Alchemy blog

 

Honest opinion and illuminating comment

At Alchemy, we believe in clarity and honesty, and the blog is where we put that into practice. We’ll keep you updated on the latest developments in tax law and government legislation, unpicking what each change really means for you and your business.

Funding your creative business

Funding your creative business

Creative businesses have plenty of options when it comes to funding – it doesn’t just have to be about banks and investors these days. Having started my own business, I’m genuinely fascinated by the stories of entrepreneurs and how they get off the ground. One topic...

Home working and tax

Home working and tax

Working from home is becoming more common. It comes with a lot of advantages but also some implications for your tax bill. By the time I started my professional career, smartphones were all the rage and the idea that everyone ought to sit at their office desk from...

Management accounting: knowledge is power

Management accounting: knowledge is power

I’m a big believer in the importance of management accounting in giving people who operate businesses the information they need to make strategic decisions. There are very few sure things in business and at a certain point, you just have to make a call. Still,...

Which online accounting software is best?

Which online accounting software is best?

The sheer range of accounting software on the market these days is amazing but, as is the Alchemy way, we like to cut through the fog and give a clear answer. So, here it is: If you’re an individual working as a freelancer, contractor or operating a one-person SME,...

Understanding R&D tax credits for developers

Understanding R&D tax credits for developers

Businesses working on cutting-edge products or processes can be eligible for corporation tax relief in the form of research and development (R&D) credits. These were launched by the UK government in 2000 to encourage the emergence of the next Dyson or ARM, producing...

Tax for creatives – company structures, R&D relief and IR35

Tax for creatives – company structures, R&D relief and IR35

If we’re honest, tax and accountancy are about as far from the business of creativity as it’s possible to get. And the thrill of completing a self-assessment tax return or wading through corporation tax guidance on the HMRC website certainly isn’t why most people...

Bookkeeping for Small Business

Bookkeeping for Small Business

Bookkeeping isn’t exactly known for its glamour. Indeed, many accountants see it as low value work; some even see it as being beneath them – but the number of business owners that get this wrong, having not been given proper...

Business expenses for photographers

Business expenses for photographers

Whether you operate your photography business as a sole trader or through a limited company, it's important to make sure you're claiming all the tax relief on business expenses you're entitled to. The rules can seem complicated, especially for things like utilities...

Cashflow for photographers

Cashflow for photographers

Photography, more so than many other businesses, can have real peaks and troughs in the flow of work. For wedding photographers, for example, summer is usually hectic with more clients than can be handled, while winter can be a dead zone. Those who depend on pitching...

IR35 reform to the Private Sector

IR35 reform to the Private Sector

IR35 is an anti-avoidance tax that has been around since the turn of the century. It’s objective is to prevent individuals that would otherwise be an employee from engaging via a limited company and receiving the tax benefits associated with being in business. Since...

Can I employ a family member?

Can I employ a family member?

As with claiming a tax deduction for any business expense, a salary must be paid on a commercial basis, wholly and exclusively for the purposes of business. It follows that if you employ a family member to carry out a function of the business; firstly, they must...

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