If you use your own personal car for business travel then you can claim mileage expenses back from your business at the rates set by the HMRC. The mileage rates allowable in the UK are set by HM Revenue and Customs (HMRC). For the 2023 tax year, the rates are: 45p per mile for the first 10,000
Personal Fitness Trainers – What Expenses Can You Claim?
An Overview Some statistics about personal fitness training in the UK: Allowable expenses for sole traders As a sole trader, you will incur many expenses in the course of running your business. Some of these expenses can be deducted from your taxable profits, which can help to reduce
Making Tax Digital for VAT: a guide to the penalties
Changes to VAT penalties and interest charges if you submit a VAT Return for an accounting period starting on or after 1 January 2023. For VAT accounting periods starting on or after 1 January 2023 there are new penalties for VAT Returns that are submitted late and VAT which is paid late. The way
Selling Residential Property in the UK: Capital Gains Tax
You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your home, for example: The amount of CGT you pay depends on your income and the amount of profit you make. The basic rate of CGT is 18%, the higher rate is 28%, and the
How To Write A Business Plan
Writing an effective business plan helps you in the following ways; Think through your business idea A business plan forces you to think through your business idea in a comprehensive and systematic way. This can help you identify potential problems and challenges before you launch your business. Set
Reverse Charge VAT – Purchases of business-to-business (B2B) services from overseas suppliers
Purchases of business-to-business (B2B) services from overseas suppliers are subject to the reverse charge procedure. This means that the UK recipient of the service is liable to account for VAT on the supply, even if the supplier is not VAT registered in the UK. The reverse charge applies to