Tag: Accountants in Croydon

VAT margin Schemes

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 can’t use a margin […]

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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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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 accountants 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 […]

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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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Income Tax Rates & Allowances For Year 2013-14

Income Tax Rates & Allowances For Year 2013-14

INCOME TAX RATES & ALLOWANCES Every individual is liable to pay tax on the income he earns in a year through various sources. Not all income is taxable and you’re only taxed on taxable income above a certain level. There are various reliefs and allowances that can reduce your Income Tax. Various sources of an […]

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