2023 Autumn Statement

2023 Autumn statement In this Autumn Statement, the Chancellor announced a raft of tax and spending changes that will affect UK small businesses – including major changes to National Insurance.    Class 2 National Insurance – Abolished From April 2024, no one will be required to pay Class 2 self-employed NI contributions. If you are […]

Can I Request CIS Payment & Deduction Statement From HMRC?

Can I request cis payment and deduction statements from hmrc? In December 2022 HMRC announced in their December Employer Bulletin that they have changed the way in which they will deal with requests for Construction Industry Scheme (CIS) payment and deductions statements from subcontractors and their tax agents. Going forward, HMRC will now only deal with one […]

Demystifying Payments on Account: What Small Business Owners Need

demystifying Payments on account: what small business owners need You might have received a statement from HMRC in the past few weeks reminding you that your payment on account is due by 31st July. I’m here to shed light on what a payment on account is so you can navigate this aspect of tax compliance. […]

What Are Simplified Expenses?

What Are Simplified Expenses? What are Simplified Expenses Simplified expense is a scheme set up by HMRC to help sole traders and business partnerships claim certain expenses using a flat rate rather than working out the actual amounts, which can be tricky to calculate. This scheme cannot be used by limited companies or business partnerships […]

Self Employed – Allowable Expenses

Self Employed – Allowable Expenses What is an allowable expense? So you cannot go ahead and subtract all your self-employed expenses. HMRC has clear rules around what you can and cannot include, the expenses you can include are ‘allowable expenses’. HMRC is trying to make sure that you only deduct expenses that are strictly related […]

Pre-Trading Expenses

pre-trading expenses Did you know you can claim for expenses that incurred before you started trading! Whether you decided to set up as a sole trader, a partnership or a limited company, you’re likely to have spent money getting your venture off the ground, before you have made your first sale. These business set-up costs, […]