Taxation

tax implications of taking money from a limited company

Tax Implications of Taking Money from a Limited Company for Home Office

Due to COVID-19, numerous people are shifting towards WFH (work from home). Operating from home is benefiting people in reducing the overall expenses. This encourages people to start their businesses. When working from home as a limited company, there are many tax reliefs provided by the HMRC. This blog will let you know about the …

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How Do I Register as a Sole Trader

How Do I Register as a Sole Trader? – Basic Guide

It is a fact that there are many benefits of establishing your own business. That’s where the sole proprietorship, the most basic business structure, comes in. Being your own boss allows you to work from home, make your own decisions, keep all profits, and apply business growth methods. So, if you wish to work as …

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Pay Tax on Freelance Work UK

Tax Information For Freelancers: How to Pay Tax on Freelance Work UK?

A government study found that a wide range of individuals works for themselves within the UK. If you’re one of them, you’ll be obligated to pay tax on freelance work UK and need to register yourself for Self Assessment. After registering, you are required to pay several types of taxes such as income tax, NICs and …

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What is Net Pay? Net Pay Vs Gross Pay

What is Net Pay? Net Pay Vs Gross Pay – Definitions & Formulas

Do you know what’s being deducted from your annual salary and what is progressing to be your take-home pay? So, it is essential to understand what is net pay and how it differs from gross pay to help you oversee your funds and make several goals for increasing profits and developing a career. This article …

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self-employed expenses

Tax Allowable Expenses – A Guide to Self-Employed Persons!

Self-employed expenses can be deducted from the business turnover to calculate the overall tax required to pay every year. However, all the business expenses are not allowable. Therefore, as a self-employed person, you must know the cost that can be reclaimed on your tax returns.  In this blog, you will come to know about What …

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what are dividends

What are Dividends and How Often you Pay Limited Company Dividends?

If you are a business owner operating on the structure of being a limited company, tax efficiency is one of the biggest priorities you have, as well as a significant challenge you face. Staying on top of government dues and fees is incredibly important, and it’s a crucial aspect of your business’s financial health. As …

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HMRC tax investigation.

What Causes HMRC Tax Investigations Against Self Employed?

Taxes are a bane of many taxpayers’ existence, but filing the right documents is never as straightforward as it seems. When errors are found in your records, they can catch the HMRC’s attention and result in an unwelcome HMRC tax investigation. This often results in a myriad of costly consequences for businesses, so you can …

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Depreciation Rates on Fixed assets

How to Determine the Depreciation Rates on Fixed Assets

Calculating the depreciation of fixed assets has paramount importance to business owners. You can calculate the depreciation of assets in different ways and it varies depending upon your calculation method. This short blog will help you to determine how to calculate the UK depreciation rates on fixed assets of the businesses. Let’s kick off with …

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renting out a property

Tax Rules for Landlords – What To Know When Renting Out a Property

Almost everyone pays taxes—as a citizen of this country, you’re expected to fulfil this responsibility so that you can enjoy public goods and services. When speaking of taxes, you may only be familiar with the deductions on your salary that help fund government spending, but that’s not all there is to it!   Most people …

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taxpayer identification number

What is Taxpayer Identification Number (TIN) ?

A taxpayer identification number (TIN) is a combination of unique characters, provided by the tax authorities to individuals and entities for tax purposes. TIN is provided to identify a person or entity to administer the government’s tax laws. Most countries issue this number for the proper management of their tax affairs.   However, there are …

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financial statements

5 Reasons to Audit Your Financial Statements

Ensuring you get all your figures right in a financial statement is incredibly important for complying with tax regulations. Any minor details that end up being incorrect can trigger an investigation, so you’ll need to make sure that your financial statements are airtight. Most companies hire external accountants in London to conduct a financial audit …

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tax relief scheme for smes

Understanding the R&D Tax Relief Scheme for SMEs in 2021

The Research and Development Tax Relief or R&D Tax was instituted for the progression of society and technology. This tax credit is available to small and medium enterprises (SMEs) with substantial proof that their business can improve society and advance technology. But with such a responsibility around this credit, SMEs must understand a few things …

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Self assessment tax returns

Filing Self Assessment Tax Returns – 7 Dates You Need to Remember

Filing your tax return is important. In fact, you need to file them before the deadline to avoid any penalties. As crucial as it is, however, it can be daunting to complete, especially when you already have a lot on your mind. If you haven’t filed your first Self Assessment tax payment for the previous …

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What is paye

What is PAYE and What Affects Deductions On my Payslip?

Whether you’re getting your payslip for the first time or you have been getting it for years. It’s important to understand what is PAYE, how it is calculated, and what affects deductions on your payslip.   There are different tax codes on your payslip that determine the tax you owe to HMRC. What those tax …

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What is making tax digital

What is Making Tax Digital and How will it Affect your Business?

As the world is turning into a digital hub, countries are shifting from traditional ways to the digital tax system. The government of the UK has declared the Making Tax Digital (MTD) initiative in the budget of 2015. Its implementation is in the process which will be completed soon. After its completion, the UK will …

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Corporation Tax Reliefs And Allowances

Cracking Corporation Tax Relief And Allowances

If you are struggling to minimize your corporation tax liability, you’re at the right place. In this blog post, we’re going to crack corporation tax relief and allowances. To achieve your target, you need to understand the ways to handle annual investment allowance and other types of capital allowances. We’ll also discuss allowable expenses.     …

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Taxes in the UK

Is It Possible for Small Business Owners to Save on Taxes in the UK

Who doesn’t want to save on taxes in the UK? Everybody does, especially small business owners. Before you think about ways not to pay tax legally, stop—because that’s never going to happen. What is possible is to save tax legally in the UK, and the best way to do that is through a proper tax …

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