Working from home tax deductions

How to tax-deduct working from home

 

Whether you’re self-employed or employed – a growing number of professionals are working from home and many even set-up a dedicated space to perform their job duties. To reduce the tax burden, the costs for working from home can be tax-deducted. However, certain conditions need...

 

Creating a web store: the cornerstone of seed money

Seed money for your online shop

 

When planning the finer details of your online shop, rushing through your financial plan can lead to chaos. It’s important to be aware of how much money you need to spend, and only an extensive finance plan can provide the necessary security for the development of your web store....

 

SMART goals

How to achieve more by setting SMART goals

 

Have you heard of SMART goals, but you’ve never used an organised and effective method for setting objectives? We’ll explain the advantages of SMART goals, how to use the technique for your personal and business goals and what to watch out for with this method. Because, like all...

 

Neuro-linguistic programming (NLP)?

Neuro-linguistic programming (NLP) explained

 

Neuro-linguistic programming, NLP for short, is a collection of tools and models designed to facilitate and strengthen communication in various areas of life and work. The goal is to better understand oneself and others, and to make positive changes. We will tell you exactly what...

 

Cost of sales method

The cost of sales procedure in the context of profits and losses.

 

The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarised...

 

Register as a sole trader

How to register as a sole trader

 

It’s easy to become self-employed in the UK. All you need to get started is a business idea and a bit of courage. The one-person business does require registration with the HMRC and there are a few other requirements you will need to fulfil. It’s important to understand the risks...

 

Double-entry accounting, explained simply and briefly

Double-entry accounting simply explained

 

Double-entry accounting or double-entry bookkeeping is an essential part of the accounting system. Lots of entrepreneurs have a hard time with bookkeeping, when in fact it should be a boon and provide a detailed overview of your finances. Double-entry accounting isn’t an...

 

Economies of scale

The success of a company is closely connected to its growth. Economies of scale describe the effects that an increase in input has on output. That is, more should come out than you put in! But what are economies of scale exactly, and what forms do they come in?

What is accounts receivable accounting?

If you run a business or work independently, it’s always important for you to keep an eye on your financial situation. This also applies to payments that you are expecting but have not yet received. The accounts receivable department is responsible for registering and tracking your monetary receivables. We explain what accounts receivable accounting is and how it works.

ISO 45001: information on the ISO standard for occupational health and safety at work

If you want to show that your own company is committed to safety and healthcare management, you probably have done so until 2018 in the form of the OHSAS 18001 certificate. Since 2018, ISO 45001, the official successor, has been in place. Among other things, it explicitly requires management boards to take appropriate action and for external interest groups to be involved in the management...

Successful project management: proven methods

A colourful bar chart or a wide network that correlates different project tasks: there are several diagrams that show different methods of project management. Many processes are similar because certain problems occur in almost all projects. But you don’t have to reinvent the wheel: methodologies provide you with formalised approaches that have already proven successful many times over. With the...

Input tax: claiming tax rebates through tax deduction

Complicated tax regulations can be a minefield, causing confusion for entrepreneurs year after year. But it’s worth being fully aware of tax legislation within the United Kingdom; you could be entitled to a refund for the VAT spent on business operations. But how does this essential part of the tax law work? In this handy guide, we explain the concept of input tax and value added tax (VAT), as...

What are non-profit organisations?

When it comes to accounting, no two charities or non-profit organisations are the same. The amount of income made dictates which forms need to be filled out to complete the tax return. It can be confusing knowing which forms to fill out, but our article will explain how accounting for non-profit organisations works, with numerous non-profit accounting software available to facilitate the process.

Reverse charge – the shift in tax liability easily explained + example

Many US-based entrepreneurs are still puzzled by the reverse charge. The procedure is all about transferring tax liability from the service providers to respective beneficiaries. In other words, the latter must settle the payment of taxes with the tax office. This is said to have saved time and prevented frauds in the past. What must be considered, and who is directly involved? Read on for an...

Presenting effectively: How to make your presentation a complete success

Anyone who has sat through a few presentations in their life knows how the quality of a presentation can vary. This is due in part to the lecture’s topic, but also to the speaker, whose appearance and presentation skills have a considerable influence on the lecture’s success. Here, you can find out the details of what is important for presenting.

Taxation and the different types of taxes in the UK

Keeping track of taxes in the UK isn’t exactly a piece of cake. There are so many types of taxes that it’s difficult to know which ones apply to you and/or your business. If you don’t file your taxes correctly with the HMRC, it could result in penalties, which could cost you dearly. This article gives you an introduction to the main types of taxes in England, Scotland, Wales, and Northern Ireland...

Company registration: Is it compulsory?

Company registration might not be required for every UK business, but the majority of companies need to register with Companies House. We introduce you to the registration body and explain the registration process for companies that need to be incorporated.


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