How much can be claimed for your laundry expenses, and if in fact you are able to claim at all for these costs, are dependent on a number of factors such as your working circumstances and indeed what type of clothes you are washing that you want to claim the tax relief on!
To help you establish if you are able to claim this cost, we have outlined some of these considerations below:
Read MoreYou may have heard the terms ‘allowable’ and ‘disallowable’ expenses discussed amongst your self employed colleagues and friends, or perhaps when speaking to your accountant, and have wondered what this actually means- and if this was the case, then you won’t be the first!
Read MoreThere are a number of expenses to account for when running your own business; some of these will be large and easy to identify, but some naturally smaller and harder to classify. Sundry expenses encompass the smaller, irregular expenses that may not be attributable to a specific cost account that you have set up within your accounting systems.
Read MoreYou can define business expenses as the costs associated with running your business, such as rent, utilities, supplies, employee salaries and more. These expenses can all too easily add up and affect your bottom line and company profits, so it's crucial to keep track of them and manage them effectively!
Read MoreIf you're a limited company owner, you may be looking for ways to reduce your corporation tax bill. There are several legal ways to do this, and in this article, we'll explore some of the most effective tips to help you save money.
Read MoreAs one of the leading media accountants across London and the UK for over 2 decades, it’s safe to say that we understand how to help directors like you minimise your tax burden while maximising your company profits - and only through the correct means.
Read MoreAs an actor who’s busy working on your next job and focusing on growing your career it can be hard to understand how to maximise your profits and minimise your tax burden. But, to reduce your taxable income it’s important that you understand what you can and can’t claim on your tax return.
Read MoreAs a business owner in the UK, it's vital that you understand when your limited company is required to pay taxes. Limited companies are separate legal entities from their owners, which means they have their own tax obligations.
Read MoreIf you have already read our previous blogs on self-employed and limited you will know by now that when it comes to allowable expenses, there are a number of key differences between these two trading statuses. In this post we bring together the key points from our previous posts to help you compare and contrast the different forms of status, hopefully providing you with some much needed clarity!
Read MoreThe benefit of claiming expenses is that they can reduce your tax bill and help you keep more of your hard-earned money within your company; this is because you can offset the sum of your expenses against your taxable income. However, claiming business expenses can be complicated, and it's important to understand what you can and cannot claim.
Read MoreAs a UK limited company, understanding how expenses work is crucial for managing your finances and reducing your tax bill - as well as staying on the right side of HMRC !
Read MoreNavigating your tax obligations as a limited company in the UK is very, very important. Your responsibilities include not only paying Corporation Tax on profits but also handling VAT, National Insurance, and PAYE for your employees.
Read MoreIR35 legislation can significantly influence how you work with contractors and manage your payroll. If you operate or are involved with a business that engages contractors then it’s really important that you fully understand what IR35 is, how it affects your operation and how to stay compliant to avoid being on the receiving end of an unwanted penalty.
Read MoreWith the risk of penalties or fines for submissions with incorrect or missing information, it's really important to make sure that you have all of the necessary information and documentation at hand for when you submit your tax return.
Read MoreHaving your income & tax payments looked into can be a stressful and difficult time, even if it’s a random check and you haven’t done anything wrong. At Blue Skies we have decades of experience working with companies and individuals who are the recipient of an investigation.
Read MoreWhen it comes to tax investigations, HMRC has the power to investigate individuals and businesses at will, with these investigations being designed to ensure that taxpayers are complying with tax laws & regulations and making the correct tax payments in line with their income & costs.
Read MoreHMRC investigations are a scary thought for the self-employed and company owners throughout the UK, and rightfully so! An investigation into your reported income, expenses, tax payment and general financial position can be daunting, even if everything has been done by the book.
Read MoreOn 6th March 2024, Jeremy Hunt delivered the ‘Budget for Long Term Growth’. His speech promised ‘more investment, more jobs, better public services and lower taxes’.
Read MoreOn 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.
Read MoreAs you may already know, the UK government has changed the way it charges penalties for late VAT Returns and payments which affects all VAT-registered businesses.
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