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Can I Claim These Expenses In My Business? Print E-mail
Written by Ray Stewart   
Saturday, 20 September 2008 17:09

There have been a few questions recently about certain types of expenditure and whether or not they are tax deductible so I thought I would put them publicly here in case anyone else was also wondering.

As a rule of thumb, an expense has to be something directly incurred in the running of your business.  You need to be able to prove that you spent the money wholly, exclusively and necessarily in connection with the business.
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How Long Do I Have To Keep My Business Records?? Print E-mail
Written by Ray Stewart   
Wednesday, 30 July 2008 09:52

This question comes up a lot here at the office.  I am asked at least 3 times a week as there seems to be lots of confusion out there in the “real world” amongst business people.

The answer is it depends…

If you just complete a Self Assessment Return each year as a consequence of having a company car or other employment benefits, then you should keep your paperwork relating to your claims and expenses for 2 years.  The reason for this is that HMRC have a full year after the filing deadline to open an enquiry into your affairs.  So for the tax year just ended on 5th April 2008, you need to keep this paperwork until at least April 2010.
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Why you need fee insurance for a Tax/VAT investigation! Print E-mail
Written by Ray Stewart   
Sunday, 06 July 2008 22:31

Did you know you could get insurance cover for this?  Do you know why you need insurance cover for this?  Do you know that a poorly defended Tax investigation could bankrupt you?  Do you think this could never happen to you??

OK.  Enough questions, what about the answers?  - Oops, that was another question!
Last Updated ( Sunday, 06 July 2008 22:38 )
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Why Use A Certified Bookkeeper Instead Of Doing Your Own Bookkeeping? Print E-mail
Written by Ray Stewart   
Saturday, 05 July 2008 20:56

As a member of the Institute of Certified Bookkeepers I am often asked why a small business owner needs to use an outside bookkeeping expert, rather than doing the bookkeeping themselves to save money.

This is an easy question to answer because it is a "no-brainer". 

There are times in your life when only a qualified expert will do.  For example, if you are about to undergo brain surgery, will you be happy if you found out that your surgeon was a plumber who had read a book on brain surgery and thinks he knows enough to do the operation?  Or would you rather know that your surgeon has many years of experience doing exactly the operation planned for you, has trained his team to the peak of professionalism and that they have an outstanding success record?
Last Updated ( Saturday, 05 July 2008 21:03 )
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Which Bookkeeping Package Should You Use? Print E-mail
Written by Ray Stewart   
Wednesday, 02 July 2008 14:13

I am well aware that there are few places for you to go and ask questions about the different accounting packages that are available.  Not many of you have an accountant in the early days of business so where do you go for unbiased and expert advice on the choice of bookkeeping package?

Do you ask friends and colleagues?  Do you wait for months until you find a review in a magazine of 2 or 3 packages and use that?  Or do you go to one of the large computer stores and look at what packages they sell and pick one of those?
Last Updated ( Wednesday, 02 July 2008 14:28 )
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