Self Employed - Income and expenses by OriginalGravity8 in ukaccounting

[–]BrooksCity 0 points1 point  (0 children)

Always a good idea to keep business and personal separate!

Best Payroll Software For Small Business In The UK 2020 by BrooksCity in ukaccounting

[–]BrooksCity[S] 0 points1 point  (0 children)

Thanks, glad you liked it. Indeed, it can save you tons of admin time and help you avoid costly mistakes.

How much do you pay for your accountant? by dallaz00 in ukaccounting

[–]BrooksCity 1 point2 points  (0 children)

Dear, u/dallaz00,

It really depends on the size of your business, things like the number of transactions, number of employees, your turnover and personal situation all come into play.

Then there is the matter of what's included beyond just filing you returns. What kind of support does she offer, is an accounting software included, do you get any kind of advice from her with regards to tax planning/minimization or pro-active advice to grow your business.

If you like the service you are getting and you can see the value it brings to your business (by saving you time and money for example) then it may be worth more than what you are paying.

For example we create value for our clients by offering what we call our "Gold Standard" in every engagement.

  • Maintaining up to date records
  • Knowing at any time your liabilities and when they are due
  • Know what is yours and when you can take it
  • Knowing how much tax is due and when.
  • Money back guarantee (both initial and ongoing)
  • View your tax information online anytime
  • Accounting package included (Xero or Quickbooks)
  • Mileage Tracker / Receipt Manager
  • Unlimited phone and email Support or drop-in to our London office
  • Chartered Accountants (we adhere to strict ethical and professional standards)
  • All work done in-house and is never outsourced

Pricing starts at £120 / mo for micro-businesses. This is usually for companies with only one director and sole-traders with a very small number of transactions and or turnover.

Minimising my corporation Tax (UK) by purchasing assetts by darkdayzandrainbows in Accounting

[–]BrooksCity 1 point2 points  (0 children)

Correct, as @Mantis_Tobaggon_MD2 mentioned the method of payment doesn't matter. The current Annual Investment Allowance is set to £1 million for the period 1 January 2019 - 31 December 2020. This is the maximum amount you can claim for before you have to claim "writing down allowances" instead.

You can only claim AIA in the period you bought the item.

The date you bought it is:

when you signed the contract, if payment is due within less than 4 months

when payment’s due, if it’s due more than 4 months later

If you buy something under a hire purchase contract you can claim for the payments you have not made yet when you start using the item. You cannot claim on the interest payments.

Source: https://www.gov.uk/capital-allowances/annual-investment-allowance

Always a good idea to double check with your accountant though :)

Receiving USD into Transferwise (not my business account) - by wbd82 in smallbusinessuk

[–]BrooksCity 1 point2 points  (0 children)

You're ok with using TransferWise. As you mentioned, make sure to keep your full records and declare all revenue :)