Entries by Hawkins Accountants

Capital Gains

In the UK, Capital Gains are the profits made from selling or disposing of an asset that has increased in value. The tax on these profits is knows as Capital Gains Tax (CGT). Here’s how it works:   What are Capital Gains? Capital Gains occur when you sell or dispose of an asset for more […]

Construction Industry Scheme (CIS)

The Construction Industry Scheme (CIS) is tax scheme introduced by HMRC to regulate payments made by contractors to subcontractors in the construction industry. The main goal of the CIS is to improve tax compliance and reduce tax evasion within the construction sector. Here are the key elements and functions of the CIS: Who Is Involved? […]

QuickBooks Accounting Software

QuickBooks, developed by Intuit, is an accounting software designed to help small and medium-sized businesses manage their finances. It offers various features to simplify tasks like accounting, payroll, payments, and inventory management. Key Features Accounting and Bookkeeping: Tracks transactions, manages bills and invoices, and reconciles bank statements. Invoicing: Creates and sends customised invoices, tracks payments, […]

How does Maternity Pay work for Self-Employed individuals?

In the UK, self-employed individuals are not eligible for Statutory Maternity Pay, which is typically provided to employees. Instead, they may be eligible for Maternity Allowance, a benefit specifically designed of for self-employed workers and those who do not qualify for Statutory Maternity Pay. Here’s how Maternity Allowance works for the self-employed:  Eligibility Criteria To […]

Putting a Vehicle Through Your Business

In the UK, incorporating a vehicle into your business involves navigating several steps, particularly if it’s intended for commercial purposes, or if you aim to claim tax deductions. Below, we outline the general process to help you understand what’s involved. Determine Business Use: Firstly, decide how the vehicle will be used for your business. Will […]

Registering as Self-employed in the UK

Registering as self-employed in the UK involves a few steps, here’s a general guide: 1. Decide on Your Business Structure: Determine whether you’ll operate as a sole trader, partnership, or limited company. Most self-employed individuals operate as sole traders. 2. Register with HMRC: You need to register with HMRC for tax and National Insurance purposes. […]

Setting Up A Limited Company

Setting up a limited company in the UK involves several steps, but it’s a relatively straightforward process. Here’s a general guide to help you get started: 1. Pick a Name: Choose a name that reflects your company’s identity. Make sure it’s not already taken by another business – you can check availability on the Companies […]

What expenses can I claim as a self-employed individual ?

Being self-employed in the UK means you get to manage your business your way, including handling expenses. Here’s a simple breakdown of what you can claim: Office Supplies: This covers anything related to your workspace, like rent, bills and insurance. Getting Around: If you’re travelling for work, expenses like fuel, parking, and public transport fares […]

Self Employed VS Limited Company

When starting a business, it’s important that you select the right structure, which can significantly impact your operations, taxes, and liability. Two common options are sole trader and limited company – here’s a simplified comparison: Ownership Sole Trader: You have complete control over decision-making. Limited Company: Ownership is divided into shares held by shareholders – […]

National Minimum Wage Increase

The national minimum wage has just been increased, marking a significant step towards fairer wages for workers across the country. This boost comes at a crucial time, as the cost of living continues to rise, providing much-needed relief for millions of hardworking individuals and families. But what about employers? It’s important to consider how this […]

Busting Side Hustle Tax myths!

Side hustles are booming, but there’s confusion about taxes and data sharing with HMRC. Let’s clear the air on these myths and make your side hustle journey a bit smoother! Myth 1: HMRC Spies on Airbnb, eBay, and Vinted 🤯 Nope! HMRC doesn’t stalk your transactions. While they can request info, it’s not an automatic […]