Free Guides for new and growing businesses from HRBS - fixed fee accountants and business advisors

Thinking of starting a business? guide to starting a business Thinking of starting a business?If you are turning a hobby into a business or starting a whole new venture, here are some tips to help you get up and running without falling foul of the (UK) tax authorities.

Bear in mind that your self employment income will be added on to your income from all other sources when calculating your tax bill. If your self employment costs are less than £1,000 you can claim the £1,000 trading allowance. Further information is on the HMRC website.

However, if you make losses you can offset those against your other income for the tax year, thereby potentially getting a tax refund.

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Charge rent for use of your home office guide to home office rent agreement Charge rent for use of your home officeAs a limited company company director you can charge your company a rent for using a room in your home as an office. We recommend that you have a rental agreement in place between you and the company and the agreement states that the company has non-exclusive use of the room.
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Tax deductible expenses guide to tax deductible expenses Tax deductible expensesThere is a great deal of confusion as to what you can and what you can’t deduct from your profit for tax purposes.

This tip gives a brief list of the types of expenditure you can claim, some of which you may already be deducting, some may be new to you and applicable to your business.

In general, costs enabling you to run the business and are incurred wholly and exclusively for business purposes are tax deductible.
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