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, you may be able to lower your tax bill quite substantially.
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Deferral of your Self-Assessment Tax Liability and arranging a payment plan.
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 in 2020/21 – Top tax tips to help reduce your tax bill
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...
UK Dividend tax rates and thresholds for 2020/21
A new tax year has just started, and whilst we all have other matters on our mind, it's worth being aware of the full amount you can withdraw from the company tax-free,...
2020/21 Tax Year – What’s Changed?
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.
What you need to know about Corporation Tax
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.
2020/21 Limited Company Business Taxes Guide
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 changes explained
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 for VAT – Are you ready?
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”.
13 Tax-Saving Tips for Limited Company Owners
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.
What’s happening with the flat rate VAT scheme?
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...
Scottish Income Tax Overview
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.
VAT – what is it and who needs it
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...
Topical VAT update
This is a reminder for businesses who are VAT registered in relation to general VAT pointers which you may find helpful. Please be aware, per HMRC’s guidelines, appointing accountants to look after your affairs does not relinquish your responsibility. You still have...