Tax

Quick Tips: Registering for VAT

When first setting up your business, there are multiple decisions to make – and a key consideration will be whether to register the business for Value-Added Tax (VAT), the tax that’s added onto the price of certain goods and services. When does VAT registration become mandatory? When your business’s turnover reaches £85k over any rolling period of 12 months,...

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Spreading your January self-assessment payment

Spreading your January self-assessment payment

As we start to recover from the worst effects of the Covid 19 Pandemic, many owners, directors and self-employed individuals remain concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out your income tax payments. HMRC’s ‘time-to-pay’ arrangement allows you to...

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Who can claim Business mileage and how much does HMRC allow?

Who can claim Business mileage and how much does HMRC allow?

When you are self-employed, as the director of your own limited company or a sole trader, claiming business mileage is essential! As an allowable business expense, claiming business mileage means you can reduce the amount of tax you need to pay. ‍Recording your business mileage and understanding the records you need to keep can be challenging for new business owners,...

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What is Making Tax Digital (MTD)?

Making Tax Digital is the government’s way of getting businesses to keep digital records and report them in real time. What this means is that you will no longer be able to keep manual records and just submit them with your tax return at the end of the year. Records will need to be kept digitally using accounts...

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Why you should outsource your bookkeeping

This is actually a really easy one to answer. If you had a leaking toilet would you fix it yourself or call out a plumber. Similarly, would you cut your own hair to try and save the cost of a haircut. Why wouldn't you outsource your bookkeeping. Running a small business is hard and traditionally every small business...

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Do you need a Chartered Accountant?

Chartered Accountant A chartered accountant must have undertaken a chartered qualification and will be members of a chartered body, such as ICAEW (The Institute of Chartered Accountants in England and Wales) or ACCA (The Association of Chartered Certified Accountants). As well as the usual accounting tasks such as preparing your year end accounts and submitting your tax returns,...

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Simple assessment the new kind of tax return

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HMRC introduced a simpler way to collect tax in September 2017 which will hopefully take up to 2 million people out of the self assessment system. Initially two groups are being placed into this new assessment: Those who are claiming a state pension for the first time who also have income that exceeds the 2016/17 personal tax allowance.Those...

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Your personal tax account

Everyone can access their personal tax account on HMRC’s gateway.  You can start using this service over on the .gov website You can use your personal tax account to: You can use your personal tax account to: check your Income Tax estimate and tax codefill in, send and view a personal tax returnclaim a tax refundcheck your income...

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What are self assessment payments on account

It’s always a bit of shock the first time you submit a self assessment tax return and realise that you have to pay your tax in a lump sum rather than having it deducted from your wages monthly. It’s a double shock when you realise that you need to make payments on account towards next year’s tax bill...

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What is a P11D form

The P11D form is used to report benefits in kind.  These are items or services which you (or your employees) receive from your company in addition to your salary.  Common items which need to be reported on a P11D form are: Company carsPrivate healthcareAssets provided to the employee that have significant personal use – for instance if accommodation...

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