Expenses You Might Have Missed From Your Self-Employed Self-Assessment

If you are self-employed, you can claim back expenses against your income to reduce your overall business profit and the amount of tax you pay.

For example, if you earn £40,000 through self-employment and claim back £5,000 in allowable expenses, your profit will be £35,000, so you will only pay tax on this.

Many of these allowable expenses are obvious. And if you have been self-employed for a few years you will know most of them. But there are certain less obvious expenses that you might not have claimed for.

Xero teams up with expenses company for better product

Top cloud accountancy software provider Xero has teamed up with Expensify, one of the fastest growing expense reporting software providers, to make expenses even easier for small business owners.
The partnership will see closer integration between the platforms. Initially the new features will only be available in the United States, but will spread worldwide in the coming months as both companies seek to ramp up global growth.

Benefit from Tax Relief on Contractor Expenses

If you are a contractor or freelancer then you have probably read various doom and gloom reports on how the Government is clamping down on the various tax reliefs you can currently legitimately receive.
There have also been consistent rumours for years that IR35 will be replaced and it will be almost impossible for contractors to work through their own limited company and benefits from the tax incentives this currently offers.
From next April there is also the new Dividend tax.

CloudAccountant are now Receipt Bank Bronze Partners

Expenses can be a hassle to deal with and they cost time and money to process. To help you with the paper war CloudAccountant are expanding our range of approved providers that integrate with Xero and sort this problem for you. Our latest partnership means that we are now Receipt Bank Bronze Partners.

Receipt Bank provides a receipt and invoice processing service that gathers together your receipts and invoices, scans them, converts the receipts into useful data and then sends them directly into Xero.

Receipt Bank extracts all the relevant information from the receipt/expense but has clever features such as identifying which bank account you have paid from using the 4 digits of your card on the receipt. It then matches that payment to the relevant bank account in Xero. Uploading receipts for processing anywhere in the world is easy via email, the web, or use the Smartphone app to send receipts on the move.

If saving yourself some time and hassle sounds like something you would be interested in please contact your account manager to find out more.

FreeAgent: Freelancers missing out on £238 million

Leading cloud-based accountancy software provider FreeAgent has found that nearly a quarter of a billion pounds go unclaimed by freelancers and microbusinesses each year because minor expenses are deemed too insignificant to reclaim.
The software provider reported that because its customer base of freelancers, contractors and very small business owners were reluctant to claim expenses worth less than £10, they were missing out on a massive £238 million each financial year.

Xero Add ons

All add-ons listed below are cloud applications that integrate fully with Xero cloud accounting software meaning they post relevant transactions and have two way communication between the applications.