L&J’s Accountants

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L&J’s Accountants L&J's Passion for Finances are based in Walsall and we offer a wide range of Accountancy Services to assist your business. We are more than happy to help

Services we offer are listed on our page. For more information please get in touch Welcome to L&J's Passion for Finances page...
When it comes to your Companies Financials, the processes involved must always be held in the highest standards...
L&J's Passion for Finances is the ultimate partner for these needs. We will take care of your tedious day-to-day tasks which takes too much of your time , this will be our responsibility and give you much more time to concentrate on what you do best.. Growing your business... These involve but not limited to Invoicing, Payments , Book Keeping, Credit Control. We will also handle your VAT Returns, Financial Accounts, Management Accounts, Payroll along with all end of year returns. We will also help to bring your business into 2021 with a bang, by modernizing your archives , automating your manual financial processes which in real terms means you save money ! Our Service will not only take away the headaches of paperwork, save you money it will also give you increased access to specialized experts. L&J's Passion for Finances put our clients first and we are available for you. For any more information, please get in touch!

💛 PAID FOR IT THROUGH YOUR BUSINESS? THAT DOESN'T MAKE IT TAX-DEDUCTIBLE! One of the biggest misconceptions we see is th...
16/10/2026

💛 PAID FOR IT THROUGH YOUR BUSINESS? THAT DOESN'T MAKE IT TAX-DEDUCTIBLE!

One of the biggest misconceptions we see is that if something is paid for using a business bank account, it automatically counts as a business expense.

Unfortunately, that's not quite how it works! 👀

HMRC looks at what the expense was actually for, not simply which account paid for it.

💷 Personal shopping? Not automatically allowable.
🚗 Car expenses? Depends on business use and the circumstances.
🍽️ Taking a client out for lunch? Generally not tax-deductible.
💻 Equipment for work? Often allowable, subject to the relevant rules.

The bottom line?

Just because your business paid for something doesn't mean it can reduce your tax bill.

Getting your expenses right can save you money and prevent problems further down the line.

💛 L&Js Accountants

Helping you make sense of your business finances.

💛 A LITTLE APPRECIATION GOES A LONG WAY! ⭐⭐⭐⭐⭐ There's nothing better than receiving lovely feedback from our clients! A...
15/10/2026

💛 A LITTLE APPRECIATION GOES A LONG WAY! ⭐⭐⭐⭐⭐

There's nothing better than receiving lovely feedback from our clients!

A huge thank you to Christine for taking the time to leave us such a wonderful review. It really does mean a lot to Leanne and the team.

At L&Js Accountants, we pride ourselves on building lasting relationships, providing reliable support and taking the stress out of accounting for our clients.

We're incredibly grateful to everyone who continues to trust us with their business finances.

Thank you for supporting our small business! 💛

L&Js Accountants
Our Business is Growing Yours.

💛 YOU'VE DONE THE WORK… SO WHY ARE YOU STILL WAITING TO GET PAID? You've completed the job. Sent the invoice. Paid your ...
15/10/2026

💛 YOU'VE DONE THE WORK… SO WHY ARE YOU STILL WAITING TO GET PAID?

You've completed the job. Sent the invoice. Paid your suppliers.

But 30 days later… you're still waiting for your money. 💸

Late payments are one of the biggest frustrations for small businesses, and the impact goes far beyond an overdue invoice.

While you're waiting to be paid, your own bills don't stop!

Wages still need paying, suppliers still expect payment, and HMRC certainly doesn't wait around.

But did you know? 👀

In many business-to-business transactions, you may be legally entitled to charge interest and compensation on overdue invoices.

Under UK late payment legislation, statutory interest can be charged at 8% above the Bank of England base rate, where applicable.

You may also be entitled to fixed compensation of £40, £70 or £100 per overdue invoice, depending on the amount owed.

Of course, the rules depend on the circumstances and any contractual terms.

The lesson?

Don't just focus on winning more work. Make sure you're getting paid for the work you've already done!

💛 L&Js Accountants

Accounting for Your Future.

🚧 CIS ISN'T JUST ABOUT LABOUR – DID YOU KNOW THAT? 💛 There's a common misconception in the construction industry that CI...
14/10/2026

🚧 CIS ISN'T JUST ABOUT LABOUR – DID YOU KNOW THAT?

💛 There's a common misconception in the construction industry that CIS deductions only apply to the labour element of an invoice.

But that's not always the case!

Under the Construction Industry Scheme (CIS), deductions are calculated on the amount payable for construction operations, excluding VAT and certain allowable costs.

So, what does that mean in practice?

🔨 Labour – Generally subject to CIS deductions.

🧱 Materials – Qualifying materials purchased and paid for by the subcontractor can be excluded from the calculation.

🚜 Plant and equipment hire – This is where things can get interesting! Plant hire without an operator may be excluded in certain circumstances, but plant supplied with an operator can be subject to CIS.

🚚 Other charges – Transport, fuel, accommodation and additional costs aren't automatically exempt just because they're shown separately on an invoice.

Here's the important part…

Simply separating labour and other costs on an invoice doesn't automatically mean those other costs are free from CIS deductions.

The nature of the work and the expenses being charged matter.

Getting it wrong could mean subcontractors having too much or too little tax deducted, creating unnecessary headaches further down the line.

💛 CIS can be more complicated than it first appears. Make sure you're getting it right!

L&Js Accountants

💷 SELLING ON VINTED, EBAY OR FACEBOOK MARKETPLACE? HMRC MIGHT WANT TO KNOW! 👀 Have you been clearing out your wardrobe, ...
13/10/2026

💷 SELLING ON VINTED, EBAY OR FACEBOOK MARKETPLACE? HMRC MIGHT WANT TO KNOW! 👀

Have you been clearing out your wardrobe, selling unwanted items online or making a little extra money on the side?

You might have heard that HMRC is keeping a closer eye on online sellers.

But does that mean everyone selling on Vinted or eBay now has to pay tax? 🤔

NOT NECESSARILY! ✅

👗 SELLING YOUR OWN UNWANTED ITEMS?

If you're simply selling your old clothes, furniture or personal belongings, you generally won't have to pay Income Tax on those sales.

However, certain valuable items may have Capital Gains Tax implications.

📦 BUYING ITEMS TO RESELL FOR PROFIT?

That's a different story!

If you're regularly buying products with the intention of reselling them for profit, HMRC may consider you to be trading.

💰 WHAT ABOUT THE £1,000 RULE?

There is a £1,000 annual trading allowance.

If your total gross trading income is £1,000 or less during the tax year, you generally won't need to report it to HMRC, although exceptions apply.

If your gross trading income exceeds £1,000, you may need to register for Self Assessment and declare the income, even if your actual profit is much lower.

⚠️ CAN HMRC SEE WHAT YOU'RE SELLING?

Online platforms may be required to report seller information to HMRC.

But remember, being reported by a platform doesn't automatically mean you owe tax!


💛 OUR ADVICE?

Don't panic if you've sold a few unwanted items online.

However, if your side hustle is becoming a regular source of income, make sure you understand your tax obligations.

At L&Js Accountants, we can help you understand what needs declaring and make sure you're paying the correct amount of tax.

📩 Unsure whether your side hustle needs to be declared? Get in touch!

💼 CAN YOU PAY YOUR PARTNER OR CHILDREN THROUGH YOUR BUSINESS TO SAVE TAX? 👀 Did you know that employing family members i...
12/10/2026

💼 CAN YOU PAY YOUR PARTNER OR CHILDREN THROUGH YOUR BUSINESS TO SAVE TAX? 👀

Did you know that employing family members in your business could be a completely legitimate way to reduce your tax bill? 💷

Many small business owners overlook this opportunity, but HMRC does allow businesses to employ partners, spouses and children, provided certain rules are followed.

So, how does it work? 🤔

✅ They must genuinely work for the business.

Whether it's helping with administration, managing social media, bookkeeping, answering calls or other day-to-day tasks, the work must actually be carried out.

✅ Their salary must be reasonable.

You can't simply pay a family member £30,000 a year for doing a couple of hours of work each month!

The amount paid should reflect the duties performed, hours worked and what you would reasonably pay someone else for the same role.

✅ You must keep proper records.
Employment contracts, timesheets, payslips and evidence of payments can all help demonstrate that the arrangement is genuine.

You must also comply with applicable PAYE, National Insurance and employment legislation.

💷 SO, WHERE ARE THE TAX SAVINGS?

Let's say you're a business owner paying higher-rate income tax, and your partner has little or no other income.

If your partner genuinely works within the business, paying them a reasonable salary could:

⭐ Reduce your business's taxable profits, where the salary qualifies as an allowable expense.
⭐ Allow your partner to use their available Personal Allowance.
⭐ Potentially reduce the overall tax paid by your household.
⭐ Help you manage your business finances more efficiently.

BUT BE CAREFUL! ⚠️

HMRC can challenge arrangements where family members receive payments for work they haven't performed or where salaries are excessive.

There are also additional employment restrictions when employing children, particularly those of compulsory school age.

The key is ensuring that everything is genuine, properly documented and commercially reasonable.

💛 OUR ADVICE?

Tax planning isn't about finding loopholes. It's about making use of legitimate opportunities available to you.

Every business and family situation is different, so what works for one business owner might not be suitable for another.

At L&Js Accountants, we help business owners structure their finances tax-efficiently while remaining compliant with HMRC requirements.

📩 Thinking about employing a family member in your business? Get in touch before making any decisions!

🧾 NO RECEIPT, NO EXPENSE CLAIM – TRUE OR FALSE? 🤔 You've bought something for your business, but you've lost the receipt...
09/10/2026

🧾 NO RECEIPT, NO EXPENSE CLAIM – TRUE OR FALSE? 🤔

You've bought something for your business, but you've lost the receipt...

Does that mean you can't claim it as a business expense?

Well, not necessarily! 👀

This is a common misconception among small business owners, so let's clear a few things up!

💡 WHAT DOES HMRC ACTUALLY EXPECT?

HMRC expects businesses to keep accurate records of their income and expenses. However, losing a receipt doesn't automatically mean an expense can never be claimed.

The important thing is being able to demonstrate that the expense was genuine, allowable and incurred for business purposes.

✅ WHAT IF YOU'VE LOST THE RECEIPT?

Depending on the circumstances, other evidence may help support your claim, such as:
✔️ Bank or credit card statements showing the payment.
✔️ Email confirmations or online order histories.
✔️ Duplicate invoices requested from suppliers.
✔️ Business records explaining what was purchased and why.
✔️ Other supporting evidence showing the expense was business-related.

⚠️ BUT BE CAREFUL!

A bank statement showing you've spent £150 doesn't automatically prove it was a legitimate business expense!

HMRC may still want to know what you purchased, who you purchased it from and how it relates to your business.

And remember, claiming VAT back is a different matter! VAT-registered businesses generally need valid VAT evidence to reclaim input VAT, subject to specific exceptions.

📂 OUR ADVICE?

Don't wait until your accountant asks for your receipts at the end of the year!
📱 Take photos of receipts.
📧 Save digital invoices.
🗂️ Keep your business and personal spending separate.
💻 Update your bookkeeping regularly.

THE BOTTOM LINE?

💛 A MISSING RECEIPT DOESN'T AUTOMATICALLY MEAN A MISSED TAX DEDUCTION!

But you must be able to justify the expense if HMRC ever asks.

💬 BE HONEST... HOW MANY OF YOU HAVE A DRAWER FULL OF RECEIPTS WAITING TO BE SORTED? 😂👇

At L&Js Accountants, we're here to help take the stress out of bookkeeping and tax!

💛 L&Js Accountants – Passion for Finance

📞 01922 322189
📧 [email protected]

💷 CASH PAYMENTS – ARE THEY REALLY A PROBLEM? 💷 There's a common misconception that businesses accepting cash payments ar...
08/10/2026

💷 CASH PAYMENTS – ARE THEY REALLY A PROBLEM? 💷

There's a common misconception that businesses accepting cash payments are somehow doing something wrong.

Let's clear that up! 👇

💷 Accepting cash is completely legal!

Whether you're a hairdresser, beautician, builder, cleaner, shop owner or any other business, there's absolutely nothing wrong with accepting cash for your services.

In fact, many small businesses prefer cash because it can help reduce card processing fees and improve cash flow.

⚠️ BUT HERE'S WHAT YOU NEED TO KNOW...
Just because a customer pays you in cash doesn't mean that income is tax-free!

❌ Cash payments still need to be recorded.
❌ Not putting the money into your bank account doesn't mean it doesn't count as income.
❌ Offering a discount for cash doesn't mean you can simply avoid VAT.
❌ Failing to declare taxable cash income can lead to penalties and potentially an HMRC investigation.

✅ SO WHAT SHOULD YOU DO?

✔️ Keep accurate records of all business income, including cash.
✔️ Issue receipts or invoices where appropriate.
✔️ Keep track of your cash expenses as well as your income.
✔️ Make sure your accounts and tax returns reflect your actual business activity.

💡 And remember – receiving cash doesn't automatically mean you owe tax on every penny. Your tax position depends on your overall income, allowable expenses and circumstances.

THE BOTTOM LINE?

💛 CASH ISN'T THE PROBLEM. HIDING INCOME IS!

Cash remains a perfectly legitimate way of doing business. It's how you record and declare that income that matters.

💬 What do you think? Should more businesses continue accepting cash, or are we heading towards a cashless society?

We'd love to hear your thoughts! 👇

💛 L&Js Accountants – Passion for Finance

📞 01922 322189
📧 [email protected]

💷 DIRECTOR’S LOAN ACCOUNTS – DON’T GET CAUGHT OUT Taking money from your limited company isn’t always as simple as trans...
07/10/2026

💷 DIRECTOR’S LOAN ACCOUNTS – DON’T GET CAUGHT OUT

Taking money from your limited company isn’t always as simple as transferring it to your personal account.

If you take money that isn’t:

✔️ Salary
✔️ A legitimate business expense
✔️ A dividend you’re entitled to
✔️ Repayment of money the company owes you

…it could end up sitting on your Director’s Loan Account.

And if that account becomes overdrawn, there can be tax consequences for both you and the company.

⚠️ Leave an overdrawn director’s loan outstanding after the relevant deadline and the company could face an additional tax charge.
⚠️ Borrow more than £10,000 and there may also be a Benefit in Kind to consider.
⚠️ Taking dividends when the company doesn’t have sufficient distributable profits can also cause problems.

The key message?

Don’t treat your company bank account like your personal bank account.

At L&Js Accountants, we can help you understand the most tax-efficient way to take money from your company and make sure your Director’s Loan Account stays under control.

📞 01922 322189
📧 [email protected]

L&Js Accountants – Passion for Finance

💷 Receiving a Pension… So Why Is HMRC Still Asking You to Pay Tax? This is a question we hear more often than you might ...
06/10/2026

💷 Receiving a Pension… So Why Is HMRC Still Asking You to Pay Tax?

This is a question we hear more often than you might think.

Reaching retirement and starting to receive your pension doesn’t necessarily mean your tax obligations stop.

Your State Pension is taxable income, and income from workplace or private pensions can also be taxable. If your total income goes above your available Personal Allowance, there may be Income Tax to pay.

One thing that can cause confusion is that the State Pension is normally paid without tax being deducted first. HMRC may therefore adjust the tax code used against another pension or source of income to collect the tax due.

You could also find yourself with a tax bill if you have other income, such as:

🏠 Rental income
💼 Employment or self-employed income
💰 Savings and investment income
📈 Multiple pensions or other taxable income

So, if you've received a letter or calculation from HMRC saying you owe tax after starting to receive your pension, don't panic – but don't ignore it either.

It's worth checking that HMRC has the correct figures, that your tax code is right and that you're only paying what you actually owe.

📩 Received an unexpected tax bill from HMRC?

Get in touch and we can help you understand what's happened and check whether the figures look right.

L&Js Accountants
Passion for Finance

Address

Walsall

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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