If you are a self-employed sole trader mumpreneur and use part of your home for business, you can offset certain utility expenses and mortgage interest against your income, but in order for these to be allowable expenses for your business, the bills must either be partly or wholly in your name. If the bills are [...]
Mumpreneurs – expenses we should be careful of claiming for tax
February 26, 2013 by 6 Comments
As cost conscious Mumpreneurs, we want to make sure we are claiming all the expenses we possibly can against our income to bring our tax bills down. However, it’s important not to claim the wrong expenses or you could pay the wrong amount of tax and there could be trouble with HMRC further down the [...]
Can I claim for my travel costs to save tax?
February 23, 2013 by Leave a Comment
You can claim 45p per mile (up to 10,000 miles and then 25p thereafter [2011-12 rates shown]) as an expense against your business for all business travel made in your own car, whether you are operating as a sole trader or a limited company. If you are a sole trader, you could claim capital allowances, and [...]
10 Top Tax Tips : Mums in Business
February 23, 2013 by 1 Comment
Complete your accounts as soon as possible after year end so you are able to tell the Child Tax Credits team your income from self-employment by the 31 July deadline. Check whether any family members could be eligible for the “granny” tax credits which came into force from April 2011. If family members look after [...]
10 Tax Tips for Mumpreneur Directors
February 23, 2013 by Leave a Comment
Having a limited company can be a fantastic way of making tax savings, depending on your profit level. This blog addresses a few of the areas to watch out for, and how you can maximise your tax savings. Get your remuneration right. A mix of salary and dividends is best and it can be possible [...]
10 Tax Tips for Mumpreneur Sole Traders
February 23, 2013 by 1 Comment
When we start out in business, many of us choose to set up as sole traders. This is a flexible, easy way of starting out and can have many advantages. I have listed below the ways you can take full advantage of this business structure, and when you might want to consider a change. Claim [...]
Child benefit changes – and how to keep yours
February 22, 2013 by Leave a Comment
From 7th January 2013, child benefit is being reduced in households where there one person earns over £50,000. Those earning between £42,475 and £60,000 will be able to keep some or all of their child benefit depending on their earning levels. If the higher earner in the family earns up to £50k, then no child benefit [...]
5 Tax Tips for Mumpreneurs
February 21, 2013 by Leave a Comment
This blog is designed to alert you, the Mumpreneur, to some tax savings that will have implications for you and your family’s future. 1. Child Benefit and Tax Credits Make sure you know what changes are coming to the child benefit and tax credits system and what you may be able to do to prepare [...]
Tax tips for Mumpreneurs – childcare
February 21, 2013 by Leave a Comment
In order to be tax deductible, business expenses must be wholly and exclusively for business use in a sole trader business. If the expenses fulfil a dual purpose (that of business and personal) they are disallowed. This applies to range of expenses such as work clothes, subsistence while working, and childcare. Childcare costs are not [...]
What expenses are not allowable for limited companies?
February 18, 2013 by 4 Comments
When you incorporate, you will find that the rules on what you can and can’t claim as expenses against your profit for taxation purposes are a little different to the rules that applied when you were a sole trader. If the taxman thinks that you have claimed something you shouldn’t have, it could impact on [...]
