With the deadline for submitting your Self-Assessment Tax Return just around the corner, it’s a good idea to start getting your finances in order so that you don’t have a last-minute panic.
It really doesn’t need to be this difficult, particularly if you keep your finances up-to-date throughout the year. Here we explain more about what’s involved.
Corporation Tax is a good example of a tax liability that can be significantly reduced if done right. By aligning your company’s annual profit against its annual costs,...
If you are unable to make payment of your Self-Assessment Tax Liability, you may be able to apply for a payment plan. The easiest option is to give them a ring on 0300...
How to maximise your tax efficiency this year? 2020 "welcomed" UK businesses with quite a few challenges. COVID-19 has met business owners with serious questions in...
The new tax year starts today and whilst we all have other matters on our mind, its worth noting the changes to the tax thresholds and new changes introduced, summarized below.
A new tax year began on April 6th. It will introduce more than a few dramatic changes you should be aware of as a business owner. To help you get ready for the 2020/21 tax year, we have prepared a round-up of these key changes.
When you set up and run a limited company using our online bookkeeping service, it’s important to understand how Corporation Tax works. Corporation Tax is based on the profits your company makes; so you must ensure you set aside enough of your company’s income to pay the tax by or before the deadline. Late or inaccurate payment could mean you face fines and penalties from HMRC.
How and when do you need to pay Corporation Tax?
What would be the most tax-efficient VAT path for your company?
Here’s our new guide for business taxes in 2019/20.
Flat Rate VAT Update - July 2020 As part of the measures to support businesses during the Coronavirus pandemic, the government has announced six months cut in Flat Rate VAT for the hospitality industry. This includes hotels catering businesses, restaurants, takeaways...
Making Tax Digital (MTD) for VAT is the Government’s first phase in what they believe is making tax administration more effective, efficient and easier for taxpayers. The Government has said that one of the main reasons behind the MTD scheme is to help businesses “get their tax right”.
A limited company structure is usually the best way to legitimately and compliantly minimise your tax bill. This is because you can take remuneration through an efficient mix of salary and dividends and claim a wide range of legitimate business expenses.
How is flat rate VAT calculated? Traditionally, contractors have always benefited from registering on the flat rate scheme. This is because VAT would be collected on a sales invoice at 20%, but a lower percentage paid to HMRC. It resulted in most contractors...
Commencing from 6th April 2017, Scottish tax residents now have a different tax band. The amount when the higher rate tax kicks in have been reduced to £43,000 for Scottish taxpayers, compared to £45,000 for the rest of the UK. Here’s the full story.
What is VAT? Value Added Tax (VAT) is one of the most prominent words that orbit the world of business. You often hear comments mentioned such as, ‘is that plus VAT?’ ‘that’s zero-rated VAT,’ ‘have you filed your VAT Return?’ But What is it? VAT is a form of tax that...