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Self Assessment Deadline Is Looming Again! Print E-mail
Written by Ray Stewart   
Saturday, 27 September 2008 15:26

Yes, it's that time of year again. Isn't it worrying how quickly it comes around each time?  I am sure it gets quicker each year!

The 31st October 2008 is the deadline for sending in a paper Self Assessment Return (SAR) and if you want, HMRC will calculate your tax for you - more on that in a minute.

Last Updated ( Tuesday, 30 September 2008 15:37 )
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Can I Claim These Expenses In My Business? Print E-mail
Written by Ray Stewart   
Saturday, 20 September 2008 17:09

There have been a few questions recently about certain types of expenditure and whether or not they are tax deductible so I thought I would put them publicly here in case anyone else was also wondering.

As a rule of thumb, an expense has to be something directly incurred in the running of your business.  You need to be able to prove that you spent the money wholly, exclusively and necessarily in connection with the business.

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Is Your Accountant As Good As They Should Be? Print E-mail
Written by Ray Stewart   
Thursday, 07 August 2008 23:12

After more than 34 years working as an accountant, it is clearer to me more now than ever that many accountants are letting clients down in spectacular fashion.

Unfortunately, you may never know and you may never find out unless a good friend strongly recommends you have another expert look over your figures and points things out that have gone awry.

Last Updated ( Thursday, 07 August 2008 23:16 )
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How Long Do I Have To Keep My Business Records?? Print E-mail
Written by Ray Stewart   
Wednesday, 30 July 2008 09:52

This question comes up a lot here at the office.  I am asked at least 3 times a week as there seems to be lots of confusion out there in the “real world” amongst business people.

The answer is it depends…

If you just complete a Self Assessment Return each year as a consequence of having a company car or other employment benefits, then you should keep your paperwork relating to your claims and expenses for 2 years.  The reason for this is that HMRC have a full year after the filing deadline to open an enquiry into your affairs.  So for the tax year just ended on 5th April 2008, you need to keep this paperwork until at least April 2010.

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Are You Aware Of The Losses Your Business Incurs When You Do Your Own Bookkeeping?? Print E-mail
Written by Ray Stewart   
Monday, 28 July 2008 16:42

Have you actually costed exactly how much looking after your business records yourself costs your business?

Did you think you would save money by dealing with everything yourself... the marketing, production, quality control, typing, telephone calls, suppliers, faxes, emails, repairs, service calls, bookkeeping etc., etc., etc...???

How much time does your business bookkeeping take each day, week, month?

Last Updated ( Monday, 28 July 2008 16:50 )
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