How do I claim tax expenses for tools and equipment as a Sole Trader?

How do I claim tax expenses for tools and equipment as a Sole Trader?

As a sole trader, you can deduct a variety of business expenses from your taxes, which helps lower your overall tax bill and increases the take-home profit of your business. One major category of allowable expenses is for tools and equipment related to your trade or business. Claiming tool, technology, vehicle, and equipment expenses properly […]

Common Mobile Phone Scams and How to Avoid Them 

Common Mobile Phone Scams

In the UK, there has been an increase in mobile phone frauds. Criminals are becoming increasingly inventive in their methods of taking advantage of mobile consumers, including smishing, wangiri fraud, fake support calls, Ai voice calls and more. A lot of these scams try to obtain your financial and personal information or force you to […]

Fiscal Drag Explained  

fiscal drag explained

Fiscal drag, also known as bracket creep or stealth tax, refers to a situation where people’s incomes increase along with inflation, but the tax brackets and allowances don’t keep up. This results in taxpayers paying more tax over time even though their real income hasn’t increased. Fiscal drag is common in the UK and has […]

How to Keep on Top of Your Finances in 2024

How to keep on top of finances

A new year is the perfect time to get your finances in order. Money stuff can feel boring or overwhelming, but it doesn’t have to be! This post will walk you through the key money moves to focus on step-by-step so you can take control of your cash in 2024. We’ll talk about doing a […]

Complete Guide to Client Offboarding

Offboarding

What is Offboarding? Offboarding refers to the process of transitioning clients or staff members out of a business relationship when it ends. It is the opposite of onboarding new clients or employees, instead covering the end of the working relationship between a company and external clients or internal team members.  Some key things to know […]

Recent changes to HMRC’s Self-Assessment services

HMRC is updating how it supports taxpayers and tax agents through the Self-Assessment helpline and Agent Dedicated Line. From December 11th, HMRC will direct callers with simple queries to use online self-service options which can provide quicker resolutions without waiting to speak to an advisor. The vast majority, over 97%, of taxpayers filed Self-Assessment returns […]

Top Tips for Saving Money this Winter

Top Tips for Saving Money This Winter

With heating bills set to increase this winter, it’s more important than ever for households to find ways to reduce energy costs wherever possible. This article will provide practical tips on understanding your winter energy use, improving efficiency, optimising heating systems, finding discounts, using less power, saving on lighting, and reducing food bills. Follow these […]

How to deal with Burnout

Burnout is becoming increasingly common as work demands continue to increase, technologies always keep us connected, and economic uncertainties impact fields of work across society. By definition, burnout is a state of emotional, mental, and physical exhaustion caused by prolonged high stress levels. It’s the result of neglecting your mental health and well-being for too […]

Autumn Statement 2023

Autumn Statement 2023

Chancellor Jeremy Hunt’s Autumn Statement presented a significant shift in fiscal policy, marked by a 2% cut to national insurance and the permanent extension of the full expensing capital allowance scheme. The focus was on tax cuts to stimulate economic growth in the face of an upcoming election. Here is a summary of the changes: […]

 Guide to Business Accounting

business accounting

What is Business Accounting? Business accounting is the process of recording, summarising, analysing, and reporting all financial transactions related to your company. It involves tracking revenues, expenses, assets, liabilities, and equity on an ongoing basis.  Unlike personal accounting which focuses on individuals and households, business accounting provides insights into the monetary health and performance of […]