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What tax deductibles can sole traders claim?

One of the most common questions that sole traders ask when tax returns are due is what costs they can deduct from their tax to reduce tax due. The easy answer is that they can claim anything that is wholly and exclusively for carrying out their trade.

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5 Accounting mistakes small business owners often make in their first year

If you have recently started your first business, there can be a lot to take into account. However, one element of your company you need to get right is your finances. Read on to discover some of the most common accounting errors that small business owners make in their first year so that you can avoid them.

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Common tax return mistakes to avoid

Just one slip up can end up costing you when it comes to filing your tax return. This could mean that you miss out on a refund, end up paying more tax than required, or that HMRC is breathing down your neck and demands an audit.

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Small firms struggle with tax compliance

Calls are increasing for the government to simplify the tax reporting requirements for small businesses. The time and effort put into navigating the UK’s complex taxation legislation in order to comply with requirements is deemed excessive.

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How new data protection regulations affect your accounts (GDPR IMPACT)

There are much more stringent regulations on the way to protect your personal information – and how that data is gathered, stored and used. They will also put stronger controls on the sharing of financial and personal information and how and when data is destroyed.

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3 handy tax tips for sole traders

If you are a sole trader then you will be well aware of your tax responsibilities. Making sure you keep appropriate records in this regard and knowing when to submit your tax return are naturally key. Of course, if you have an accountant to handle all this for you it is a little easier! If you are keeping on top of your own tax requirements though, read on for some handy hints in this area: