Category: BNW Accountants

VAT margin Schemes

Income Tax Rates 2014-15

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Accountants in London for your business

Accountants in London for Your Business

London is a city rich in culture, and no part is an exception. In fact, it’s one of the best areas for art galleries, small theatre venues and some interesting museums. You can expect an outstanding education at a top university in a supportive and inspiring environment when you study in London. London is full […]

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Bookkeeping Services for Financial Records

RTI-Important facts of RTI interest for Employers

It is essential for employers to know that RTI does not do real-time adjustments for the PAYE debt. Each month is treated as a separate period for which interest calculation is performed. 19th of every calendar month is the last day for any adjustments/amendments you can make to the PAYE amount due for the tax […]

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Landlord Accounting – Tax implications

If you are an individual and own property in the UK that you have rented out, you are liable to file self-assessment tax return of yourself. You have to register yourself for self-assessment at any time during or after the period in which you earn property income. The income tax for Landlord is same as […]

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Directors' loan accounts and Corporation Tax implications

Directors’ loan accounts and Corporation Tax implications

The director’s loan account is the amount paid to director other than salary and dividend, it can be  cash payments other than your salary or dividend  expenses that you may have paid for using company funds that are actually for personal use  money is withdrawn for your personal use – for example, to renovate your […]

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Tour Operators Margin Scheme

Tour Operators Margin Scheme (TOMS)

The information provided in this article shows how you must account for VAT if you buy-in and re-sell travel facilities as a principal or undisclosed agent (that is, acting in your own name). TOMS is a special name given to businesses that buy-in and re-sell travel, accommodation and certain other services. Traditional tour operators are […]

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allowable expenses

Allowable Expenses

The Costs you pay with the sole purpose of earning profits from your business are allowable expenses. This means that any cost you incur outside the due course of the business is not allowed to be considered as a business expense. The expenses incurred may or may not include VAT on them. If it includes […]

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Tax Penalties for Self Assessment Tax Returns

VAT Overview

VAT is a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK. It’s also charged on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries. VAT is charged when a VAT-registered business sells to either […]

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Income Tax - Basic know how

Income Tax – Basic know how

Basis of Assessment: Individuals are assessed to Income Tax on their income in a tax year. This tax year runs from 6 April to 5 April and is known as a ‘Tax Year’. Personal Allowance: Every taxpayer may be entitled to Personal Allowance, please follow the link to Personal Allowances available to self employed or […]

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Capital Gains Tax

CORPORATE TAX RATES – 2013-14

CORPORATE TAX RATES – 2013-14 Rates for financial years starting on 1 April  Rate 2013 Small profits rate* 20%* Small profits rate can be claimed by qualifying companies with profits at a rate not exceeding £300,000 Marginal Relief Lower Limit £300,000 Marginal Relief Upper Limit £1,500,000 Standard fraction 3/400 Main rate of Corporation Tax* 23% […]

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