There is a significant difference between running business accountants in London as a sole trader or as a limited company. Many people may not know it or do not understand it properly. Here in this blog, we will evaluate those differences. Let’s have a look. Accounting and Tax Return Policies Sole […]
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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 tax return for collecting income […]
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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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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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What is bookkeeping services 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 […]
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Know about 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. The income Tax […]
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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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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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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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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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