17
January
A Guide to Allowable Business Expenses for the Self-Employed
Much like a Limited Company, if you are Self-Employed, either as a Sole Trader or in Partnership, your business will have various allowable business expenses. These expenses are deducted from your turnover in calculating the taxable profit. Therefore, if the turnover is £60,000 and there re £25,000 of allowable expenses, tax is payable only the […]
17
January
Cash Accounting for the Self-Employed
If you are Self-Employed and running a small business, cash basis accounting may suit be a better option rather than traditional accounting. Under Cash Accounting, you only declare money as it moves in and out of the business. As a result, at the end of the tax year, there will not be any Income Tax […]