How do you choose your accounting year end?

This is often a question that many organisations are faced with before trading can commence, however it is not a decision that needs to be permanent throughout the life of a business. Without much thought, many will simply choose their accounting year end date as the end of their first 12 months of trading. Whilst … Continue reading How do you choose your accounting year end?

Broadening Your Horizons – International Trade

For a growing business that has built up in the UK in the present day, often the next step is to consider further expansion by trading abroad. This can take various forms, such as purchasing supplies from overseas countries, selling goods abroad, or even opening premises internationally. For the ambitious business owner, this path may … Continue reading Broadening Your Horizons – International Trade

When is a hobby not a hobby?

Many of us partake in hobbies which are purely for our own pleasure.  Sometimes,  however, particularly if those hobbies are of a creative nature, they can be appreciated or utilized by third parties, which often means they are accompanied by a monetary transaction.  Is this type of income taxable?  It depends. WHAT IS YOUR INTENT? … Continue reading When is a hobby not a hobby?