Is diversification worthwhile?

I am talking about diversification in business here, and from the perspective of a sole trader. I believe diversification as a whole, be it with race, religion, gender, is always a good idea, how can taking ideas and input from a greater field of experience not lead to better decisions and innovative ideas? This comesContinue reading “Is diversification worthwhile?”

The Role Of The Volunteer Vaccinator

As I have been asked about the vaccinator role, I thought I would write a blog about it, about my journey along the volunteer route and where it is heading. I was introduced to St Johns Ambulance at the age of 11 when I joined a local group as a cadet. After 7 years, earningContinue reading “The Role Of The Volunteer Vaccinator”

Post Covid Homeworking – Sole Traders & Employees-What Can Be Claimed?

Like it or loathe it, homeworking has become necessary for many and the adoption of the practice was somewhat rushed. But what are the rules of working form home from a tax perspective? ABC reports back after reading an article published by AAT, our supervising professional accountancy body. Sole Traders The same mantra applies toContinue reading “Post Covid Homeworking – Sole Traders & Employees-What Can Be Claimed?”

Wholly and Exclusively

When it comes to categorising business expenses, the rule is ‘wholly and exclusively for business purposes’ (The Income Tax (Trading and Other Income) Act (ITTOIA) 2005, s 34). The expense must have been used purely for the running of the business or trying to attract more customers in order to be allowable as a taxableContinue reading “Wholly and Exclusively”

How to make it easy for your customers to spend money

Consumers want convenience, you may have a great product or service to sell but if you don’t make it easy for the customer to make the purchase you may lose them. It is worth paying a small commission to a merchant bank to capture that sale. If the customer has to go into their bankingContinue reading “How to make it easy for your customers to spend money”

How can QuickBooks help your small business?

Quickbooks is an accounting software package designed to make keeping your records straight easier, integration with your accountant a breeze and is fully compliant with Making Tax Digital. At ABC, we can help you to sign up, train to use and help manage your Quickbooks, once you get used to the system, it does makeContinue reading “How can QuickBooks help your small business?”

How is Car Benefit Calculated?

The car benefit charge is basically an addition to your taxable income that puts into money terms the benefit of having a company car available for your use. Before you start your calculation, you need to collect some information: The list price of the car and any accessories – try parkers handy calulator The CO2Continue reading “How is Car Benefit Calculated?”

The Flat Rate scheme, what is it, how does it work and is it worthwhile for me?

What is it? The Flat rate scheme (VAT notice 733) was set up to make accounting for VAT easier. How does it work? Rather than including all your taxable sales and then all your taxable expenses, broken down into the different VAT rates in your return, you just get one flat rate to apply toContinue reading “The Flat Rate scheme, what is it, how does it work and is it worthwhile for me?”

Mileage rates and how to drive them

If employees pay for fuel which is used for business travel, they need to be reimbursed, whether they are driving a company or their own car. Private Car If a private car is used, then the simplest way is to use the tax-free approved mileage of 45p per mile for the first 10,000 miles andContinue reading “Mileage rates and how to drive them”