How do you pay national insurance if you’re self-employed?
What are national insurance contributions? National Insurance contributions are a tax on earnings which build your entitlement to certain state benefits, such as the State Pension and Maternity Allowance. Your national insurance payments go towards state benefits and...
What expenses can I claim against my rental income?
What expenses can I claim against my rental income? We are often asked which expenses are allowable costs against rental income. There are many that are allowable but it is important to understand the difference between a CAPITAL expense and a REVENUE expense. For...
What Is Making Tax Digital?
So what is making tax digital? Well In his March 2015 budget the Chancellor announced that this was "the end of the tax return as we know it". The key change is that businesses will be required to digitally file tax returns on a quarterly basis. So what does making...
What is a sole trader?
Operating as a sole trader is a common starting point for many businesses. This guide explains what sole trader status means, your tax responsibilities and how records should be managed. Contact North Devon Accounts to discuss whether this structure suits your plans.
Can I claim an expense if I don’t have the receipt?
Can I claim an expense if I don’t have the receipt? What happens when you can’t find a receipt for a business expense? Don’t panic, you may still be able to claim for some expenses without a receipt. You never received a receipt Sometimes you don’t receive a receipt,...
Home Office Expenses Explained
If you are self-employed and work from home you can claim home office expenses on your tax return. Which home office expenses are tax deductible? Mortgage or rent Utilities – gas and electric Council tax Telephone and broadband Water Property repairs How much can I...
Why do I need an accountant?
When starting a new business most people are told to get themselves an accountant. However, many people wonder 1, what an accountant can actually do for them and 2 if they really need one so why do I need an accountant? So what will an accountant do for me? Everyone...
Quickbooks ProAdvisor Status
North Devon Accounts expertise in Quickbooks has been recognised with the awarding of Quickbooks ProAdvisor Status. This means that we are qualified providers of Quickbooks. Our services include setting up your Quickbooks account, training for you and your staff and...
Exploring The Reasons Why Bookkeeping Is Essential in Business
What is Bookkeeping and its Benefits? Keeping accurate financial records is crucial for any business, large or small. Proper bookkeeping services help companies track and monitor their finances, reducing the risk of errors and confusion. In this guide, discover why...
5 top tips for doing your own bookkeeping
Here are 5 top tips for doing your own bookkeeping, doing your own bookwork can seem a daunting task when you are starting a business. However, good bookkeeping is crucial to the day-to-day running of a business. Here are five top tips to help get you started. Start...