Jupiter Accountants

12/02/2024

On this day in 1999: The impeachment trial of President Bill Clinton ends with his acquittal on both charges.
Who thinks he would have been acquittal today?

26/01/2024

https://youtube.com/shorts/M8j1xWbyfjI?si=bepxb0x0lFwQhjYx

24/01/2024

Electricians in the UK can claim tax relief on a variety of business-related expenses, many of which are exempt from tax altogether. Here's a breakdown of some key categories:

Capital Allowances:

Vehicles: If you use your own van or car for business purposes, you can claim capital allowances on the purchase or lease costs. You can also claim fuel, insurance, and maintenance costs as deductible expenses.
Tools and equipment: Tools you use regularly for work, like multimeters, drills, and test equipment, are capital allowances when purchased over £2,500.
Computers and software: Equipment used for business administration, like laptops, accounting software, and specialist electrical software, qualify for capital allowances.
Revenue Expenses:

Consumables: Electrical supplies like cable, conduit, and fuses used for specific jobs can be deducted as revenue expenses.
Travel and subsistence: Mileage or public transport costs for work travel, along with overnight accommodation and subsistence (reasonable meal allowances) if working away from home, are deductible.
Mobile phone: The portion of your phone bill used for business calls, texts, and data can be claimed as a deductible expense.
Professional fees and subscriptions: Membership fees for trade bodies like the National Electrical Contractors' Association (NECA) and Chartered Institute of Building Services Engineers (CIBSE) are deductible.
Additional Expenses:

Protective clothing and uniforms: Costs of workwear like boots, overalls, and high-visibility vests are deductible.
Training courses: Costs of relevant training courses, like electrical safety updates or specific skill development, are deductible.
Stationery and printing: Costs of business-related stationery and printing (invoices, quotes, etc.) are deductible.
Important Notes:

Always keep receipts for all your business expenses.
You can use HMRC's online tool to check if an expense is tax-deductible: https://www.gov.uk/expenses-if-youre-self-employed
If you're unsure about claiming an expense, it's always best to seek advice from a tax professional.
Remember, specific rules and limitations might apply to different expenses, so it's crucial to double-check with HMRC or a tax advisor for tailored guidance.

Business expenses you can claim if you're self-employed

23/01/2024

Is A Mortgage Tax Deductible When Self-Employed and Work from Home?

As a Business Accountant I get asked this question a lot – “Is my house mortgage tax deductible because I’m self-employed and work from home?” and the answer is quite simple, but likely not the answer you will be hoping for…sorry, spoiler alert!

The simple answer is this:

Your Mortgage is NOT an allowable expense when self-employed
The Interest on your Mortgage IS an allowable expense when self-employed
However only the ‘use of home as an office’ percentage is allowed to be claimed from the interest
The most common time this issue occurs is when someone is self-employed, been living in rented accommodation and worked from home – then decides get a mortgage and continue working from home. If this applies to you then you’ll have been used to claiming the ‘use of home as an office’ amount from the total cost of your rent, however it is not the same when you have your own mortgage. Only the ‘use of home as an office’ from the interest portion of your mortgage is a taxable expense. I know!

16/01/2024

Is it just me or doe this suggest that HMRC are taking crypto seriously now. Might even be predicting it to go up. Any thoughts?
Which are the best crypto currencies to invest in?

HMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT).

11/01/2024