Accounting for use of home really does point out the differences between running a business as a director / shareholder of a limited company and running a business as a sole trader. Running your business as a sole trader allows you to claim tax relief for costs, charged to you as an individual, that you can […]
Category: Sole Trader
Claiming for VAT using the sole trader simplified expenses scheme?
So you are a sole trader but you happen to be voluntarily VAT registered, how do you account for VAT on the approved mileage payments that you are showing as vehicle expenses on your tax return. I love accounting – yes I do especially when you get a hot topic that everyone wants to debate. […]
Being self-employed – What you need to do
If you’re newly self employed there’s a lot to think about, as you’ve probably already realised. So, what do you need to do to keep within the taxation laws? And what would you need to supply the HMRC with, should they want to look at your business accounts. As a sole trader the legal requirement […]