Why set up a limited company?

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This is the first part in a series of articles I am writing on running a company as these are issues the come up with my clients on a regular basis. When you start up a business, you have a choice of the legal structure for it. The most commonly used structures are sole trader, partnership and registered company. I … Read More

Property rental basics

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If you’re renting out a property, then this is a taxable activity, and you need to complete an annual self-assessment tax return. There are different requirements if you are renting out property through a company, we will just deal with individual landlords in this blog post. Property rental will be subject to income tax. The rate at which you are … Read More

Why use accounting software?

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Accounting software in use

Why would you want to use accounting software? Why wouldn’t you just let an accountant do all the work for you? There are a few good reasons why you might want to. I’ll list 10 of them below. 1. CostUsing accounting software and doing the bookkeeping yourself may well be cheaper than paying someone else to do it for you. … Read More

Xero: How to reconcile your bank account

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To get to the bank reconciliation screen, you can either click the Reconcile x items button on your Dashboard, or select Accounting and then Bank Accounts from the top menu. You will then see a list of all unreconciled transactions in your bank account that you need to review. There are several ways to reconcile a line on the bank … Read More

Xero: How to add a bank account

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This is a short guide on how to add a bank account to the Xero accounting package. From the Accounting drop down menu, select the Bank Accounts option. This will take you to a screen where you will see any business bank accounts that are already linked to Xero. Select the Add Bank Account option. You will then be asked … Read More

An overview of the New State Pension

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Pension image from Shutterstock

Note: This blog is specifically related to the New State Pension which is for men born on or after 6 April 1951 and women born on or after 6 April 1953. Anyone born before this, would be entitled instead to the Basic State Pension. How to qualify for the State PensionWhen you pay national insurance either through employment, your personal … Read More

An overview of Child Benefit

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Child benefit is available to any parent, but if you earn over a certain amount you may need to pay some or all of it back. Here I will talk you through all the things you need to know about eligibility, how to claim and when to repay. Who is eligible to claim child benefit? If you are responsible for … Read More

What is self-employment?

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It might seem like there is quite an obvious answer to this, but there are nuances to this question that can affect your tax liability and recently became important when the government announced its coronavirus support packages as some people who work for themselves were eligible whereas others were not. The reason it can get confusing comes about because due … Read More

Claim back costs when working from home

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Many of us will be working from home at the moment. This will incur extra expense, such as lighting and heating, water, telephone and many other costs. These costs can be claimed against your tax bill to reduce your liability, and there are three ways of doing so. I will talk you through each of them briefly here and you … Read More