Cost of living – time to review software costs
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by CheapAccounting.co.uk
7M ago
  Right now for many business owners every penny counts. So reviewing what your business outlays are is essential to see if savings that can made. Whilst necessary for keeping on top of your business finances, one cost outlay that often creeps up on people is the amount that they spend on their accounting software. Over time this cost may have increased from your original outlay. You may not even realise that you are paying for software if it is wrapped up in your accountancy fees. How much does software cost? At the time of writing this blog, a quick review of the market revealed the fol ..read more
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Cost of living crisis help – how to earn £9,500 without paying tax
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by CheapAccounting.co.uk
7M ago
It won’t come as a shock to anyone that we’re slap bang in the middle of a cost of living crisis. Making ends meet and paying all your bills on time is obviously a priority for most people at the moment. To help it’s worth reminding people about three tax free benefits that could be advantageous to the household coffers. Earn £7,500 from renting a room in your house Known as “The Rent a Room Scheme” this allows a householder to earn up to a threshold of £7,500 per tax year (6th April to 5th April) from letting out furnished accommodation in your home. There will be no tax to pay on the amount ..read more
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Salary and Dividends for 2022 / 2023
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by CheapAccounting.co.uk and TaxBootCamp.co.uk
2y ago
  Your profit extraction Strategy from April 2022 It’s that time of the year when I update our annual blog advising those operating via a Limited Company on how to extract money from their business to pay themselves. This year the blog is different. I am not going to be setting out what you should pay yourself in a salary and how much tax you’ll pay on this and your dividends. Why? July Tax Changes This year we have a very unusual tax event. There are some tax threshold changes that occur from July 2022 meaning that things are not as straight forward as they have been in previous years. H ..read more
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Lost Accounting Data – Emergency Plan for Limited Company Contractors
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by CheapAccounting.co.uk and TaxBootCamp.co.uk
2y ago
  Some times accountancy data can be lost. While efforts are made to recover the data deadlines may be approaching or may have even  past. Reasonable Excuses It’s worth knowing that HMRC may accept a reasonable excuse where your returns are filed late. They say that “a reasonable excuse is something that stopped you meeting a tax obligation that you took reasonable care to meet”. They specifically quote that “your computer or software failed just before or while you were preparing your online return” is a reasonable excuse. Disaster Recovery Plan Having this knowledge in your back po ..read more
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Self Assessment Q&A
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by CheapAccounting.co.uk and TaxBootCamp.co.uk
2y ago
What is a Self Assessment? A Self Assessment is the Tax Return (referred to by the abbreviation SATR)  that self employed people, or those with income not taxed at source,  in the UK complete each year. Who has to complete a SATR? You will be asked to complete a Self Assessment Tax Return if you are self employed as a sole trader or in a partnership. You will also need to complete a return if you have dividend income, receive rent, your income is over £100,000 or you have other income that has not already been taxed. A tool to check if you need to complete a SATR can be found on the ..read more
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The Effortlessness that is Accounting!
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by CheapAccounting.co.uk and TaxBootCamp.co.uk
2y ago
  Back in the day the world of accounting was shrouded in secrecy with grey suited accountants weaving some Harry Potter type magic over your invoices, receipts and bank statements after you’d dropped them off at shiny offices, with the aroma of freshly ground coffee percolating through the air covering up the stink of the expensive fees. Then the shocker of a tax bill arrived along with the realisation that you had been spending beyond your means for ages. But all that is in the past now – times have moved on and accounting is no longer difficult nor is it done months and months after th ..read more
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Generating your self employed payslip
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by admin
2y ago
  A recent study by UHY, the international accountancy network, found that the last year saw a rise of 14% in the number of new businesses started in the UK. In real terms 726,000 new businesses were created in 2020 compared to 636,000 in 2019. This outpaces the global trend of just a 6% increase in start-ups. The one thing that all these new businesses do have in common is that they need to do their accounts, file tax returns but more importantly extract money from their business to live on. Ditch the monthly payslip Moving into the world of self employment means ditching the usual month ..read more
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Keep your address up to date with HMRC or risk a fine
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by admin
2y ago
  Whilst general household admin can be a pain at the best of times, it’s really important to keep HMRC up to date with your contact details or you could risk a hefty fine. All too often we see fines issued by HMRC to those who have not submitted a self assessment in previous tax years. These fines can date back several years and, in some cases, amount to several thousands of pounds being the maximum fines available plus interest. Change of address This is especially true where fines are issued to those who have changed address but failed to tell HMRC at the time. As the address administr ..read more
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We’re upgrading our web site today
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by admin
2y ago
  Hello Thank you for landing here. We’re upgrading our web site today – so are main site is offline for just a little while. Sorry about that – we’ll be back soon. In the meantime you can contact us for a quote – CLICK HERE Or email us at admin@cheapaccounting.co.uk Sorry for any inconvenience. Best wishes Elaine MD and Founder CheapAccounting.co.uk ..read more
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Self Employed Key Facts 2021 / 2022
CheapAccounting.co.uk Blog – Definitive Guide to Accounts and Tax
by admin
2y ago
  Each year this blog is updated as the tax rates and personal allowance changes. These are the facts and numbers for 2021 / 2022. If you work for yourself or start a business on your own and are operating without incorporating it as a limited company then you are referred to as a sole trader. The term sole trader is interchangeable with being self employed. Accounts Each year, accounts for your business or trade would be prepared to record your income and allowable costs, which would usually be categorised by cost headings such as cost of sales, travel, stationery & printing, ad ..read more
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