People often get confused about tax and a common misconception is around how tax works for the higher tax bands. People often think “Oh I don’t want to earn too much as I’ll get taxed at 40% and I’ll lose out”. THAT’S NOT HOW IT WORKS! Here’s a handy guide to simplify and explain things.
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Taxable vs. Non-Taxable Income – Do You Need To Put It In Your Tax Return?
Taxable and non-taxable income Yesterday a client asked me about whether insurance payouts were a taxable income for her which got me thinking about writing a post on the less well known forms of taxable and non-taxable income as a quick reference guide for business owners. Some of these may surprise you…. Non-taxable income…
Read MoreTravelling Expenses – What You Need To Know
1. Self Employed Normal Place or base of work The first thing you need to think about is your normal place of work, so that you can work out what is your ordinary commute which is disallowed. If you rent an office or workspace anywhere then that generally be your normal place of work. If…
Read MoreLeeP Tip: Tax payments and what HMRC don’t want you to know about!
For many people, 31st July signifies another payment to HMRC – it’s called a “payment on account” towards your 2017/18 tax liabilities and was calculated based on your 16/17 tax return. If your bill is rather large, then did you know that there are various options for you to consider: Option 1 If you think…
Read MoreSelf Assessment Tax Return How-To Guide by LeeP Accountants Peterborough
Get your records in order Record-keeping is a vital for every self-employed person. You have a range of legal obligations when it comes to record-keeping – but entirely apart from this, the Self Assessment process will be significantly easier if you have the relevant documents easily to hand, and organised in an effective way. The…
Read MoreLeeP Accountant’s Top 6 Bookkeeping Tips To Make Your Accountant Happy!
LeeP Accountants top tips for a healthy relationship with your Accountant! It’s no secret that business owners have to wear many hats – and most would agree that the least exciting of those hats is the bookkeeper’s. A recent survey of businesses conducted by the ICAEW indicated that the #1 thing that slows down business growth…
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