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 »
When hiring a tax consultant, it is important to consider the knowledge, experience, and of course location. With many giants operating across the country, people forget the importance of local contact. Additionally, a local tax accountant can build trust and provide personalized support to help your business grow. What Does a Local Tax Accountant Do? …
What are the Benefits of a Local Tax Accountant in the UK? Read More »
How many times have you ended a conversation with your accountant more confused than when you started? If your answer is yes “most of the time”, fear not! Many business owners understand the meaning of the accounting words but not what they mean. Add debits, credits, registers, and journals and a business owner’s head could …
What are the Basic Accounting Terms All Business Owners Should Know? Read More »
