Answering Accountancy Questions

E15: What is IR35 and how will it impact me? 23.09.2022 12:46 ↓

In this episode in our series on start up questions, Claire answers the question of what is IR35, will it effect you and what should you do if it does. 

E14: (SE) What is a payment on account? 16.09.2022 14:29 ↓

In this episode in our series on start up questions, Claire answers the question of what is a payment on account. If you are planning on saving for your tax bill in advance or have just prepared your tax return and the bill is higher than you expected, this episode will explain why. 

E13: (SE) How much money should I set aside for tax? 09.09.2022 9:38 ↓

In this episode in our series on start up questions, Claire answers the question of how much money should you be setting aside for tax? Is it the flat percentage of 30% that everyone talks about or could saving that create cash flow problems for you? 

E12: (SE) Should I choose the cash basis for my business? 02.09.2022 11:22 ↓

In this episode in our series on start up questions, Claire answers the question of whether you should choose to calculate your self-employment profits using the cash basis. Is choosing the easy option for your bookkeeping going to end up costing you more in tax? 

E11: (SE) What information do I need to report to HMRC when I complete my tax return? 26.08.2022 6:32 ↓

In this episode in our series on start up questions, Claire answers the question of what records do you need to keep for when you complete your self-assessment tax return. What will HMRC need to you to disclose and what if you have other income such as employment or rental. 

E10: (SE) What records do I need to keep? 19.08.2022 8:37 ↓

In this episode in our series on start up questions, Claire answers the question of what records do you need to keep for your self-employment business. Claire will run through your sales invoices as well as what purchases records you need to keep and the best ways o doing this. 

E9: (SE) What Bookkeeping Do I Need To Do? 12.08.2022 8:19 ↓

In this episode in our series on start up questions, Claire answers the question of what bookkeeping you need to do for your self-employment business, taking into consideration if your motivation is purely to find out your tax bill or whether you'd like to know a little more about your business. 

E8: (SE) Do I need to open a business bank account? 05.08.2022 6:57 ↓

In this episode in our series on start up questions, Claire answers the question on whether you need to open a seperate business bank account for your self-employment business.

E7: (SE) When do I need to tell HMRC that I am self-employed? 29.07.2022 7:51 ↓

 In this episode in our series on start up questions, Claire answers the question of when do you need to tell HMRC that you are self-employed. She'll go through the dates and deadlines that you need to consider and well as the £1,000 trading allowance. 

E6: Is it easy to move to a Limited Company if I am currently trading as a Sole Trader (and vice versa)? 22.07.2022 11:52 ↓

 In this episode in our series on start up questions, Claire answers the question on whether it is easy to switch from being self-employed to trading through and Limited Company and vice versa.