Up to date news about Amica Accounting and our industry.

12 Self-Assessment expenses you didn’t know you could claim!

There are many allowable expenses you can claim to legitimately reduce the amount of tax you pay. We’ve rounded up 12 Self Assessment expenses that you may be unaware of. To help you to start saving money, take a look at our list of Self Assessment expenses you can claim against your tax bill. 1. Office supplies HMRC will allow you to claim a range of expenses pertaining to office supplies, including: • Your desk [...]

Making Tax Digital for VAT is coming – are you ready?

HMRC urges VAT-registered businesses to sign up for Making Tax Digital for VAT before 1 April 2022. As of December 2021, nearly 1.6 million taxpayers had joined Making Tax Digital for VAT with more than 11 million returns successfully submitted. Around a third of VAT-registered businesses with taxable turnover below £85,000 have voluntarily signed up to Making Tax Digital for VAT ahead of April 2022, and thousands more are signing up each week. In July 2020, it was announced that [...]

How to register as self-employed

How to register as self-employed with HMRC – step by step We’ll take you through the process in depth, but here’s a quick overview of how to register as self-employed: Check your work counts as self-employment Register for an online account with Complete your registration using your Government Gateway details, as well as information about your business, like your trading name and contact details Once registered as self-employed you'll have a number of obligations and responsibilities, like completing an [...]

What is a UTR Number?

What is a UTR number? A UTR number is your ‘unique taxpayer reference’ number. HMRC assigns each self-assessment taxpayer a different number in order to track their tax records. All UTR numbers have 10 digits, and sometimes there's a letter 'K' at the end.   Who needs a UTR number from HMRC? You only need a UTR number if you submit a self-assessment tax return. This could be the case if you're self-employed or have set [...]

What is the difference between trading through a Limited Company or deciding to be self-employed?

Limited Company or Self-Employed: what is the difference? What is the difference between trading through a Limited Company or deciding to be self-employed? Are they taxed the same? Can you only be VAT registered if you have a Limited Company? You may have a lot of questions when you decide to start on your journey; that’s only natural. So here is a quick run through of the questions typically asked… When will I need to [...]

SHARE THE EXPERIENCE- Our Referral Scheme 2022

We would be grateful if you could kindly tell your friends, family, and contacts on how pleased you are with our service and encourage them to join us as clients.   To ensure our existing clients benefit from their referrals and as thank you for your referral, we will offer 5% off your fee’s EVERY Month, for a YEAR! Refer 10 friends and we will send you a £100 voucher for a place of your [...]

Optimum Directors Salary 2022/23

The optimum directors salary 2022/23 will be changing and is changing to £11,908 per annum, which equates to £992 per month or £229 per week. This is the most tax efficient amount for the majority of directors to pay themselves. Owner managed businesses can typically decide how to pay themselves. This can be either a salary, dividends or a mixture of them both. Directors, which have no other income should look to pay themselves the [...]

Ten tips to help you avoid common bookkeeping errors

Trying to do it all yourself You pay an accountant to add valuable advice on how best to keep records and maintain accounts – not just to add up receipts. If your books are well ordered and up to date, they’ll have time for a discussion as well as filing your mandatory tax return. Not saving receipts for small amounts They may not be required by law but receipts for small amounts can provide backup [...]

The Pros and Cons of Credit Cards

Credit cards have become a vital financial tool. They can be used to make purchases you don't currently have the cash for, or to purchase something from a remote seller without having to wait for a physical check to be delivered. If you’re trying to decide whether to get credit cards or knock them completely, consider the pros and cons and decide whether they would be advantageous in your life. The Truth about Credit Card [...]

Five things EVERYONE should know about student finance

When you talk to people about Student Finance, you’ll get different opinions and facts depending on who you speak to. When you’re deciding whether or not to go to University, don’t take advice from people who are in a different financial situation to you. You need to look at the facts and how it will practically affect your pocket. And that is radically different to what you usually hear. The student loan price tag can [...]

Tax on gifts to employees & directors

Can you give directors and employees free gifts from the company in a tax free way? Providing small gifts to your employees throughout the year can be a great way to generate enthusiasm, motivation and engagement and raise team morale. But what can you give away before there starts to be tax implications for both the company and the employee? And what about the the rules to your directors? There is good news. You can [...]

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