Corporation tax losses 2018 You’ve been trading happily for a few years, making a decent profit and life seems good. Then you lose your best customer, or a competitor enters the market with a cheaper product and, horror of horrors, you find that you’ve made a loss for the year. Hopefully this will be only… Read More

Self Employed Tax Return Case Study 2018-19 For this blog post we are running through a tax return calculation example of a self employed sole trader for the 2018-19 tax year (6th April 2018 to 5th April 2019). Key information for our example: The tax payer is a freelance web designer trading as a self… Read More

Reclaiming VAT on expenses – What can you reclaim VAT on? This article looks at some of the main rules in relation to reclaiming VAT on your business expenses. Please note that this isn’t a definitive list of rules, and you should always check with your accountant, or HMRC, if you’re in any doubt. This… Read More

Should you leave the Flat Rate Scheme? I am an IT freelancer trading through my own company and am VAT registered currently on the flat rate scheme. I spend about £3,000 per year on business costs that have UK VAT included – would I be better off leaving the flat rate scheme? My income per… Read More

Sole Trader or Limited Company 2018/19 What are the differences between a sole trader and a limited company? Making the decision as to which structure your business operates as is very important, whether that be in terms of tax savings, perception to the outside world, keeping things simple or future plans you may have. In this… Read More