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Tax Policies

Should I hire an accountant?

Posted on by Johnathan
  Should I hire an accountant? This is a popular question for new business owners, and there is no simple yes or no answer. Sorting out and managing your incomings and outgoings in one thing but calculating your taxations can prove a little too difficult, that when an accountant comes in handy. Hiring an accountant could save you money in the long run, as they can calculate an accurate tax summary. They will be able to optimise the declaration of any expensive, which could give you a nicer end of year tax figure. Accountants are able to professionally submit your businesses annual tax statement without the risk of getting it wrong, which can often be the case when attempting it alone. An accountant may also be able to offer you...
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Registering as self-employed

Posted on by Johnathan
When we mention the term self-employed, its normal for many people to presume we’re talking about an individual who owns their own company and essentially runs their own business. That’s true in some cases, but the minute you start earning regular money outside of employment, you’re self-employed in the taxman’s eyes. That is why you need to register for self employment as soon as you start earning a bit of money on the side, and it’s certainly worth doing if you’re planning to pick up even more work in the not too distant future. once registered as self employed, you will then need to submit annual self-assessment forms outlining all of the money you’ve made from outside of work, and it can be wise to hire a professional accountant to...
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Capitalising Assets

Posted on by admin
One of the fundamentals of business tax policies is making sure that you spread the cost of assets you acquire and develop over the useful life of the asset.  Stretching the cost over that period is a strategy which can increase your profit margin over the whole period, and keep your profit/loss in black. This is typically a strategy which is used to account for the costs of tangible assets, such as with new office furniture, computers, or infrastructure, but it is certainly not limited to these, as it can also be used for intangible assets and investments. This is key for all R&D your business conducts, as you are then able to show all of the money you’ve spent on developing your asset as the cost of the asset,...
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