Personal tax allowance UK taxpayers can earn £12,570 before paying income tax in tax year 2024/25. The rates for UK taxpayers (excluding Scotland) after taking account of the personal allowance are: 20% basic rate on taxable income up to £37,700 40% higher rate on taxable income between £37,701 – £125,140 45% additional rate on taxable income […]
So, Congratulations on your new Onlyfans account, uploading your photo for the 30th time and it’s finally been approved, you have done the hard part! So what next? Here is a full in depth guide on how to set everything up properly…. At My Accountant Friend we would highly recommend getting a dedicated business bank […]
With thousands of Gamers in the UK, earning anything from pennies to hundred of thousands of pounds, the UK gaming community is leading the way on how to profit from their hard work. But what does the best accountant for gamers do, that others don’t. At My Accountant Friend, we are constantly ahead of the […]
At My Accountant Friend we are always looking at ways to improve service levels, identifying and addressing client’s needs. The most common question that keeps coming up is, I am travelling the world trying to create the best content I can, but I am always missing HMRC letters and deadlines. How am I meant to […]
Writing this in 2023, gone are the days of HMRC’s understanding of, not being able to pay debts, especially now that online accounts are in full flow (MTD and all that). Before and during Covid, you as the Director could have used the excuse that you were not aware of the full liability owed to […]
There are hundreds of thousands of UK traders on Amazon, etsy, eBay and Shopify to name but a few. However, every business owner has the same issues when selling abroad, what is vatable and what is not? Here at My Accountant Friend we have come up with the perfect solution. With our MAF dedicated accountants, […]
With over 100,000 (July 2022) UK OnlyFans creators, OnlyFans is strongly becoming the fastest growing income stream for many young adults and you can easily see why – Many creators are earning more in one month, that they can earn in a year with a ‘normal’ 9-5 job. The content can be created instantly, from […]
Following feedback from many of our Only Fans creators, we are pleased to announce a basic package for anyone using OnlyFans and Fansly in the UK. Included in the package Monthly tax advice (sole trader only) Bookkeeping advice on what you can and cannot claim Personal tax return preparation and submission to HMRC Dealing with […]
Pick your accountant carefully Have you ever asked your accountant about Managed Service Company (MSC) rules? After a very recent investigation, by HMRC, into contractors and their relationship with their accountants has resulted in one Accountancy firm being deemed a MSC provider. What does this mean and how did it come about? An MSC provider […]