Business guides and resources
Expert guides and advice to help you run your business
Making Tax Digital for VAT – The Complete 2022 Guide
Since April 2022, all VAT-registered businesses have been required to comply with the ‘MTD for VAT’ regulation and submit their VAT returns via MTD-compatible software. This also includes VAT-registered businesses on a voluntary basis, with an annual turnover of less than £85,000.
Payments on account guide – 2022-23 tax year
If your personal tax bill for the year ended 5th April 2022 exceeds £1,000, you will likely be required to make payments on account of the year ended 5th April 2023. This will be made up of half your future tax bill upfront in January 2023, and another half in July 2023. This means that by the 31st July 2023, you should have paid HMRC the equivalent tax for the year ended 5th April 2023, as you did for the year ended 5th April 2022.
The tax saving benefits of limited company pension contributions
When you have your own limited company, you could get significant tax benefits through your company making contributions to your personal pension, as well as increasing your pension pot for future retirement.
Maximising your tax allowances before 5th April 2022
As the end of the current financial tax year is fast approaching, we have prepared a short list of tasks you might want to review in order to maximise your tax allawance before 5th April 2022.
The National Minimum Wage and National Living Wage rates to increase from 1st April 2022
The National Living Wage and the National Minimum Wage will increase from the 1st April 2022.
If you are an employer, it is important to review the working hours and rate paid to staff, to ensure they do not fall below the new National Minimum Wage and the National Living Wage rates.
What is the Start Up Loans scheme and how does it work?
The Start Up Loans program was introduced to encourage entrepreneurship in the UK and provide easier financing access to new businesses.
For those eligible, this government-backed personal loan offers borrowing of up to £25,000 along with a repayment plan at a fixed interest rate of 6% per annum, over a period of 1-5 years.
Christmas Tax Exemptions – Virtual parties, Christmas gifts and Trivial Benefits
Christmas is fast approaching, and in the season of goodwill, you may be thinking of hosting a gathering or buying a few gifts for colleagues or customers. Here’s a quick reminder of the relevant tax relief rules, so you can be generous without running into trouble with HMRC.
How cryptocurrency is being taxed in the UK?
It is estimated that more than 3 million people in the UK currently own a cryptocurrency. Since 2008, over 9 million Brits were engaged in purchasing a crypto coins.
As digital currencies become increasingly popular with both individuals and businesses, one must be aware of the tax requirements involved with investing in cryptocurrencies.
In this article, we’ll explain in which circumstances cryptoassets are taxed in the UK.
Claiming for pre-trading expenses from your limited company
Starting a new business may involve some costs. You may need to pay for a number of products and services before your limited company is actually formed.
In this guide, James Leckie – who runs ITContracting.com – looks at some of the typical expenses you will incur prior to company formation, and explores the conditions you need to meet to reclaim such costs.
Providing accountancy services to limited companies for over 15 years
We’re one of the oldest and experienced online accountancy services in the UK. For over 15 years, we’ve been passionate about helping businesses succeed and have been trusted by 10,000 limited companies in the UK.
