of a business partnership without a company as a partner you can use…

Managing your bookkeeping as an influencer

Managing your bookkeeping as an influencer 150 150 tom

The rise of social media has brought opportunities for people to kick-start their own business. If you’re an influencer you’re more than likely going to be self-employed. It’s important to understand your tax and accounting responsibilities. You have the same responsibility as any self-employed individual. As your following, and earnings, grows you need to look…

How to keep a healthy cash flow

How to keep a healthy cash flow 150 150 tom

A key issue small businesses and start-ups face is having a healthy cash flow. Late payments stop businesses moving forward. We’ve looked at small ways you can make a big difference to your cash flow to find out if cash really is king. Ideally, all invoices would be paid on presentation. However, in reality, it’s…

Personal Trainer Expenses

Personal Trainer Expenses 150 150 tom

The rise in the fitness industry has paved the way for those seeking a career in the health world. A popular way, with relatively low start-up costs, is to become a self-employed personal trainer. The first thing you’ll need to do to become a self-employed personal trainer is to register for self-assessment. This is a…

Sole Trader Business

Sole Trader Business 150 150 tom

Most small businesses begin as sole traders. It’s cheaper and has less administrative duties. However, when a business begins to grow so will the needs of the owner. Owners will look for ways to reduce their personal liability and have a more tax efficient structure. A limited company offers these advantages. There are 2 options…

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