AW Accountant in Kent

Twitter Tax Advice week 2010-01-25

• Interesting places to sign a #tax return. Changing room of Bough Beech SC. First for me and my client. #
• Another tax return drafted, maybe 2 Ltd accounts for Dec 09 completed next week. 8 months notice for corp tax payments.http://bit.ly/5iprxB #
• Reported back on pre year end meeting, tax planning and possibly new company structure for client. Lots of #tax savings possible #
• RT @trevorspink: Feeling bouyant after sacking our most troublesome client, should have done it much sooner! //Something here for everyone #
• Very impressed with #southeastern HS1, St Pancras to my front door in Istead Rise in 45 mins #
• Meeting client for pre year end planning, good opportunity to save #tax # read more

Twitter Tax Advice week 2010-01-18

• Giving client some advice about a personal service company and IR35 rules. Want hi to be aware of all the pitfalls. #
• @thegovier I am off to Boat Show tomorrow too, normally meet up with people in Guinness (Black & White) Bar @ 12.00, good to meet if ur free in reply to thegovier #
• Good progress, 2 tax returns submitted and accepted by HMRC, one more lined up this afternoon. #
• RT @amyaccountant: RT @Myfibee helping client with an eternal question:co car,or not (clue: v.generally-don’t)>>unless electric! OR <100gCO2 #
• Beyond Your Website, breakfast networking at OWG Centre #Dartford with @JonnieJensen 8am 19 Jan http://bit.ly/8592Jy Pls RT #
• Business expenses what can you claim? http://bit.ly/8vRX01 # read more

Business expenses, what can you claim?

It might seem fairly obvious that you can claim any expenses associated with the business, but it is not always quite that straightforward,  and you might be missing some.  The Revenue rules are that the expense must be

wholly and exclusively

for the purpose of the trade. read more

Twitter Weekly Updates for 2010-01-10

• Just received invite to OWG Networking @JonnieJensen speaking #Dartford 19 Jan 8.00 #
• RT@toggleuk @sbartholomew Highly recommended for made to measure laptop cases – just DM @toggleuk #
• @sbartholomew A private event at solicitors in T Wells, but hoping to make it work for a wider audience too. Will run own event if interest in reply to sbartholomew #
• @efficiencycoach I am light on tax returns as I complete as soon as accounts are done. Only new clients where I am picking up pieces! in reply to efficiencycoach #
• Making a start on PPT presentation for Mumpreneurs (businesses run by Mums) later in January. Will roll out a general one later. # read more

Buying some equipment, what allowances can I claim?

For most small businesses almost any capital expenditure is immediately allowable for tax in full provided the total value for the accounts year is less than the Annual Investment Allowance (AIA) of £50k.  There are special rules for cars which are not within the scope of this article, and needless to say for such a generous allowance the Revenue take a strong stance in querying any expenditure which does not qualify. read more

Twitter Weekly Updates for 2010-01-04

• A winning performance for the New Years Day Pursuit race, 2 bottles of red the better. May 2010 be as good for your and my business. #
• Thinking New Years Day sailing pursuit race at BBSC will be a cold experience – Welcome In 2010 #
• Last minute purchases in 2010 – do not forget lower 15% VAT finishes today # read more

Twitter Weekly Updates for 2009-12-28

• Really pleased with how well this year has gone, met some great clients and contacts this year. A Happy Christmas to fellow Tweeters. #
• @toggleuk Sneak peak of our new range of laptop cases. More to be added in the new year: http://bit.ly/8gE89y //Look great must get one! in reply to toggleuk #
• Advising client on what capital expenditure is allowable for tax when fitting out new office/training/treatment room #
• RT @BecomeKnown: Schumacher is officially coming back to F1 next season: http://bit.ly/5xRa1m Looking forward to Champions battle in 2010 #
• Latest blog – Is it best to claim business proportion of motor expenses or mileage rate? http://bit.ly/7UA3dU #
• UK stays in recession despite optimistic forecasts as output shrinks by 0.2% http://bit.ly/58KLhM #
• RT @DarrenTMH: RT @TelegraphNews Middle classes hit hard by recession – Telegraph http://bit.ly/6DcNHX #
• Non-banking finance firms to escape bonus tax http://bit.ly/5th463 only proper banks will be taxed #
• Back from Carol singing at care home and Darent Valley #Dartford childrens ward. Liked presents more than carols! Time to work on blog now. #

Claim a proportion for business mileage or 40p per mile?

For partnerships and the self employed there is no laid down rule for claiming motor expenses, it is up to the taxpayer to decide whether to claim for tax purposes a proportion of their motoring costs, or the Revenue authorised mileage rate.  Obviously you want to claim the maximum tax relief and it pays spend some time looking at which will be most beneficial for you. read more

Twitter Weekly Updates for 2009-12-21

• Setting up online filing codes and testing so I am ready to file payrolls on line at the end of the tax year #
• Completed pack for a new client (anyone need a dogwalker/sitter near Rochester?), not keen on trip to post office as snowing in Gravesend! #
• RT @ACCANews: FSA says financial advisers will not have to sit formal exams to continue to give advice post 2012 http://bit.ly/8XyCjL #
• Birthday thought for the day-Gifts up to £3k pa are exempt from Inheritance tax, and unlimited no of gifts of up to £250. #
• Meeting potential client then looking forward to networking with @KentBusinessDir and others at @RussellHotel later. #
• Setting up in business, sole trader, limited company or partnership? What is best for you? http://bit.ly/8WoFTz #
• Informative meeting with Nat West last night then putting up decs. Now back to work on latest blog about setting up your own company. #
• Seeing what Nat West can do for my clients, the buying Christmas tree later #
• Winter fuel payment, men over 60 may need to claim as not automatically received. http://bit.ly/7LmuaF #

How should I set up sole trader or company?

So you are thinking about setting up your own company or wondering whether you are trading through the best sort of company.  There are basically three types of company you can trade through and they all have their pro’s and cons.

Sole trader

This is the simplest way to work for yourself and there has been much discussion in recent months about people reverting back to sole trader status, or setting up as a sole trader in preference due to increasing company tax rates of which more later.  read more