Starting a business can be an exciting chapter in life, and managing accounts as a small business can be a difficult task. It can be tempting to put all your energy into the aspects of entrepreneurship that give you the most joy and reward. However, it’s crucial not to be doing this at the expense …
How to Manage Accounts as a Small Business Owner? Read More »
Cloud accounting software is a tool that helps accountants, bookkeepers, or business owners manage and automate a business’s accounting transactions and accounts. In a nutshell, accounting software helps you automate tasks in the accounting process. For example, you can automate the process of creating a journal entry each time a payment is made through your …
What are the Cloud Accounting Software Advantages & Benefits For Any Business? Read More »
Introduction If you are self-employed and have multiple sources of income, you need to learn to pay a self-assessment tax return annually. The self-assessment tells HMRC about your financial situation, how much money you have earned this year, and other financial circumstances so that HMRC can calculate the payable amount of tax. This method is …
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Limited companies have to pay corporation tax. Corporation tax includes profits of the company and any gains from assets sold (Land, property, or shares) that have appreciated in value. Partnerships and sole traders don’t have to pay corporation tax. Instead, they pay income tax on business profits and capital gains tax on any gain from …
What is Corporation Tax and How to Pay Corporation Tax? Read More »
The bookkeeper is an individual who assists companies and other organizations keep their financial affairs in order. Bookkeeping is a crucial aspect in the running of your business but how much do you know about the profession that makes mathematical magic? Let’s examine what is a bookkeeper, what are their responsibilities, and what are the …
Who is a Bookkeeper and What Does a Bookkeeper Do? Read More »
If you’re self-employed and working in the construction industry, then you need to pay Construction Industry Scheme (CIS) tax. CIS is applicable to you if your business’s spending exceeds £1 million over the course of three years. This article will explain what CIS is, and how CIS tax works. What is the Construction Industry Scheme …
When starting a business, you may encounter various problems, which means that taxes are often deferred while more pressing problems are resolved. However, it is important to remember that companies that pay late taxes are subject to significant penalties. For this reason, it is always a good idea for small business owners to have a …
What are Different Types of Taxes for a Small Business and How to Claim Tax Relief? Read More »
At the end of the financial year, businesses or their owners/directors are usually required to file a P11D form with HM Revenue and Customs (HMRC) for each employee for whom you have provided expenses or services. You must also submit Form P11D(b) if: You have already submitted P11D You paid for employee benefits or expenses …
What is Form P11D and What is the Difference Between Form P11D and Form P11D(b)? Read More »
Income statement. Love it or hate it, they are an essential part of the business year for successful entrepreneurs like you. It shows that you are making progress and earning money. However, it can be difficult to find time for all this administrative work among growing small businesses. Could outsourcing to a tax accountant be …
Why Hiring a Tax Accountant for Your Tax Return Can Be a Good Investment? Read More »
Before you hire a local firm accountant in the UK, it is imperative to know what they are capable of doing for you. Local tax Accountants in the UK are the experts who are supposed to help businessmen in making the right decision regarding tax matters. If you have any kind of problems regarding tax …
Reasons Why Hiring Local Tax Accountants in the UK Makes More Sense Read More »
