Author

Lucinda Watkinson

Head of Accounting

Bio

Lucinda is our Head of Accounting and has been helping startups and small businesses with their accounting for over 12 years. Since Lucinda joined the Crunch team in August 2015, she’s worked tirelessly to ensure our industry-leading accounting processes are streamlined and accurate.

Accreditations & Qualifications

Fully qualified FCCA accredited accountant

Articles, Knowledge and Guides

Posts by Lucinda Watkinson

Health and Social Care Levy: Increase in National Insurance and Dividend Tax from April 2022

The UK government have announced an increase to National Insurance and Dividend Tax, which come into effect in 2020.

How to contact HMRC

HMRC's systems can be a little tricky to navigate, and you might not always know which department you're looking for. Thankfully, we've compiled a handy guide to point you in the right direction.

How to claim the fifth Self-Employment Income Support Scheme (SEISS) grant

HMRC will allow you to apply for the fifth and final COVID-19 Self-Employed Income Support Scheme grant (SEISS) in July 2021.

How much should I take as a salary from my limited company?

Taking a salary from your limited company is all about being tax efficient. See how to best optimise your finances with Crunch.

HMRC's scary new powers: can they really raid your bank account?

In the 2014 Budget, the government revealed they were handing new powers to HMRC to recover debts. We look at the legislation and what this means.

HMRC & Companies House late filing & payment penalties for 2023/24

How to stay on top of the deadlines for your tax filings as a freelancer, contractor or small business in the UK.

Grants, startup loans and financial help for sole traders and small businesses

A handy side-effect of the entrepreneurial zeal sweeping the country is that there are now many schemes in place specifically to help small businesses.

Legal Checklist - six things you must consider when going freelance

Freelancers need all the legal advice they can get. Here are six things you need to know (but might be afraid to ask your lawyer).

Getting paid in foreign currencies - is your bank the best way?

If possible, you should always asked to be paid in your native currency, as an appropriate rate elsewhere can be a very low rate in the UK.

Freelancing on the side: paying employed and self-employed tax explained

Making money on the side? See how freelancing impacts your tax obligations in this guide by accountancy software platform, Crunch.

Limited Cost Trader Test - how it affects Flat Rate VAT

We take a closer look at how the new Flat Rate VAT scheme and the Limited Cost Trader test will affect you if you’re a VAT registered small business.

VAT registration and reporting explained - and what rate of VAT applies?

Although the ins & outs may be tricky to grasp for first-timers, the sooner you get your head around the HMRC VAT system the sooner you can benefit from it.

Employment intermediaries rules: how to work out if you're affected

When is a business classed as an intermediary, and what does this mean for intermediary businesses and contractors? Our article has the information you need to know about employment intermediaries, whether your business is one, and what is expected of you if you are.

Donating to charity as an individual, or through your limited company?

We all agree that donating to a charity is good for everyone but did you know that there are tax-efficient benefits to donating? We take a look.

What is a director’s loan account, and what are the tax implications?

This article will cover exactly what a director’s loan is, the HMRC rules, and your tax obligations. So you'll avoid any problems or unexpected tax bills.

Insurance from Crunch: business insurance for freelancers, contractors, & small business owners

Get your small business insured in minutes. With our low premiums & low excesses, you’ll be amazed how affordable business insurance can be. Contact us now!

When should you consider subcontracting?

We take a look at the pro's and con's of subcontracting and how it can be utilised by freelancers who need a bit more help with projects.

Contracting: should you go direct, or through a recruitment agency?

What are your options when you are working as a contractor? We take a look at the pro's and con's of both agency work and finding clients directly.

Everything you need to know about contracting abroad

Thinking about contracting in Europe or further afield? Learn all about your tax liabilities and how to maximise your take home pay working abroad.

Claiming tax exemptions for company summer parties

Are you planning on hosting a summer party for your employees this year? We look at the exemptions that are awarded to you by HMRC and the rules.

Changes to travel and subsistence expenses – what you need to know

Recent changes to the way you claim travel and subsistence expenses have left small business owners bewildered. We take a close look.

Can’t repay a COVID-19 Bounce Back Loan? Here’s what to do

Professional support is available if repaying a COVID-19 Bounce Back Loan is proving tricky.

Business mileage rates – who can claim and how much does HMRC allow? Free business mileage claim form.

When you are self-employed, or director of your own Limited Company, it can be baffling to know how to claim back business mileage.

Autumn Budget 2021: Everything you need to know

Changes to the National Living Wage, dividend tax rates and Universal Credit were all announced in the Autumn Budget 2021.

Accountancy Healthchecks - why it's a good idea to get checked out

If you’re hoping to start the new tax year afresh, a full check-up like this will give you some sound knowledge of your business and what you could be achieving, leaving you confident and assured about the future.

Company year end accounts checklist for limited companies

A company year end can be a daunting undertaking for first-time limited company directors. However it needn't be the end of the world. Here's what you need to know to get your year end accounts sorted.

What sort of travel can I claim for as a limited company?

As a limited company, your travel expenses are generally allowed as a business expense where all of the following conditions apply you are responsible for paying the travel costs, the travel is necessary for your work. Find out more here!

UK Dividend Tax Explained: Step-By-Step Guide

Dividends are payments made to company shareholders from company profits after corporation tax. If you run a ltd company they can be really tax-efficient.

What is a Zombie Company?

What are zombie companies and are they necessarily bad for business and the economy? We take a close look at them and what to do if you become one.

What is a limited company?

Limited companies are governed by the regulations contained in the Companies Act 2006. All company registration & records are managed by Companies House.

What is a Key Information Document and why do agency workers need one?

From 6th April 2020, all new agency workers must be given a ‘key information document’ (KID) before agreeing terms with an employment business or agency.

What are the benefits of a sophisticated online accounting system?

Why use online accounting software when you can download an Excel spreadsheet for free? Well, the reasons are numerous.

The value of bookkeeping software for small businesses

Bookkeeping software may not be able to make bookkeeping fun, but it can definitely make it much easier. Here's a few ways how.

The effect of workplace status on travel and expense claims

HMRC set rules which will determine whether you have the right to claim travel and subsistence expenses whilst you work - check out our guide.

What is Output and Input VAT? VAT Returns made easy

So, you're a small business owner who is VAT registered. Therefore, you have to add VAT onto your invoices or the goods you sell.

UK Tax rates, tax thresholds, tax bands, and tax allowances for the 2022/23 and 2023/24 tax years

There are many different tax rates in the UK affecting both individuals and businesses - we've pulled them all together so you can keep on top of them.

Tax refund scams - how to stay safe

Received an email about a tax refund and not sure it's real? We'll teach you how to recognise and deal with HMRC tax refund email scams quickly and easily.

Subcontracting outside the UK - the tax implications

Small businesses and freelancers alike need to wise up to the tax implications of subcontracting to workers abroad. We explore.

Spring Statement 2023: How will it affect me?

Find out how the Spring Statement 2023, made by Jeremy Hunt, will affect you or your business

Spring Statement 2022: Everything you need to know

The Chancellor, Rishi Sunak, delivered his annual Spring Statement on 23rd March 2022. Major changes to UK taxes and allowances are usually announced in the Autumn Budget.

Self-employed vs limited company, or umbrella: what’s best for you?

There are advantages and disadvantages to each approach, particularly when it comes to tax issues. Here's what you need to know!

Shareholders' agreements: What they are, and why you need one

If you are running a limited company without a shareholder's agreement, you'll want to read on about this important legal documentation and why you need it.

Self Assessment: What happens if I miss the deadline?

If you don’t file your Self Assessment and pay any tax due by the deadline you’ll face fines – and potential extra penalties. Here's all the info.

RTI How-To: Filing for free with Basic PAYE Tools

Do you find Real Time Information confusing? We show you how you can download PAYE tools and how to use them in order to make your filing simpler.

Research & Development Tax Relief: Can you claim?

If you've undertaken some R&D work, or even if you’ve worked for another company on a project, you could be due Research and Development tax relief.

Seven reasons why you should file your Self Assessment early

Filing early will mean you avoid the mid-January dread felt by many freelancers & contractors, and enjoy a well-earned worry-free rest over the holidays.

What is a P11D form?

If it applies to you, the P11D form is a document you can’t ignore. Get up to speed with everything you need to know about this important tax form in this Crunch guide.

Non-compete clauses: Advice for freelancers and contractors

Some clients insert non-compete clauses into contracts, curbing your freedom to work. But you don’t need to be held captive. We explain without the jargon.

New Tax Year, New You

Want to make this tax year the most profitable yet? Our top financial resolutions and guidance will set you on the course to success.

Autumn Statement 2022: How will it affect me?

Find out the details on the Autumn statement 2022 and the whole raft of changes affecting individuals (employees, directors and self-employed) and businesses.

Managing business expenses: How to record, store and back-up your receipts

Expenses are great. By claiming all your allowable expenses, you reduce your company profits, meaning less tax to pay on them. Here's what to do.

Can you manage your small business accounts for free?

Freelancer, contractor, or small business owner looking to reduce outgoings and increase productivity? There’s a new solution - Crunch Free!

Can I claim my lunch as a business expense?

Claiming back money spent is one of the biggest perks of being self-employed - but you can't just claim everything. What's the deal with lunch expenses?

Leasing through your limited company

What is leasing? And how do you go about leasing through your limited company? We explore your options and the pro's and con's.

Making Tax Digital for Income Tax Self Assessment to be introduced in April 2024

The government has delayed MTD for ITSA until 6 April 2024, with MTD for general partnerships postponed to 2025 in the aftermath of COVID-19.

Limited company freelancers: How to claim business expenses you paid for personally

If you pay for something for your business with your own money don't forget to claim it back as a business expense, we show you how.

What is a limited company Statement of Financial Position (formerly Balance Sheet)?

Find out what's actually on a Limited Company Statement of Financial Position (formerly referred to as a Balance Sheet), and why you might need one.

IR35 Guide: What is it, inside vs outside contracts, advice & more

If HMRC decide your contract is inside IR35, it can be a costly and time consuming. We look at the best ways to ensure you're not caught out.

Follow-up inquiry into off-payroll working (IR35) rules launched

A new inquiry on the implementation of IR35 rules in the private sector, and how these rules are working in practice, has been launched.