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  • Expenses related to fuel / energy

    As a self employed person who does a lot of their work from home, and drives to client locations, I have for years used the simplified allowances set aside for use of energy at home, and mileage allowance for my vehicle costs. With the rising costs of petrol and the predicted £3,000 a year energy bills we may face, do HMRC plan to revise the current allowance figures to make them more realistic, as we are not allowed to swap from one form of calculation to another (in regards to cars for the lifetime of the vehicle I believe). With our household energy bills being around £1,000 currently, the allowance works out as being roughly correct, however if the prices do increase as predicted, the allowances equivalent value would have dropped massively.
  • Transfer of Assets

    I am currently a Sole Trader, however at the end of this tax year I will be bringing my wife in as partner, and converting the business to a partnership instead. How do I go about dealing with the assets I currently have as a Sole Trader which will be transferred in their entirety to the Partnership. Can it be done as a zero value transaction given that the goods still exist and the partnership will pay tax on them when they are sold, or do I need to "sell" them to the partnership, and then declare them as an expense in the partnerships tax return next year? Thanks for any help you can give.
  • Converting from Self Employed to Partnership

    At the end of my accounting period this year - 31st March 2022 - I will be changing my business from being a Sole Trader to a Partnership. Is there an easy way to do this, or do I need to tell HMRC that the ST has ceased trading, and that the Partnership is a new business? Would my UTR etc remain the same in terms of paying for my tax and National Insurance? The actual business itself is unchanged other than a partner joining the business.
  • Moving costs

    I moved house in January, using a professional removals company. At both houses one of the rooms was used as an office for my self employment, and contained books, equipment etc related to that self employment. When we moved house the removals company moved everything in the property, both personal and business. Can I proportion a percentage of the removal costs to my self employment, and if so would it be better to allocate on the basis of 1 room in the house, or the amount of items involved?
  • Questions regarding YouTube

    I have started using YouTube to support my main self employment during Coronavirus, however I have also set up a separate channel focusing on computer games. Do I need to set up the second channel up as a separate business (I intend to monetize the channel and it is not related to my main business at all). With the second channel, as the main expense will be the games themselves, since the equipment has already been purchased, would the cost of the games be classed as a business expense, or a proportion of the cost. Would my main business have to "charge" the second business for the use of the equipment, or can the costs be assigned to just one business to make the accounting easier? Many thanks for any advice