Find these scary? So many people are scared of them! It’s a real thing!! I have heard people say they never open them as they are too scared! 😱 Rest assured, most of these envelopes are just reminders, tax codes and statements. So no need to fear!
Wholly and Exclusively. Have you heard of this phrase? This is the definition set out by HMRC to consider when claiming a business expense. If the item going to be used entirely/in full, in the business. This is therefore a business expense and tax deductible! If the item is going to be used exclusively in the business. This is therefore a business expense and tax deductible! Always ask yourself, is this wholly and exclusively for the business when you purchase items! #accountant#smallbusiness#businessowner#businesstips#smallbusinesssupport#businesswoman#accountantsofinstagram#taxseason#smallbusinessowner
A tax code is a string of numbers and letters that tells your employer how your earnings should be taxed. 1257L is the tax code currently used for most people who have one job or pension What the numbers mean The numbers in your tax code tell your employer or pension provider how much tax-free income you get in that tax year. What the letters mean Letters in your tax code refer to your situation and how it affects your Personal Allowance. L = You’re entitled to the standard tax-free Personal Allowance T= Your tax code includes other calculations to work out your Personal Allowance N= Marriage Allowance: you’ve transferred 10% of your Personal Allowance to your partner If your tax code is wrong for any reason this could mean you are overpaying tax or underpaying tax. If you are overpaying tax, HMRC may write to you advising they owe you tax back or it might sit in limbo for sometime without you even knowing. If you are under paying tax, you may receive a tax bill at the end of the year. For full help and guidance drop me a message Thanks Luisa 😊 #accountant#businesswoman#businessowner#payattention#businesstips#employee#employer#helpingothers