Tax Wired, Crawley Videos

Don’t miss the Self-Assessment deadline for the 2023/24 tax year! If you haven't filed your tax return yet, now is the time. Get it done before Christmas! 🎄 Book your free consultation with us today and ensure everything is filed correctly. 👇 🔗 https://meetings-eu1.hubspot.com/brigitta-bors-feher 07728 299804 [email protected] www.taxwired.co.uk #SelfAssessment #TaxReturn #FreeConsultation #DeadlineApproaching #TaxHelp #selfemployed #ukselfemployed #smallbusinessowneruk #crawleybusiness #accountantuk

🧩What is Employment Allowance? Employment Allowance is an annual amount that businesses can claim towards their employers' Class 1 National Insurance contributions. It reduces their liability by up to £5,000⬇ a year. Once claimed, you'll see a reduction each time you run payroll, until you've used up the £5,000 allowance or the tax year ends. 🧩Who is eligible? You can claim Employment Allowance if you're a business or charity (including community amateur sports clubs) and your employers' Class 1 National Insurance liabilities were less than £100,000 in the previous tax year. You can also claim if you employ a care or support worker. 🧩 Who cannot claim? You cannot claim if you're a public body or business doing more than half your work in the public sector, such as local councils and NHS services, unless you're a charity. You also cannot claim if both of the following apply: • you’re a company with only one employee paid above the Class 1 National Insurance secondary threshold • the employee is also a director of the company Certain employees cannot be included in your claim, such as: • someone whose earnings are within IR35 ‘off-payroll working rules’ • someone you employ for personal, household or domestic work (like a nanny or gardener) - unless they’re a care or support worker #taxtips #employersallowance #uktax #uktaxtips #taxtipsforentrepreneurs #smallbizowners #smallbiztips #taxtipsforsmallbusiness #accountant #accountancy #financetips #employersupport #employmentallowance #employer #westsussex #crawley #uk #payroll

If you use your own car for business travel you probably wonder how you can claim the cost against your business income. There are two methods to choose from: 1) Actual cost method - > You claim the business proportion of your actual running costs, such as: - purchase price of vehicle (Capital Allowance) - fuel - maintenance, servicing, repairs, MOT - insurance - parking Penalties are not allowable expenses. 2) Flate rate mileage method -> you can only claim a flat rate per business mile. No actual running costs allowed. However, you can claim for parking. Mileage rates are as follows: Cars and vans up to 10,000 miles 45p/mile Cars and vans over 10,000 miles. 25p/mile Motorcycles 24p/mile You do not have to use the same method for all of your vehicles, however once you chose a method you MUST continue to do so as long as you use that vehicle for your business. It is important too keep a record of your mileages and if you choose option 1) all your invoices. You can use an excell template or use a software to do so. I suggest calculating your travel expenses using both methods during the first year of owning your vehicle. This will enable you to make an informed decision on which method to use. Keep in mind that if you incur significant onetime costs in a particular year, it may impact your decision. What would you ask from your account? Let me know in the comments. SAVE this post for later. Hit FOLLOW for valuable tips tailored for small businesses in the UK. Stay informed and empowered. #taxreturn #HMRC #Financialresponsibility #mileage #mileageclaim #businessexpenses #flatrate #selfassessment #staycompliant #taxtips #askusanything #accountant #soletrader #selfemployed #taxyear #2023/24 #uktax #businessplanning #businessowners #smallbusinessowner #drivers

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