Category: Blog

What are disbursements? Disbursements are payments you make on behalf of your customers for goods or services received and used by them. For example, in building work, you purchase and pay for the materials of a renovation. When You Can Claim VAT Back If you are a VAT registered business and you claimed back the…

Keeping Organised and In Control Following on from my blog ‘Bookkeeping 101’ I want to extend the tips to help business owners better manage their finances: Set aside a regular day to process your bookkeeping – just like brushing your teeth, it boring but a necessity. Use a spreadsheet or accounting software to keep all…

The UK tax band system can be quite a puzzle, especially for newcomers in the business world. For sole traders, wrapping your head around tax bands is crucial. It directly impacts your earnings and, ultimately, your financial well-being. Today, let’s embark on a comprehensive journey through tax bands and how they pertain to you. A…

The world of business is filled with opportunities and challenges. As a sole trader, you stand at the heart of every decision, guiding your enterprise towards success. While many focus on the strategic and operational aspects, understanding the tax perspective is crucial. This journey, viewed through the tax lens, can offer insights, ensure compliance, and…

When the time rolls around for your self-assessment, the dilemma often faced is discerning exactly which expenses can and cannot be claimed. While the basics like office rent, salaries, and utility bills might be straightforward, there exists a realm of bizarre and surprising expenses that raise eyebrows and can often lead to confusion. Let’s embark…

Being a sole trader is a rewarding but challenging venture. You are the captain of your ship, steering your business in the direction you want it to go. However, the financial waters can often be murky and hard to navigate. Building financial confidence is paramount for success, but how exactly do you achieve that? Understand…

It can be daunting starting a new business, especially when you have no-one else to bounce ideas around with. There will many questions you will have depending on the industry you choose to supply in. Here are some tips (with useful links in the text) on how to go about starting business as a sole…

Many new business owners tend to take on all roles of the business in order to have more control and to save on money until such time they can afford to hire a professional. Marketing, advertisement, website design and bookkeeping are some of the areas of the business we tend to need professional help with…

The VAT domestic reverse charge procedure is an anti-fraud measure designed to counter criminal attacks on the UK VAT system by means of sophisticated fraud In order to combat fraud in the VAT sector there are some domestic supplies which are subject to the reverse charge. The domestic reverse charge applies to: • Mobile phones…

If you are affected by the VAT Reverse Charge then you may need to know how to show this information on the invoices to your customers. When supplying a service subject to the domestic reverse charge, suppliers must: show all the information required on a VAT invoice (see download for a list). VAT Invoice Requirements…