Your Accounting Questions Answered
Should I charge VAT when I invoice for expenses?
Should I charge VAT when I invoice to reclaim expenses?
What is the Trading Allowance?
There is no tax to pay on the first £1k of trading sales. If your sales as a Sole Trader are less than £1k …
What should I do if I can’t pay my tax bill?
Our first recommendation is always to submit the return. HMRC will not discuss payment terms until the return is submitted. If returns are not submitted…
Can I reduce Self Assessment Payments on Account?
Payments on Account are based on income declared in the previous tax year. If you believe that you income will be reduced…
How do Self Assessment Payments on Account work?
Self Assessment Payments on Account explained
Should I charge VAT to overseas customers?
If you are selling goods overseas, you can Zero Rate your supplies as long as you keep proof of dispatch. Services…
Is our Christmas Party tax deductible?
A Christmas Party is entertaining. Entertaining staff who are on PAYE is tax deductible for business tax…
What bank accounts should I add to Xero?
The answer to this question will be different for Ltd Companies and unincorporated businesses…
Does Domestic Reverse Charge apply to supply of building materials?
Domestic Reverse Charge on Building Materials
Do I need to submit a Self Assessment?
HMRC expects everyone who has been sent a ‘Notice to File’ to submit a Self Assessment…
What are Xero Smart Lists?
Xero Smart Lists is a feature found in Contacts that allows you to categorise customers. Xero provides…
What is Child Benefit Charge?
Higher Income Child Benefit Charge allows HMRC to take back Child Benefit from families where…
Do I need to declare PAYE on Self Assessment?
Do I need to declare PAYE on my Self Assessment?
How frequently can I take dividends?
Assuming there is retained profit after tax in the business, Directors can vote dividends whenever they like…
What is deadline for reporting Capital Gains on property?
Capital Gains Tax on property must be reported and paid to HMRC within 60 days of the date of completion of the sale.
Where is my Government Gateway?
Government Gateway is a portal through which you can access HMRC services…
How should I reconcile wages on Xero?
Wages on Xero should be reconciled to ‘Wages Payable’.
What is the 31st July 2023 deadline for State Pension?
The 31st July 2023 deadline for topping up NI contributions for State Pension explained.
What are the penalties for late VAT?
The following guidance applies to VAT Returns that start on or after 1st Jan 2023.
