What is Cash Basis Accounting
For smaller firms and sole traders, simplicity is often best. That simplicity can often be compromised by terminology that seems designed to confuse. Accountants do that – but here we can simplify the language that explains how we can simplify your financial reporting. Cash basis accounting is a method of recording income and expenses when […]
Can you Claim Foreign Tax Credits?
If you’re a UK resident who has paid taxes on your overseas income, you may be eligible for a foreign tax credit. This credit can help reduce your UK tax liability by offsetting the foreign taxes you’ve already paid. Which is nice. A foreign tax credit is a tax deduction that allows you to reduce […]
When Do you Need to Tell HMRC About your Side-Hustle
As a self-employed individual, it’s crucial to understand your tax obligations, especially when it comes to reporting income from side hustles. Failing to declare all your relevant income can lead to penalties and interest charges. All good blogs start with a definition, so here goes: a side hustle is a secondary job or business that […]
Tax-Efficient Health Insurance for the Self-Employed
As a self-employed individual, securing comprehensive health insurance is essential to protect yourself and your family from unexpected medical expenses. However, it’s also important to consider the tax implications of health insurance premiums. By understanding the tax-efficient options available, you can potentially reduce your overall tax burden while ensuring adequate coverage. One of the most […]
A Quick Guide to VAT Schemes for Smaller Businesses
If you’re a business operating in the UK, then the chances are you’ll have to register for VAT. And that can be a pain, both in terms of the processes and the financial burden – but there are a number VAT schemes available that can simplify compliance or reduce the tax burden for certain types […]
How to Make your Spend in Music Production Equipment More Tax Efficient
As a music production professional, investing in high-quality equipment is essential for achieving your creative goals and building a successful career. However, understanding the tax implications of these investments is crucial to maximising your financial returns. Capital assets are assets that are held for investment or for a business purpose. Music production equipment typically falls […]
Maximising Your Pension Contributions as a Self-Employed Individual
Being self-employed offers financial freedom, but it also places the responsibility for retirement planning squarely on your shoulders. One of the most effective ways to secure your financial future is through pension contributions. But what’s the most efficient way of doing it? The cornerstone of pension tax efficiency is the tax relief you receive. Essentially, […]
National Insurance Contributions for the Self-Employed
If you’re self-employed in the UK, understanding National Insurance Contributions (NICs) is essential. They might seem complex, but let us walk you through it… NICs are a mandatory payment made by both employees and the self-employed to fund state benefits like the State Pension, Jobseekers Allowance, and Maternity Allowance. While employees have their NICs deducted […]
Preserving your Image Rights Beyond the Grave
Your image is a valuable asset, and, without being too morbid, it’s crucial to consider how it will be protected and utilised after you’re gone. While the concept of ‘digital immortality’ is still emerging, preserving your image rights beyond your lifetime is becoming increasingly important. Image rights are the exclusive rights to control the commercial […]
Tax Advantages to a Home Studio for Musicians
Setting up a home studio is a dream come true for many musicians. It provides the freedom to create without limitations and can be a significant investment in your career. And, pleasingly, there are also some tax advantages… The key to unlocking tax benefits from your home studio lies in establishing it as a legitimate […]
