BlueFox Accounting

You might be wondering; why the name "BlueFox"? The answer lies in the combination of two powerful symbols.

💙 The colour blue is universally associated with trust, reliability and professionalism, qualities we consider essential in the world of accountancy.

🦊 Meanwhile, the fox is known for its cleverness, agility, and strategic thinking, representing our resourceful approach to solving financial challenges.

Together, they embody the smart, nimble, and dependable service we provide to our clients.

BlueFox Accounting is a one stop shop for all your accounting and tax needs, with years of experience and practical know how, we're your go-to for all things finance, no matter your size.

We're proud to work with some brilliant people. And when they take the time to leave a kind word, it really does mean a lot. Thank you Marilyn, David and Christopher 🙏

True or false?

True, but you'll have extra admin, digital software and added charges to keep in mind.

If you're thinking about registering for VAT, speak to an accountant first to make sure it's the right decision for you.

The vehicle you choose for your business can have a bigger impact on your tax bill than you might expect 🚐

VAT recovery on cars is largely blocked unless the vehicle is used exclusively for business.

Vans and commercial vehicles are treated more generously. Leasing and buying carry different implications. And double cab pickups have been caught in a back-and-forth between HMRC rulings that's still causing confusion.

We've broken down the key rules you need to know before making your next motoring decision 👆

Got a specific vehicle question? Drop it in the comments or send us a DM. 💬

If your business hires contractors, there's a good chance IR35 is your responsibility, not theirs.

Since April 2021, medium and large businesses in the private sector have been required to assess the employment status of contractors working through personal service companies.

Get it wrong, and HMRC can hold your business liable for the unpaid tax and National Insurance.

Status comes down to things like the expectation of ongoing work, whether substitution is allowed, and whether the contractor bears any financial risk. Every contractor is different, and every assessment needs to be documented.

If you're not sure whether your current contractor arrangements are compliant - or you're scaling up and about to take on IR35 obligations for the first time - now's the time to seek advice.

Drop a question in the comments or send us a DM so we can support you 💬

Borrowing money from your own company seems straightforward until unexpected charges land on your tax bill 😬

Used well, directors’ loan accounts (DLA) can be a flexible way to manage cash flow. Used carelessly, they can trigger a 33.75% charge on your company, personal tax to pay, and a P11D to file on top.

We've broken down everything directors need to know: from the nine-month repayment rule to the anti-avoidance traps HMRC specifically designed to catch people out.

If your DLA is overdrawn, or you're not sure where you stand, now is the time to get clarity not at year-end when the options narrow.

Drop a question in the comments or send us a DM for support 💬

Crypto might feel like the wild west, but HMRC has been paying close attention for years 👀

Whether you're trading tokens on the side, getting paid in crypto as a freelancer, or earning staking rewards, there's a good chance you have a tax obligation you might not even know about.

We've broken down the top things every UK crypto holder needs to understand.

And if your records aren't where they should be, don't panic. HMRC's Cryptoasset Disclosure Service is there to help you come clean, before penalties kick in.

Got questions about your situation? Drop them in the comments or send us a DM 💬

Most people assume investigations only happen when something's wrong.

However, HMRC select businesses completely at random. And when they come knocking, the cost of defending yourself can easily run into thousands, even if you've done nothing wrong.

Fee protection means that if it ever happens to you, you're covered. Your accountant handles it, and you're not left with a huge unexpected bill.

At BlueFox Accounting, we offer fee protection so you can face any HMRC investigation with confidence. Drop us a message if you want to know more 📩

Nobody actually enjoys doing their tax return (including me 🙋‍♂️)

But there's a big difference between doing it in April with a cup of tea and doing it at midnight in January wondering where the year went.

Last year, almost 300,000 people filed their tax return in the first week of the new tax year, almost 10 months ahead of the deadline.

Swipe to see why it's worth it, and how to make it happen this year.

📩 If you need support, drop us a message.

By now, you'll be aware that Making Tax Digital (MTD) comes into force this April for landlords and sole traders.

If your income exceeds £50,000 through property and/or self employment income, you have to opt into MTD this year and complete quarterly submissions.

If you're below this income bracket, you'll still be required to opt into MTD in future, so it pays to stay informed.

Sole trader and a landlord? Each trade will need it's own submission (that's eight submissions a year, plus a final submission!)

Find more info on the BlueFox Accounting blog or send us a message to have a chat about how we can take the stress out of the new changes 😅