Author: admin

business manager

Tips for Creating an Office at Home

Overseeing office work from home is very beneficial and with the passage of time, many entrepreneurs are realizing this importance. Although it becomes quite hard to sustain a wall between your professional and personal life, you will get it when working in an extra room, a house, or maybe a building will not cost you […]

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Tax Return

Self-Assessment Tax Return – Penalties

As most of us know HM Revenue and Customs (HMRC) is UK’s Government department for dealing with the state taxes for all individuals & businesses, it collects the money paid by the UK public and assists targeted families and people with financial support. HMRC runs a system called Self-Assessment for collecting income tax. How to […]

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Marriage Allowance

HMRC is having the drive to encourage people to claim the marriage allowance.  Introduced in 2015, the marriage allowance enables one partner in a married couple or civil partnership to transfer part of their personal allowance to the other partner. It is worth claiming if one partner is not able to use all of their […]

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annual investment allowance

Annual Investment Allowance (AIA)

Capital allowances can be claimed when a business buys assets to be used in the business. As the asset is used for business purpose and would lose its value for wear & tear, therefore, the value of the asset can be deducted from profits before paying tax. However, there are different rules for different assets […]

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How can I Change My Business Service Address?

Are you running your business, and want to officially register it as a Limited Company? The registrar of all the UK businesses; “Companies House” requires you to provide a service address of each of the director, PSC, secretary and member of the company (Ltd, LLP). This address is part of the public information and available […]

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Bookkeeper vs. Accountant – Who’s Right for Your Business?

What is bookkeeping and accounting for business services? What is their role? What is the difference between the two terms? And which one is right for your business? If you are a business owner, regardless of the type of your business, you must have either encountered, are encountering, or will soon encounter these questions in […]

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A Brief Introduction of UK Taxation System

UK government collects revenues mainly from: Income tax, National Insurance contributions, Value added tax (VAT), and Corporation tax. Income Tax An income tax is a tax that governments impose on income generated by individuals or entities i.e. wages, salaries, commissions, dividends, interests, rents etc. Income Tax year starts from 6 April and ends on 5 […]

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VAT margin schemes

VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather than the full selling price. You pay VAT at 16.67% (one-sixth) on the difference. You can choose to use a margin scheme when you sell: ● Second-hand goods ● Works of art ● Antiques ● Collectors’ items You […]

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Contractors – Tax Deductible Expenses as a – What You Can Claim

When you are a freelance contractor you will incur certain costs. Some of these can be claimed before taxes are applied – i.e. they are ‘tax deductible’. It is therefore important that as a contractor, you know what counts as a valid expense, so you can keep your tax bill as low as possible.The rule […]

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Contractors – PAYE and National Insurance

Income tax and National Insurance contributions, or NICs, are payable on the salary that you pay yourself out of your limited company’s turnover. It is common for contractors who are not caught by IR35 to pay themselves a very low salary (e.g. minimum wage) to keep income tax and NICs to a minimum, taking the […]

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