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| 1988 movie Rain Man © 1988 United Artists Pictures Inc. |
If you started your business after April 2013 or you are thinking of starting a business then you may be interested in the Simplified Income Tax Expenses. This can be quite a hard topic to explain if your new to business expenses, but if you expect to earn below the VAT threshold or work on a cash basis then the simplified income tax rules may save you money. It will certainly save you time and probably the need for an accountant, (however I would always advise an accountant if you have any doubt, their fee is tax deductible!!)
HMRC have a good You Tube section with many great videos on hard to understand business topics which I would recommend to any small business owner. Here is the basic video that gives a quick explanation:
And if you can find the time then take a look at:
If you are new to business or wish to find out more regarding you business and your responsibilities then check out the HMRC youtube videos.
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