A flat rate expense is a set amount of money that an unemployed person can get tax relief, on for work expenses they can incur. The amount allowed is decided on by the tax office. It’s important that you claim for your flat-rate expenses to avoid paying too much tax and receive a tax rebate if your owed one. Flat rate expense deductions apply to those who work in trades and industries, in which there are common and essential job-related…

Why should you get an accountant?   Running a small business often means that in order to save money, you need to do a lot of the tasks that come with business ownership by yourself. However, certain tasks are always best left to the professionals, especially accounting. While there are several accounting software tools on the market now that you can take advantage of doing your own books. It’s always best to have a professional accountant by your side who…

Business Growth Today, more than ever, businesses need help to grow their business. Every business needs to monitor its performance to allow management to make clear decisions. In a business environment where change is essential for future growth, Asmat & Co helps you make the right choices for the best and efficient way forward. That advice, resulting in experience in advising a wide range of business types and sizes, can prove invaluable in helping to build a better business. It…

What is a capital allowance? A capital allowance is an expenditure the U.K or Irish business may claim against its taxable profit. Capital allowances may be claimed on most assets purchased for use in the business, ranging from equipment and research costs to expenses for building renovations. The classification of these assets determines whether full or partial value can be claimed and whether the allowance is deductible in one year or over several. Once a business has calculated the number…

Switching from a Limited Company to an Umbrella Company Why would you need to switch from running your own limited company to using an umbrella company? We discuss the possible reasons behind this and what you need to do to switch from a limited company to an umbrella –if you find you will be better at making the switch. What is an umbrella company? A PAYE umbrella company is a standard UK limited company, operated by a third-party supplier acting…

VAT registered businesses with a taxable turnover of more than 85,000 must follow the rules for “Making Tax Digital” by keeping some records digitally unless Your business uses the VAT GIANT service, for example, if you’re a government department or an NHS Trust You apply for an exemption You can choose to sign to Making Tax Digital for VAT if your business earns less than £85,000 Records you must keep digitally You need to keep the following records digitally Your…

The terminology, types of coins, tokens, and transactions can vary. The tax treatment of crypto-assets continues to develop due to the evolving nature of the underlying technology and the area in which crypto assets are used. The fats of each case need to be established before applying the relevant tax provisions according to what has actually taken place (rather than a reference to terminology). Our views may evolve further as the sector develops and HMRC may publish amended or supplementary…

What is an accountant? Accountants are employed by organizations or private clients to audit accounts, provide financial advice and undertake accounts administration. Accountants go through rigorous recruitment and qualification processes, and this is reflected in their high professional status. Accounting is a broad term that encompasses multiple different job titles and roles within organizations. There are three main types of accountants-public accountants, management accountants, and government accountants-all of which focus on different aspects of the profession. An accounts daily duties…

Self Employed vs Limited Company, Which is better for you? Self-Employed This is the most popular way of running a business in the UK and maybe the best option if you want to get your company up and running quickly with minimal fuss. You can set the wheels in motion without worrying about filling annual accounts, paying corporation tax, or registering your business with companies house Limited Company Choosing to set up as a limited company is not as straightforward…

HMRC has general guidance on what expenses you can claim with a limited company. This means anything that is “essential” for your trade will fall under the description. Anything your company purchases for its trade, should allow it to generate more profit, for example, any software your company requires to use or advertise its services can be claimed for full tax corporation tax relief. If you want to claim more, then you will need to create a calculation to apportion…