JF Financial Management
JF Financial Management
Blog Post
  • What is the tax treatment of a business loan from Funding Circle? I run a small limited company and I am considering taking out a loan from Funding Circle or another similar peer-to-peer lender – the loan will be in the region of £50,000 – how will this loan affect tax?     Answer, January… Read More The post Funding Circle loan tax treatment appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • Recharging expenses to client I am a self employed photographer and I recharge a lot of expenses back to my clients, for example items purchased for shoots. If I recharge these costs to my client do I still need to claim them on my tax return?     Answer January 2018 Recharging of expenses is… Read More The post Recharging expenses to client appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • Optimum Directors Salary & Tax on Dividends 2018/19 If you operate through your own UK limited company as a freelancer, contractor or even as a small business owner, you’ll often want to use the tax planning strategy of extracting money from your company through a combination of dividends and a low salary to ensure you… Read More The post Tax on dividends 2018/19 appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • Can my company pay for loft conversion? I run a limited company as a freelancer and I work from home – I am planning to convert our loft into a new bedroom and an office – can I claim some of the costs through my company?     Answer, January 2018 Loft conversion costs  … Read More The post Can I reclaim loft conversion costs appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • Tax-free allowance on trading income I am a graphic designer trading through a limited company but also as a hobby I personally also do a little bit of buying and selling on ebay (not through my company) and make a few hundred pounds per year profit on this. Do I need to declare this on… Read More The post £1000 tax free trading allowance appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post

Bad debt tax relief

  • Bad debt tax treatment I am a freelancer working through my own company and my year end is 30th September 2017. During June 2017 I invoiced a client for some work and they have still not paid me – I have chased this up on numerous occasions but don’t seem to be getting anywhere and… Read More The post Bad debt tax relief appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • Are gifts to customers tax deductible? I run a small advertising agency as a limited company and I want to send our clients and suppliers a small Christmas gift which will have our logo on. I am not sure exactly what the gift will be yet but they are likely to be roughly £25 to… Read More The post Can I claim gifts to clients? appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • What can I claim for working from home? I am an interior stylist trading as a self employed sole trader and a lot of my admin and planning is done from home – am I able to claim some costs for working from home when I do my annual tax return?     Answer, Nov… Read More The post Self Employed Working From Home appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post

Autumn Budget 2017

  • Autumn Budget 2017 On Wednesday 22nd November 2017 the chancellor of the exchequer Philip Hammond delivered the 2017 Autumn Budget. In this article, we cover the key changes from the budget that affect contractors, freelancers and modern small businesses (our core client base) over the coming years.   Personal Allowance The amount that an individual… Read More The post Autumn Budget 2017 appeared ...

JF Financial Management
JF Financial Management
Blog Post
  • Do the self employed get tax relief on pension contributions?   I am a self employed designer and I have a question about pension tax relief – I have no other income outside of my business and I earn roughly £30,000 profit per year. I am considering starting personal pension contributions – will these help… Read More The post Self Employed Pension Tax Relief appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post

Networking Expenses

  • I run a small limited company as a business consultant and I attend a weekly networking breakfast event – this costs me £10 per week which covers the breakfast but the real benefit is that I get to meet people and build business relationships which sometimes leads to new business for me. Can I claim… Read More The post Networking Expenses appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • I am an IT contractor working through my own limited company and I am the sole director and shareholder. I want to extract the optimum level of salary and dividends for the 2017/18 tax year but my situation is a little more complicated because I will have rental income profits of approximately £5,000 for the… Read More The post Salary & Dividends 17-18 – Case Study IT Contractor appeared first on ...

JF Financial Management
JF Financial Management
Blog Post
  • Year end accruals and prepayments I run a small PR agency as a limited company and I am just coming up to my first year end which is 30th September 2017. I am a little confused with what income and costs I should be including in my accounts as I have some timing issues around… Read More The post Year End Accounting Adjustments appeared first on JF Financial.

JF Financial Management
JF Financial Management
Blog Post
  • Can you invest in CryptoCurrency such as Bitcoin through a Limited Company?   Question, I am a freelancer operating through my own limited company and I am considering investing some money into Bitcoin or another CryptoCurrency. I am unsure whether to do this personally or to make the investments through my limited company, can you… Read More The post Investing in CryptoCurrency though Limited Com...

JF Financial Management
JF Financial Management
Blog Post

Trivial Benefits

  • Trivial Benefits for Limited Companies New rules came in for the 2016/17 tax year which continue into the 2017/18 tax year with regards to trivial benefits for limited companies. Assuming your company is classified as a close company then each director / office holder (including any family employees) is allowed up to £300 of trivial… Read More The post Trivial Benefits appeared first on JF Financi...

JF Financial Management
JF Financial Management
Blog Post
  • Question, I am an IT contractor trading through my own limited company and I have a 6 month contract that will require a lot of travel and staying over in France. With regards to claiming my subsistence and accommodation costs whilst in France I believe there are simplified benchmark scale rates I can claim –… Read More The post Overseas Expenses Benchmark Scale Rates appeared first on JF Financia...

JF Financial Management
JF Financial Management
Blog Post
  • Question,I am a director and shareholder of my own limited company and I filed an online personal tax return for the 15-16 tax year that I made an error on – I have now realised that I put the wrong figure down for my dividends – am I able to amend my tax return and… Read More The post Can you amend your personal tax return? appeared first on JF Financial : Online Accountants for Small Business.

JF Financial Management
JF Financial Management
Blog Post
  • Question, I am a management consultant contracting with clients through my own limited company. I normally ensure my salary and dividends drawn from my company stay below the higher tax band, however for the 2017-18 tax year I am a bit confused as I live permanently in Scotland but I also travel down to visit… Read More The post Scottish resident contractor 2017-18 appeared first on JF Financial :...

JF Financial Management
JF Financial Management
Blog Post
  • Question, I run my own small limited company and I have recently started using my personal car for some work journeys when I meet clients at their offices. I know I am able to claim mileage expenses back from my company but what is the situation with regards to claiming back any VAT?  My company… Read More The post Claiming VAT on mileage appeared first on JF Financial : Online Accountants for Sma...

JF Financial Management
JF Financial Management
Blog Post
  • Question, I have received an email from HMRC saying that I am due a tax refund – I am concerned this might not be genuine – do you have any guidance as to what to look out for with regards to spam / phishing etc. so I know what communications from HMRC are genuine?  … Read More The post HMRC fake scam phishing emails appeared first on JF Financial : Online Accountants for Small Business.

JF Financial Management
JF Financial Management
Blog Post
  • Question, I run my own limited company and I bought a company van on 1st December 2016 which I use for both personal and business use. I believe I will have some benefit in kind tax that I need to pay but I am not sure how to calculate this or how I am meant… Read More The post Company Van Benefit in Kind Tax 2016-17 appeared first on JF Financial : Online Accountants.

JF Financial Management
JF Financial Management
Blog Post
  • Question, I am a contractor working through my own limited company and I take a combination of salary and dividends. I don’t have any other income outside of my company but HMRC have just sent me a strange tax code notice where they appear to be adjusting my tax code for dividends I had taken… Read More The post Tax code change for 2017-18 appeared first on JF Financial : Online Accountants.

JF Financial Management
JF Financial Management
Blog Post
  • Question, I am a self employed sole trader providing graphic design services to a range of clients. My business has grown well over the last few years and I am now looking to take on a bit of help from other freelancers on some of my projects. Can I claim these costs as a business… Read More The post Sole trader engaging subcontractor appeared first on JF Financial : Online Accountants.

JF Financial Management
JF Financial Management
Blog Post
  • Differences of Sole Trader vs Limited Company 17/18 What are the key advantages and disadvantages of trading as a self employed sole trader vs a limited company for the 2017/18 tax year? Making the decision as to which structure your business operates as can be crucial, whether that be in terms of tax savings, perception to… Read More The post Sole Trader vs Limited Company 17/18 appeared first on...

JF Financial Management
JF Financial Management
Blog Post

Staff Canteen

  • Question, I run a small limited company recruitment agency employing 10 members of staff. I would like to provide a free daily office canteen lunch to our staff – what are the tax issues with this, will it be taxed as a benefit in kind? Answer: The good news is that it is possible to… Read More The post Staff Canteen appeared first on JF Financial : Online Accountants.

JF Financial Management
JF Financial Management
Blog Post
  • Payments on Account for Limited Company Contractor Question, I am a limited company contractor and take salary and dividends to the higher tax band and have no other income. I believe with the dividend changes that came in for 16-17 I will have to make payments on account as part of my 16-17 personal tax… Read More The post Payments on Account for Limited Company Contractor appeared first on JF Fi...

JF Financial Management
JF Financial Management
Blog Post
  • On Wednesday 8th March 2017 the chancellor of the exchequer Philip Hammond delivered what is set to be the last Spring budget – from now on the budget will be an annual event held in the Autumn. In this article, we cover the key changes from the budget that affect contractors, freelancers and small business… Read More The post Spring Budget 2017 – Update appeared first on JF Financial : Online Acc...

JF Financial Management
JF Financial Management
Blog Post

Making Tax Digital

  • Making Tax Digital There has been much talk in the press recently of upcoming changes to the way businesses and individuals are going to need to report details of their tax affairs to HMRC, this is called ‘making tax digital’. Below is a brief guide of what we currently know about HMRC’s plans to implement… Read More The post Making Tax Digital appeared first on JF Financial : Online Accountants.

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