Savvy Accounting

🚀 **Looking for a reliable Accountant?** 🚀 Here at **Savvy Accounting**, we understand that every business is unique! That’s why we offer **tailored financial solutions** that fit your needs, whether you're a small business owner or running a larger company. 💼💡 From bookkeeping to tax services, payroll, and financial consulting, we’ve got you covered! 🌟 📧 Reach out today at: **hello@savvyaccounting.co.uk** 📲 Or DM me directly here on LinkedIn for a chat about how we can help you! Let’s take your business finances to the next level! 💪 #Accounting #Finance #SmallBusiness #TaxTime #business #accountant #finance #tax #bookkeeping #smallbusiness #taxes #entrepreneur #payroll #accountingservices #ACCA #taxseason #businessowner #money #incometax #quickbooks #audit #bookkeeper #accountingsoftware #gst #accountinglife #taxreturn #startup #taxpreparer #charteredaccountant #quickbooks #akuntansi #taxconsultant #management

Have you sorted your Self Assesment for the year? You have until January 31st 2025. If you are in need of an Accountant , please reach out to us here at SavvyAccounting 📧 Email: Hello@savvyaccounting.co.uk 💷Prices start from £150.00 + VAT #accountancyfirm #xero #accountant #accountancy #accountants #accounting #finance #accountancyproblems #bookkeeping #smallbusinessesuk #business #accountantlife #quickbooks #tax #cloudaccounting #outsourcedbusiness #largecompany #limitedcompany #accountingtasks #quickbookspro #bussinessmanager #bussinessowner #financemanager #bookkeepingservices #remoteworking #outsourcedaccounting #accountancyservices #bossmindset #accountingduties #outsourcedbookkeeping

We are specialist Accountants for small business and start-ups. As your business grow we are there to help you every step of the way. We will manage your bookkeeping, accounting, tax, VAT, payroll. For our high growth clients we also provide board advisory. We even provide free accounting software for our clients. Get in touch today for a free consultation: hello@savvyaccounting.co.uk https://lnkd.in/emFjT3V5

Is your extra income taxable? HMRC is getting cannier at detecting and penalising people who make extra income but don’t declare it. With that in mind if you start a small side venture to make some extra cash, is it always necessary to declare it to HMRC? Is your extra income taxable? A bit on the side Naturally, HMRC is interested in anyone who makes a little extra through freelance work or online selling. With up to 20% of us engaged in extra money-making endeavours, it’s important to understand how HMRC views these and if you’ll have tax and NI to pay. Income from selling unwanted personal possessions isn’t taxable as trading income but can be liable to capital gains tax (CGT) if sold for more than you paid for it. What counts as trading income? Deciding if a trade exists is notoriously tricky, especially in relation to ad hoc income. Although HMRC provides some guidance and a simplistic checker you should use it with caution. If in doubt consult a tax advisor. Remember, just because your business does not make a profit doesn’t mean you aren’t trading. If you are trading and make a loss it can be used to reduce your tax bill on your other income. Exemption for low value businesses If your trading income doesn’t exceed £1,000 in the tax year, the trading allowance exempts it from tax. This means that you don’t need to report anything to HMRC. If your income exceeds £1,000, you can elect to deduct the trading allowance in place of your actual expenses. There’s a similar £1,000 allowance for rents received from property. The trading allowance doesn’t apply to either a partner’s share of partnership income or to trading income derived from a close company, i.e. one that’s controlled by p to five people, which you own or control. Capital gain? If your activity isn’t taxable as income, you still need to consider whether you need to report any profits as a capital gain. However, the first £6,000 of gains in 2023/24 will be exempt, plus the chattels exemption will cover individual items which are sold for less than £6,000.

Wedding venue left jilted at tribunal The First-tier Tribunal has rejected an appeal concerning business property relief (BPR) on a barn used as a wedding venue. What can you take away from the decision? Wedding venue left jilted at tribunal Helen Butler (B) was the member of a limited liability partnership (LLP) that had multiple activities, including farming, commercial letting, and hosting wedding events in a barn on the farm. When B died, her personal representatives claimed BPR on the value of her partnership share on the basis that the LLP was wholly or mainly trading. HMRC said the business was mainly one of holding investments and denied the claim. At the hearing, B’s representatives argued that the business was a trade due to the level of service provided, such as that a team of four people would show potential customers around the venue, the venue was cleaned before and after events, tables, chairs, music systems and lights could be provided and event packs including checklists were provided. Unfortunately, the Tribunal found that the LLP’s business was mainly that of holding investments. The judge likened the venue to a village hall rather than a full-service conference centre, where the services did not go beyond those provided in a property held for investment purposes. The key takeaways here are that it should not be assumed that a business activity will meet the “wholly or mainly” threshold required, particularly where it involves the letting of land and property. Most importantly, had the farming business been owned separately to the letting and wedding venue activities, BPR would have likely been available on this element. A crucial planning point is therefore to maintain a separation of business and investment activities to preserve this valuable relief.