Since 21st March 2020 it feels as though we have been launched into the future with close contact at work a happy thing of the past and having now recovered from the shock, industries having to rethink the way that they work and develop at an unprecedented speed if they are to survive.
What goes where? Are you allocating monies in the right way? We have a quick look in this blog post regarding technical accounting.
With different rules for Limited Companies and sole traders, flat rates for simplified accounting, cash accounting, accruals accounting and restrictions on property businesses depending on the type it’s not surprising that business owners get confused about what counts for an expense and what doesn’t in their particular business.
We can all earn a £1,000 per tax year from trading without worrying about a tax return but some social media businesses are so successful so quickly that their owners who are often inexperienced in the tax implications, are swept along with the momentum and before they know it they have responsibilities but not the knowhow, time or possibly even awareness to deal with the them.
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