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Apr 17, 20243 min read
Training costs and the self-employed - Bookkeeping Services London | Outsourced Financial | Outsourced Bookkeeping Services
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether...


Feb 1, 20243 min read
HMRC's use of artificial intelligence –How AI is assessing the risk of tax evasion by businesses - Outsourced Financial | Outsourced Bookkeeping Services
We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and...


Feb 1, 20243 min read
Working for an umbrella company –Be aware of the risks - Outsourced Financial | Outsourced Bookkeeping Services
Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an...


Feb 1, 20243 min read
Pre-trading expenses –Be aware of the rules - Outsourced Financial | Outsourced Bookkeeping Services
People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working towards...

Feb 1, 20243 min read
NMW from April 2024 – Make sure you comply - Outsourced Financial | Outsourced Bookkeeping Services
Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be...


Feb 1, 20242 min read
Register to payroll benefits in kind - Outsourced Financial | Outsourced Bookkeeping Service
Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC...


Feb 1, 20243 min read
Relevant motoring expenditure and NIC – Are you due a refund? - Outsourced Financial | Outsourced Bookkeeping Services
For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which...


Feb 1, 20242 min read
Making pension contributions before 6 April 2024 - Outsourced Financial | Outsourced Bookkeeping Services
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth...


Feb 1, 20243 min read
Extracting further profits in 2023/24 | Outsourced Financial | Outsourced Bookkeeping Services
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the...


Feb 1, 20243 min read
Repairs and improvements – What is the difference and why does it matter? - Outsourced Financial | Outsourced Bookkeeping Services
Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line falls. The...


Feb 1, 20243 min read
Avoid the temptation to make speculative SDLT claims - Outsourced Financial |Outsourced Bookkeeping Services
Not all property is equal when it comes to stamp duty land tax (SDLT). Higher rates apply to residential properties than to...


Feb 1, 20242 min read
Financing an investment property - Outsourced Financial | Outsourced Bookkeeping Service
A would-be property investor will need to be able to fund the purchase of their investment property. They may choose to do this...


Jan 26, 20243 min read
Using a period of grace election for furnished holiday lettings - Outsourced Financial | Outsourced Bookkeeping Services
The cost of living crisis has impacted on people’s ability to take holidays and short breaks. If you are a landlord letting a furnished...


Jan 26, 20243 min read
Making use of the property allowance | Outsourced Financial | Outsourced Bookkeeping Services
It is possible to enjoy tax-free income from property, even if you have already used up your personal allowance. This is because the...


Jan 26, 20243 min read
What to do if you receive one of HMRC's 'nudge’ letters - Outsourced Financial | Outsourced Bookkeeping Services
HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as 'the tax gap' as being ' 4.8% of total...


Jan 26, 20242 min read
Tax implications of buying a customer list - Outsourced Financial | Outsourced Bookkeeping Services
Many businesses begin by buying a customer list from another similar business, sending out marketing adverts rather than waiting to build...


Jan 26, 20243 min read
Marriage allowance – A possible tax break for married couples or civil partnerships - Outsourced Bookkeeping Services UK | Outsourced Financial
Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming the marriage allowance (MA) – a benefit worth...


Jan 26, 20243 min read
Capital gains tax year-end planning - Outsourced Financial | Outsourced Bookkeeping Services
Noone wants to pay more tax than they need to and, where possible, disposals should be timed to ensure that the best result is achieved...


Jan 26, 20243 min read
Have you used your 2023/24 dividend allowance? - Outsourced Bookkeeping Services | Outsourced Financial
As we move into the final months of the 2023/24 tax year, it is time to give some thought to whether you have used your 2023/24 dividend...


Jan 26, 20243 min read
Cash basis extended - Outsourced Bookkeeping Services | Outsourced Financial
If you are running an unincorporated business, either as a sole trader or as a partnership comprising only partners who are individuals,...
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