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?”

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?”