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Hourly charge out rates

I recently had a client come to me and say that they weren’t sure that they were charging themselves out at the correct hourly rate. The client concerned was a web designer who charged their clients on an hourly basis. When I asked how they calculated their hourly rate, the…

Residual income

Is a truly wonderful thing… Residual income is where you have customers or clients who pay you by monthly direct debit or standing order. So what that means is that on the 1st of the month, you know, with a pretty high degree of certainty, how much money is going to…

VAT bad debt relief

It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer. Bad debt relief allows businesses that have made supplies on which they have accounted for and paid VAT…

Tax IS taxing

HMRC love their little mantra… ‘Tax doesn’t have to be taxing!’ which they pull out very often during December and January when they want you to file your tax return by 31st January – but the long and the short of it is that it IS taxing, and there is a…

Use of home as office

Many people don’t realise that when you work from home you can claim a portion of your home costs, this is called use of home as office.   For example: Angela writes up her business records at home, she uses a room at home solely for business purposes for a…