We have been friends for over 11 years since we met during our first year at University. In Autumn 2020, we decided that we would start our taxation and accountancy firm. So far, it has been a good experience working together, but we have put some rules in place to ensure the business's smooth running and to help maintain our friendship.
Setting up a business is exciting but can also be daunting if this is the first time. Most people would not have had any exposure to accounting before they start their business, so this is a new thing to learn about.
A common example of a new business with early years losses and how tax relief can help make your business a success.
With the accounting industry embracing technology, bookkeeping has become more streamlined through cloud accounting software such as QuickBooks and Xero, allowing clients to review their financial position instantaneously. But can we be confident this information is correct? Good bookkeeping is the base of all accounting information, whether you are a sole trader or a worldwide company.
There has been rampant speculation about potential tax changes to meet the rising costs of the Covid-19 pandemic.
How do you plan for the unknown?
Our advice is the same as it is every year:
“Know where you are and do the simple things well.”
Easy to say, but what does it mean?
Learn about the three expenses that you can claim against your employment income and reduce your tax liability.
Many have been asked to work from home due to the government's pandemic response guidelines. It's likely that you will be eligible for tax relief against routine items and services that you've used to work from home effectively. Click to learn more about eligibility, and contact us for assistance in making your claim.