HMRC have issued  examples of training costs and when they are allowable as a tax deduction and when they disallowed  click here to find out if you could claim the cost of training as an allowable business expense if you are a self-employed individual. Contact Sasha here if you would like to discuss your personal circumstances
Making Tax Digital for Self Employed
Just a few key points from the Budget today that caught my eye The VAT registration threshold is increased from £85,000 to £90,000 from April 2024, that being said its not increased for about 10 years so is a small step Personal tax allowances to remain the same Class 4 National Insurance for self employed to be reduced from 9% to 6% from April 2024 Child benefit to be reviewed to ensure single earning families is not penalised. Child benefit
Specilist accountancy services & advice for actresses, actors, performers, artists, models, dancers, photographers, artists, make over artists, musicians and singers, alternative & holistic therapists, yoga instructors, reiki practitioners, spiritual healers, hypnotherapists and counselors
I do get asked if a sole trader should trade through a limited company. Changes over recent years in corporation tax and income tax make any tax benefit of incorporation small and taking account of extra costs and the administrative burden in my opinion the main reason for incorporation should be commercial not driven by tax There are some changes that are currently being enacted which have further implications for limited companies The company’s Registered Office has to be a place
Self-employed individuals pay Class 2 and Class 4 NIC and changes come into effect from 6 April 2024 Class 2 NIC will be abolished from 6 April 2024. Class 2 is currently is £3.45 per week where earnings exceed £12,570. This will save £179.40 for 2024/25 onwards and you will have credits for your national insurance contributions for your state pension. You can still pay voluntary Class 2 NIC if your earnings are below £6,725 a year. The current rate
If you want to make a voluntary disclosure In the majority of cases, an online notification is made to HMRC informing them of an intention to make a disclosure under the Digital Disclosure Service (DDS). On receiving a letter that the taxpayer agrees to enter into the DDS HMRC allow 90 days for the taxpayer, or their advisor, to calculate the tax, interest and potential penalties due. Our approach is to also prepare accounts and submit a separate disclosure letter
Specilist accountancy services & advice for actresses, actors, performers, artists, models, dancers, photographers, artists, make over artists, musicians and singers, alternative & holistic therapists, yoga instructors, reiki practitioners, spiritual healers, hypnotherapists and counselors

Sasha Owen

BSc FCA

Chartered Accountant

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Call us today on 07583 031324 or Email us at sasha@redtulips.co.uk

“Creativity is great-but not in accounting.”
Charles Scott
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