Audit Red Flags: 7 Common Triggers and How to Avoid Them
The word “audit” can send a shiver down any taxpayer’s spine. While the overall chance of being audited is relatively low, certain items on your tax return can raise eyebrows at the IRS and increase your chances of a closer look. An audit isn’t always a full-scale, in-person investigation; it can often be a simple […]
Tax-Loss Harvesting: A Smart Strategy for Your Investments
In the world of investing, we often celebrate our wins. But what about our losses? While no one enjoys seeing a stock or fund in the red, savvy investors know that underperforming investments can be a hidden source of value through a strategy called tax-loss harvesting. This powerful tool can lower your tax bill and improve […]
The Home Office Deduction: What You Can and Can’t Claim
For the growing number of freelancers, remote workers, and small business owners, the home office deduction is a valuable tax break. But it’s also one of the most misunderstood and frequently audited areas. Claiming it correctly can save you a significant amount of money, while getting it wrong can lead to headaches with the IRS. […]
I Got a Letter from the IRS. Here’s What to Do Next
Finding a letter from the Internal Revenue Service in your mailbox can instantly spike your blood pressure. Visions of audits, penalties, and financial ruin flash before your eyes. But take a deep breath. The first and most important rule is: Don’t Panic. The vast majority of IRS letters are not cause for alarm. They are […]
What is a UTR Number and How Do I Get One? A Complete Guide
If you’re starting a business or becoming self-employed in the UK, you’ll quickly encounter the term “UTR.” It’s a crucial piece of your financial identity, and without it, you can’t meet your tax obligations. This guide explains everything you need to know in simple terms. What is a UTR Number? A UTR, or Unique Taxpayer Reference, […]
R&D Tax Credits for Small Businesses: A Simplified Guide
For many small business owners and startup founders, the term “Research & Development” (R&D) conjures images of white-lab coats, billion-dollar tech labs, and PhDs in Silicon Valley. This is a costly misconception. The truth is, if your company is working to create new or improved products, processes, or software—or even if you’re just solving complex […]
Verifying Identity Companies House
Companies House ID Verification: Step-by-Step Identity Verification Requirements for Directors and Company Officers. You need to prove who you are to set up, run, own or control a company in the UK Why You Need to Confirm Your Identity with Companies House- Verifying Identity Companies House You’ll now need to verify your identity as part […]
Omicron hospitality and leisure grant
Omicron hospitality and leisure grant for businesses affected by coronavirus restrictions To apply for the Omicron hospitality and leisure grant you must: run a hospitality, leisure or accommodation business based in Leeds which offers in-person services at a premise subject to business rates be registered to pay business rates (non-domestic rates) at the premises be […]
Employment Income Support Scheme
Self-Employment Income Support Scheme Claim a grant through the Self-Employment Income Support Scheme What you’ll need to make your Self-Employment Income Support Scheme claim The fifth Self-Employment Income Support Scheme grant is different. In most cases, you’ll need to provide 2 turnover figures when you make your claim. We’ll use these to work out how […]
Apply for Coronavirus business support grants: National Restrictions
Coronavirus business support grants: national restrictions in Leeds Businesses required to close due to the government’s national lockdown national restrictions in Leeds from 5 November to 2 December 2020 can now apply for support online. Eligibility To be eligible for this grant, your business must: be in Leeds have been open as usual before the […]