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Expenses you can claim as Self Employed
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info@cangafltd.com
01204 859315
About Us
Our Services
CAPITAL GAINS TAX
Accounting Services
Corporation Tax
VAT returns
Cloud Accounting Specialist
Blogs
Guide to self assessment period
2023 Free childcare extended to 30 hours
Spring Budget 2023
Expenses you can claim as Self Employed
CAPITAL GAINS TAX
Get In Touch
Current Affairs
"Nothing is certain but death and taxes" - B.Franklin
Guide to self assessment period
This blog has given you some tips to help you manage your workload during Self Assessment season.
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2023 Free childcare extended to 30 hours
Recently the Chancellor has announced that free childcare will be extended to 30 hours for every child over the age of nine months by September 2025 in the 2023 budget.
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Spring Budget 2023
Yesterday, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made his Spring Budget speech.
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Budget 2021 {Cuts to alcohol duties}
Delivering Autumn Budget to the House of Commons, Mr Sunak announced plans to simplify alcohol duties by reducing the number of different duties on alcohol from 15 to six. He said beverages ......
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Increase in National Minimum - 2023
The Government has announced the rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2023. In doing so,.......
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What is a tax code?
A tax code is simply a series of numbers and letters, for example 1257L, S1257L, C1257L, BR, and K497.
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NEW CHANCELLOR AUTUMN STATEMENT
They say a week is a long time in Politics, but by any metric the last few months have been particularly challenging in keeping ahead of the changes that may impact both you and your clients.
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Expenses you can claim as Self Employed
If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses.
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New government ‘future of work’ review: what’s in it for contractors?
The government has announced a ‘future of work’ review, which aims to find key areas of the flexible labour market to focus on as the UK recovers from the coronavirus pandemic.
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Property income allowance
If you’re a landlord earning rental income from your property, you can get up to £1,000 rental income tax-free each year: this is called the Property Income Allowance.
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UBER OR TAXI DRIVER
As a taxi driver you should file a Self-Assessment tax return on any earnings you make. There's debate whether drivers are employed or self-employed HMRC still requires all drivers to declare earnings
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What is IR35 and the new Off-payroll legislation?
IR35 is used to describe two sets of tax legislation that are designed to combat tax avoidance by workers, and employers, who are supplying their services to clients via an intermediary, like Ltd.
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CAPITAL GAINS TAX
CGT is a tax charge applied to the gain from the sale of something you own. It’s calculated from the gain made, the increase in value of the sale price compared to the purchase price, for an asset ...
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Why cloud accounting is good for business?
In the case of cloud accounting, you keep your business books online. That includes records of income and expenses, and assets and liabilities. The information is encrypted, much like a bank’s, so....
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Pension Scheme
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New powers to access taxpayer financial information ‘burden’
Draft legislation to be included in Finance Bill 2020-2021 gives HMRC a new right to information from a financial institution (FI) without having first to seek the approval of the First Tier Tax Tr...
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HMRC opens portal for WFH expenses claims
Tax Relief on Working From Home Expenses Launched on 1 October, the online portal is designed to be simple to use and has been set up to process tax relief on additional expenses for employed worke...
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Self assessment ‘time to pay’ threshold raised to £30,000
From 1 October, the limit for time to pay, the online payment plan service used to set up instalment arrangements for paying tax liabilities, is increased to £30,000 up from £10,000. The increased...
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VAT REGISTRATION
Find out what VAT is, how it works, the threshold for when registering for VAT becomes compulsory, and more. VAT, or value-added tax, is a “consumption tax” which is added to the cost of pretty m...
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Covid childcare support eligibility extended
From 1 November, eligible working parents who receive support through the new job support scheme (JSS) and extended self-employed income support Scheme (SEISS) will continue to receive their childc...
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Q&A: statutory sick pay for a new starter
Q. My client has an employee who started employment with them last week and is now sick, are they due payment of SSP? A. There are certain conditions that an individual must meet to be eligible fo...
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Dental Accounting
Dentistry covers several fields, orthodontists, prosthodontists, oral and maxillofacial surgeons, etc. However, this article mainly deals with topics related to general dentistry to understand how acc
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Bounce Back Loan repayment terms extended to 10 years
Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans, the government has announced Bounce Back Loan borrowers...
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Business Support
The Coronavirus Job Retention Scheme (CJRS) has been extended until 30 April 2021. This was announced late last year and confirmed by the 5th Treasury Direction which was issued on 26 January 2021...
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No Penalty for self-assessment taxpayers
No Penalty for self-assessment taxpayers for their late online tax return if they file by 28 February, HMRC chief executive Jim Harra has announced More than 8.9m customers have already filed thei...
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What is payment on account and how do I pay it?
What is payment on account? Payments on account are tax payments made twice a year by self-employed Self Assessment taxpayers to spread the cost of the upcoming year’s tax. They’re calculated bas...
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Tax year dates you should know about
Self Assessment 31 October – is the deadline for filing a paper return (as opposed to an online one). The only exceptions are for taxpayers who received their notice to file after 31 July and those...
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We are cloud based accounting firm!
What Is Cloud-Based Accounting Software? In the simplest terms, cloud computing means storing and accessing data and programs over the Internet instead of your computer's hard drive. The cloud is...
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Extension to the Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme (CJRS) has been extended until the end of September 2021. The UK Government will continue to pay 80% of employees’ usual wages for the hours not worked, up to...
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VAT Deferral and VAT instalments
If you deferred VAT payments due between 20 March and 30 June 2020 and still have payments to make, you should pay by 31 March. If you cannot afford to pay by 31 March this year, you can now join...
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Self-Employment Income Support Scheme – future grants confirmed
The UK Government has announced that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant. The fourth and fifth grants will take into accou...
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How will Brexit affect businesses?
The UK-EU trade deal means businesses can no longer trade freely under the previous EU VAT and customs agreements, and new taxes and rules apply. This might affect your business if you • import/e...
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Loans, credit cards and Mortgage payment holidays-COVID
Relief from paying back loans and credit cards The Financial Conduct Authority (FCA) has asked lenders to use flexibility built into their rules to support customers during the coronavirus outbrea...
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Making Tax Digital (MTD) for VAT migration Cost
The latest HMRC research report into adoption costs of Making Tax Digital (MTD) for VAT has highlighted the range of costs for businesses moving to digital reporting. The HMRC research report foun...
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What is IR35 and the new Off-Payroll Tax?
IR35 is a word used to describe two sets of tax legislation that are designed to combat tax avoidance by workers, and the firms hiring them, who are supplying their services to clients via an inter...
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Construction Industry Scheme (CIS)
The CIS is a HMRC scheme under which if you work for a contractor in the construction industry, (so not as an employee), but for example as a self-employed individual, then the CIS rules mean that...
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HMRC sets out penalty regime for SEISS abuse
As the fourth self-employment income support scheme (SEISS) ramps up for applications, HMRC has confirmed the penalty regime with harsh fines for abuse of the financial support An over claimed SEI...
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BUSINESS INSURANCE
Business insurance is to protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs Here are the most popular types o...
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Tax Relief-Working from home during COVID-19
HMRC is reminding taxpayers to submit tax relief claims for working from home due to coronavirus during 2021/22 via the easy to use online portal. So far this tax year more than 550,000 employed wo...
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Dividend Vs Salary
A dividend is simply a share of the company’s profits. Profit is what is left over after the company has settled all its liabilities, including taxes. If there is no profit, then no dividends can b...
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What is the Plug- in car Grant (PiCG)?
New electric cars purchased by businesses in the UK may be eligible for a plug-in car grant. The PiCG program was introduced in 2018 and while the strategy has changed somewhat over the years, the...
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Benefit in kind electric cars
Did you know that more than half of all vehicles on UK roads are registered to businesses? There are many tax obligations that come with owning company vehicles, and investing in an electric car ma...
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Self-employed vs Employed
A move to being your own boss can mean gaining in some areas while losing out in others. Here are the factors you’ll need to balance out when making your decision. Income Will you earn more, less...
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When you sell property - Capital Gains Tax
Capital Gains Tax When you sell a property that’s not your home and make a profit, you might be liable to pay capital gains tax. From 6th April 2020, the annual exempt amount for individuals and...
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Annual leave entitlements guide
With the ever-changing COVID-19 travel restrictions, vaccine passports, and quarantine rules, booking a holiday has never been more confusing. But what about holiday pay? Is it a legal responsibili...
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How to start a restaurant business – step by step
1. Think about new restaurant ideas - First you want to nail the concept for your restaurant. You might have a specific feel and experience in mind, which you can then build a menu around. 2. Expl...
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Food and drink VAT rates:
If you operate a business, then VAT on goods and services will be something you are familiar with. However, for those working in the food and drink sector, it can be complex and confusing. Dependin...
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National Minimum Wage Update
Summer is well underway and it's a busy time for businesses, especially in the hospitality industry. Many companies are looking to recruit more staff to cope with increased customer demand as COVID...
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COVID-19 sick pay rebate scheme ends on 30 September
Introduced in May 2020, the scheme enables small and medium sized businesses to reclaim statutory sick pay (SSP) paid to an employee in respect of the first two weeks of a coronavirus related sickn...
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Tax Return for someone who has died
Coping with the death of a loved one is difficult. There are many things to keep in mind when you are managing the tax affairs of a deceased person. In general, the final individual income tax return
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Stamp Duty on Property
What Taxes Do Landlords Pay? There are three key moments to think about in the property tax lifecycle – when buying a property, every year you let the property, and later when you sell it. When Yo...
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National living and minimum wage to increase in April 2022
The Government has announced that the national living wage paid to workers aged 23 and over will rise from £8.91/hr to £9.50/hr from 1st April 2022. This represents an increase of 59p, and an extra...
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Sole Trader Versus Limited Company
Should you set up a Sole Trader or Limited Company? Sole Trader and Limited Companies are two of the most common business structures in UK. If you’re just starting out, you may be wondering what th...
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