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Jane Wu LLB ACA
- 2 min
Employed? How to claim tax relief on your on the job costs.
Are you claiming everything your entitled to? You might be able to claim tax relief if: you use your own money for things that you must buy for your job you only use these things for your work ( is the cost incurred "wholly, exclusively and necessarily in the performance of the duties of the employment") You will only be able to claim tax relief for costs you have suffered personally. You cannot claim anything your employer has paid for or if your employer has already reimbu
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Jane Wu LLB ACA
- 2 min
High Income Child Benefit Tax Charge
You may have to pay additional tax if you receive child benefit and have income over £50,000 You are entitled to child benefit if you have parental responsibilities for children under the age of 16. It's the governments way of acknowledging the significant cost of raising a child and adds up to a valuable benefit over the course of childhood. However, if you or your partner has adjusted income* of over £50,000 and one of you is receiving child benefit, then the higher earner
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Jane Wu LLB ACA
- 2 min
Self Assessment 101
What is it? Who has to do it? How do I go about it? Her Majesty's Revenue and Customs (HMRC) collects income tax from individuals via self assessment. In essence it is a form (or forms) completed either online or sent in on paper to declare all income received and calculate the income tax due. If you are employed or receiving a pension, income tax is normally deducted before it is paid in which case it is not normally necessary to complete a self assessment tax return. How
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Jane Wu LLB ACA
- 4 min
Tax & Accounting Duties of a Company Director
Are you a Limited Company Director? There are legal requirements you must keep towards both HMRC and Companies House for tax and accounting. Accounting & Statutory Accounts You must keep fit and proper accounting records so as to be able to produce annual financial statements and to prepare and file the Company Corporation Tax return. This means: all money spent by the company, all money received by the company, debts the company owes or is owed, stock the company owns at t
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Jane Wu LLB ACA
- 4 min
Starting a Business?
Thinking about working for yourself? Looking to turn a hobby or passion into an income? Is the time right to turn that great idea into a money spinner? Maybe your'e a professional moving outside of employment for the first time? Good for you! Here's a rundown of some things to consider. Where do I start? Write you idea down. Then start to expand on it by considering: The what, why, how and when of what your business does Your potential customers - who are they and how wi
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Jane Wu LLB ACA
- 3 min
Sole Trader vs Limited Company
What are the key differences between a Limited Company and a Sole Trader or Freelancer? If you are starting up a new business, this is one of the early decisions you will have to make so it's worth knowing a little bit about the key differences and what your responsibilities are as a business owner under each model. Liability As a sole trader you and the business are legally meshed. This means you are personally responsible for anything which might go wrong, including any de
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Jane Wu LLB ACA
- 1 min
Time for you with Xero
Xero really is beautiful software; here’s why we love it and we think you will too. Your business + Xero + a local Xero Silver Partner Chartered Accountant Here's why we think this is a match made in heaven No more boxes of receipts Xero integrates with all the best receipt scanning apps. Take a snap with your phone or mobile device and it’s done! It’s in the cloud Everything you need from your living room, office, coffee shop, bathroom… You can access all your data on the go
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Jane Wu LLB ACA
- 4 min
Self-employed - 6 things not to miss for self-assessment
Top tips to get your tax return working for you and not against you 1. What do I have to do and when? The deadlines (following the tax year end 5th April) are: · Register for self-assessment by 5th October · Paper tax return by midnight 31st October · Online tax return Midnight 31st January (following calendar year) · Pay the tax you owe Midnight 31st January (following calendar year) But don't wait! – there are big advantages to getting ahead. You can file your tax return at
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