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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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

When is my tax bill due?

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If you are required to submit a self-assessment tax return, your bill for the year you are submitting becomes due on 31 January in the year following the end of the tax year. Tax years run from 6 April one year to 5 April the following year. For the tax year ended 5 April 2019, the bill (as well as … Read More

Tax Returns for English as Second Language Teachers

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  One of my oldest friends, Emma, has started teaching English as a second language to online students. She has a Facebook page that you can check out if you or anyone you know might be interested in her service. She mentioned to me that questions around tax and accounting come up occasionally on her teaching groups and so I’ve … Read More

VAT Basics – Part 2

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Last time we looked at the basic principles of VAT and how it is paid to and from HMRC.  Now we are going to talk about whether you should register for VAT. Do I need to register for VAT? If your trading income is £85,000* or more over a 12 month period then you must register for VAT. Note that … Read More