Category: BNW Accountants

Tax Penalties for Self Assessment Tax Returns

Tax Penalties for Self Assessment Tax Returns

There are tax penalties for  Self Assessment (SA) tax returns and for late payment of tax due under SA. The late filing penalty system changed for returns and payments from the 2010/11 year onwards. A key feature of the new regime is that the late filing penalty is not reduced if the tax is paid […]

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Penalties for PAYE Accountants

Penalties for PAYE Accountants

As an employer, you normally have to operate PAYE as part of your payroll. PAYE is HM Revenue and Customs’ (HMRC) system to collect Income Tax and National Insurance from employment on or before your employees’ payday On or before your Employees’ Payday: Every time you pay your employees, use your payroll software to: Record […]

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Late Filing Penalties for VAT Return

You usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months. This period of time is known as your ‘accounting period.’ The VAT Return records things for the accounting period like: your total sales and purchases the amount of VAT you owe the amount of VAT you can reclaim what your VAT refund from HMRC is You must submit a VAT Return even if you […]

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Late Filing Penalties For Limited Company

Late Filing Penalties For Limited Company

All limited companies are obliged to file accounting and other information with Companies House and HM Revenue and Customs (HMRC) each year.  Accounts submission deadlines:  If you are filing of company accounts with Companies House for the first time, you will have up to 21 months from the incorporation date (or 3 months following the accounting reference […]

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Capital Allowance – Things to know about it

Capital Allowance is basically a form of tax relief available to anyone incurring capital expenditure, buying, building or making adjustments to commercial property. Capital allowance let taxpayers write off the cost of certain capital assets against taxable income. They can be best thought of as a reduction in the purchase price of the assets. In […]

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Self Employed vs Limited Company

Self Employed vs Limited Company

Setting up as a sole trader is the simplest way to start a business. You only need to inform HMRC that you are working as ‘self-employed’, and account for your business activities through the annual self assessment tax process. Starting up in business as a limited company is a more complex process, and the financial […]

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Bookkeeping Services for Financial Records

Bookkeeping Services for Financial Records

As the name reflects, bookkeeping services for financial records are the activity or occupation of keeping records of the financial affairs of a business. Financial records of business include transactions of sales, purchases, bank, receipts& payments of an individual or organization. Bookkeeping records are a source of trial balance which is used by an accountant […]

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Capital Gains Tax

Tax Returns – Capital Gains Tax

Capital Gains Tax is the tax levied on profit from the sale of property or an investment. There are two specific types by which you can own property and may make a gain on its disposal or even before it is actually sold. When Someone Dies: When someone dies, the assets they own pass to […]

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Contractor Accounting - Tax on Dividends

Graphic Comparison, Historic Tax Rates & Personal Allowances Graphs

Graphic Comparison, Historic Tax Rates & Personal Allowances Graphs

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self assessment & self employment

Self Employment & Self Assessment

Self Employed is the simplest way to start a business, it could range to any business whether you work on a small scale or on large scale,  whether you have a team working for your or you are a sole trader in the business, if you are self-employed, you would need to complete a Self […]

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