Qinsky Accounting Services Limited

No, unfortunately ordinary commuting expenses are not tax deductible.

A balance sheet shows the financial position of the company on a specific date. It lists all the ownership, i.e. assets, liabilities of the company. A profit and loss account shows the revenue earned and expenses sustained by the company, during the course of a financial year.

You focus on what you do best, and outsource the rest.

If you earn above £9.1k a year, your business has to start paying national insurance.
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From 1 April 2023, R&D tax reliefs will be changed as follows:

From April 2023 onwards, the main rate of Corporation Tax will rise from 19% to 25%.

As a general rule, business entertainment is not an allowable expense for tax purposes and there should be no business entertainment VAT.

Is a document that LTDs & LLPs must file at Companies House each year. Containing details of directors, shareholders, lists of members and registered office address.

Time to start your tax planning.

If you use the Flat Rate Scheme, you can reclaim VAT on a single purchase of capital expenditure goods where the amount of the purchase, including VAT, is £2,000 or more.

No. You pay your corporation tax on your income less your expenses.

Is a tax charged if you sell, give away, exchange or otherwise dispose of an asset and make a profit.

For 2022/23 your tax free gains is £12,300.

CGT is charged at the rate of either 10% or 18% for basic rate taxpayers. For higher or additional rate taxpayers, the rate is either 20% or 28%.

Don’t leave it too late! Some payment methods can take few days to reach HMRC. 31st of January is when the payment due ⏰.

If you are selling a service to another business outside of the UK, choose “outside of scope” for you VAT category.

If you have income from outside the UK, you may need to declare it.

Make sure you have all your income, expenses, P60, P45, P11D, bank interest, pension contributions, child benefits, student loan, or any other income you may have such as rental income.

Pension contributions will be tax-free as long as they do not exceed the annual allowance of £40,000.

A trivial benefit is a tax-free gift that an employer can give to employees.

Announced in the Autumn Budget.

These are a set of expenses you can claim within a certain time period of registering your business. Claim VAT on goods you bought up to 4 years prior to the date of registration, and services you bought up to 6 months.

If you use your own vehicle to travel to your clients, you can use these mileage allowances👆.

On standard VAT, to check your sale VAT divide box 1 on your return by box 6. You should get 20%. To check the VAT on your expenses, divide box 4 by box 7 and you should get a % below 20. There are exceptions.
Have a question? Drop it in the comment 👇

You get a dividend allowance each year. You only pay tax on any dividend income above the dividend allowance.

Feel free to ask us a question in the comments ⬇️ below.

This is the question I get asked frequently. You pay your corporation tax on your profit. Taking more dividends will not reduce your corporation tax.

Did you know, HMRC offers payment plans? If you think you will struggle to pay your bill, give them a call and set up a payment plan. ✅.

It depends. If the contract is in the name of the business, you can claim it through your company.