Category: Tax

Christmas party tax tip

If you’re having a Christmas party (or any other annual event) there is an exemption of up to £150/pp you can spend and it’s all tax free! The conditions The total cost must not exceed £150 per head, per year. £150 includes VAT together with any extra costs such as transport and accommodation. The £150…

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LeeP 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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Are You Keeping Records Of Your Business Journeys?

Our research shows that 95% of sole traders don’t keep records of journeys, which means they have to claim for petrol rather than mileage. When you claim for petrol, you have to split the bill between business and personal use. Thus, you could lose out if you do a great deal of driving for business…

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Should Small Business Owners Still Form A Limited Company?

“With the much reduced dividend allowance coming in from April 2018, does it still make sense to form a limited company or should I continue to operate as a sole-trader?” This is a question I get asked all the time and the answer, unfortunately, is “it depends”. Forming a limited company can often be driven…

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Want To Earn Up To £1,000 Tax Free? New Government Allowance Issued

From April 2017 there were 2 new annual tax allowances for individuals of £1,000 each, one for trading and one for property income. The trading allowance will also apply to certain miscellaneous income from providing assets or services.  Where the allowances cover all of an individual’s relevant income (before expenses) then they will no longer…

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Keeping business finances separate

Top tip- keep business and personal finances separate by opening a separate business bank account and be meticulous in how you spend money from it. One of the easiest ways to open a business account is to make an appointment at your local branch and speak to an advisor. Explain that you wish to open…

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