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Averaging profits if income fluctuates

Averaging profits if income fluctuates

Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may help to regularise tax payments by levelling profits across more than one tax year. However, the relief...
Tax relief if replacing tools or equipment

Tax relief if replacing tools or equipment

If you pay for replacing or repairing small tools you need for your job, you may be able to claim tax relief from HMRC. Eligible tools include items such as scissors, small hand tools and electric drills that are essential for carrying out your work and are not...
Making the most of the Employment Allowance

Making the most of the Employment Allowance

The Employment Allowance can help eligible employers reduce their National Insurance costs by up to £10,500 each tax year. The allowance reduces an employer’s Class 1 National Insurance liability and is applied automatically through payroll once a valid...
Take care when painting non-compete clauses with a broad brush

Take care when painting non-compete clauses with a broad brush

Protecting hard-won local customer networks is a constant and necessary battle for commercial suppliers. However, a recent High Court judgement has exposed the risks inherent in employing standard ‘boilerplate’ contracts to restrict departing sales staff....
Why uncertain times make business planning more important

Why uncertain times make business planning more important

Economic conditions remain uncertain and many business owners are understandably cautious about the months ahead. Although there are signs of improvement in some sectors, rising costs, changing customer demand and ongoing economic pressures mean that confidence...