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Nimbus

By Nimbus

January 26, 2012

Use of home as an office

January 26, 2012 | By |

Use of home as an office

If you work from home then you are permitted to claim for the costs incurred in providing office/storage accommodation. You may claim a flat rate of £4 a week or a proportion of the specific costs incurred – https://www.gov.uk/tax-relief-for-employees/working-at-home. This provision can apply whether you are employed, self-employed or running your own limited company.  The rules are different in each case and the extent of your claim may impact your ability to claim Principal Private Residence (PPR) relief on any capital gain made on a disposal of your home. With this in mind, we will deal with each in turn:

Employed
If you are employed then your employer will need to specify that you need to work from home. This may be included in your contract or can be proved by routine (e.g. working from home on Fridays). The costs incurred (and not reimbursed by your employer) to provide the office space can be claimed as an expense in the employment pages of your tax return.

Self Employed
If you are self employed, you may use part of your home for storage or as an office. You may claim the cost of providing the space.

Limited Company
If you run your own company, you may use part of your home for storage or as an office. You may claim the cost of providing the space. Unlike the other examples above, this income needs to be reported in the land and property section of your tax return as the company is a separate legal entity. There will be no tax liability as the amount charged to the company will equal the costs incurred, so the profit is nil.

In all cases you will forfeit the PPR on any area that is permanently used as an office or storage.  Spare bedrooms that are only used during the day as an office, and revert back to private accommodation in the evening, will allow you to claim full PPR relief on the sale of your home.

If you would like to discuss the above in more detail, or want more tax saving ideas, don’t hesitate to contact Nimbus Accounting, http://www.nimbusaccounting.com/contact-us/. 

Tax
Nimbus

By Nimbus

January 10, 2012

Why we recommend Xero online accounting software to enhance the accountant/client relationship

January 10, 2012 | By |

Xero online accounting software

If your accountant has not recommended online accounting software to you, then perhaps it is time to ask why not! If you are still using Sage and frustrated, then Xero is probably the solution you are looking for. If you hate “doing your accounts” and keep falling behind, then Xero provides an easier way.

 

Why not visit Xero online accounting software at www.xero.com. Xero is “in the cloud”, you can access your data anywhere and it is very user friendly. From the informative homepage to the automatic bank feeds, you will dramatically reduce the time it takes to update your financial records, compared to Sage or any spreadsheet. Furthermore, once the data is in Xero there are so many easy to access reports to view, you can start to really understand your company accounts and make informed decisions.

The main benefit to Xero is the bank reconciliation screen, here, rather than jumping between 5 screens (as in Sage), everything is on one page.  Xero also remembers how you previously analysed your expenses, so if the same expense appears twice, it will suggest how to post this transaction. You can also set up bank feeds whereby every night the previous days transactions are imported into Xero without you lifting a finger. This has the added benefit of keeping your accounts up to date and you don’t need to check your online banking to see if a client has paid, as this information is already in Xero.

Xero is not only great for tracking your accounts receivable (debtors) but can be used to forecast cashflows, so you know where you are. Invoices and statements can also be emailed directly from the software and repeat invoices can be set up so you never need worry about forgetting to invoice again.

Xero also has all the functions you would expect from an online accounting package, such as expenses claims, financial/management reports, multi-currency, fixed assets, VAT etc. There are also a host of Add-ons which integrate with Xero, such as inventory software and CRM. Xero really is a complete solution for your business.

At Nimbus Accounting, all of our accountants are Xero trained and can help implement Xero into your business, transfer data from your old accounting software and provide all the on-going training and support you need. We offer the software as part of our fixed rate packages. So if you are tired of paying to upgrade Sage, or find Sage support and your accountancy fees too expensive, then call us today for a free quote. You will be amazed how easy it is to transfer your business to Xero, the software that everyone is talking about!

Xero online accounting software

Nimbus

By Nimbus

January 10, 2012

Business in Brighton & Hove

January 10, 2012 | By |

What is happening in Brighton & Hove for local businesses? Is it a great city to start a new business? Are there enough customers to kick start a new venture in Brighton & Hove?

Brighton & Hove, on the south coast of England, has always attracted creative students to the local universities and has helped maintain Brighton’s bohemian feel. The city is booming with freelance businesses such as photographers, writers, editors, artists and designers. With the American Express European headquarters here, there are also plenty of employment opportunities. London is only a 50 minute train ride away which also makes Brighton & Hove a great base for city commuters.

If you are living in Brighton & Hove, what business should you think of starting? The city has a great number of tourist opportunities and with the huge amount of language schools, if you speak another language you are in luck. Also, with London in easy commuting distance, consultancy work in the city is a viable option. With a growing number of new businesses there are also opportunities for support networks to help out new budding entrepreneurs. Online businesses can be created anywhere, there are lots of IT/web based business starting in Brighton & Hove all the time.

Brighton & Hove has a very active a vibrant networking community, the city is big enough for us to all share in its prosperity, but small enough to know each other. I would highly recommend the Brighton Curry Club, this is a very informal meeting, but great for beginners to learn the ropes.

Brighton and Hove is a great place to start a new business and that’s why Nimbus Accounting is proud to support many new business startups in the city. We have our head office in Hove and are very active locally, always trying to pass on our expertise to local businesses.

If you are thinking of starting a new business in Brighton & Hove, then why not contact Nimbus Accounting for a free consultation to see how we can help your business grow and develop. 

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