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 […]
What is Net Pay? Net Pay Vs Gross Pay – Definitions & Formulas Read More »
If you’re thinking to set up your enterprise as a limited company (or you have already set up), you must know what share capital is and how it works. Shareholders within the company are only responsible for what they put into the business as limited companies are ordinarily “limited by shares.” You would often encounter
What is Share Capital and How it Works? Read More »
HM Revenue & Customs is responsible for managing taxes in the United Kingdom. The main types of taxes are Income tax, NICs, VAT, Corporation Tax, Excise & Stamp duties. In most of the taxes, people with high income pay a high rate of taxes. Once you pay your charges within the UK, it can include
6 Main Types Of Tax To Pay In The UK – Taxation Guide Read More »
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
Tax Allowable Expenses – A Guide to Self-Employed Persons! Read More »
As an owner of a small enterprise, you are required to pay several taxes according to the performance of your business on time. Therefore, there are several tax breaks available for SEMs to ease a load of tax in many ways. You Free up an amount of money for your commerce, diminished with a tax
3 Tax Breaks Small Enterprises can Take Read More »
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
What are Dividends and How Often you Pay Limited Company Dividends? Read More »
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
What Causes HMRC Tax Investigations Against Self Employed? Read More »
Struggling to know what is a unique taxpayer reference (UTR) number? Who needs this number? What it is for and how can you get it from HMRC? We have answers for all in this quick read. What is a Unique Taxpayer Reference (UTR) Number? A Unique Taxpayer Reference, also known as a UTR number
What is a Unique Taxpayer Reference (UTR) Number and How to Get One? Read More »
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
How to Determine the Depreciation Rates on Fixed Assets Read More »
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
Tax Rules for Landlords – What To Know When Renting Out a Property Read More »
Currently, there are over 1.1m people who are working for a second job in the UK (ONS Data). If you’re one of them or going to be on the list in the future, figuring out the second job tax might be confusing. Let’s see how your second job affects your tax bill! Financial strains
Second Job Tax: How Much Tax Do I Need to Pay? Read More »
Ever asked about a Taxpayer Identification Number and feel confused as a business owner? You are not alone! In this article, we will talk about what a TIN Number is, how you can find it, its purpose and functions, and the process to obtain it. Let’s get started! Reach out to one of our professionals
What is a Taxpayer Identification Number (TIN) and Why You Need It Read More »
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
5 Reasons to Audit Your Financial Statements Read More »
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
Understanding the R&D Tax Relief Scheme for SMEs in 2021 Read More »
Whether you are an employee or you are earning income as a self-employed professional in the UK, you need to pay Income Tax and NI as per the UK tax laws. As an employee, your employer operates PAY As You Earn (PAYE) to work out your tax and NI directly from your wages and sends
Self Assessment Tax Returns: 7 Dates You Need to Remember For Filing Read More »
No one likes parking fines. However, when you pay a ticket against the service to your customer. In such a case, you should be provided a tax deduction on private parking fines. Possibly, your business might use vans to deliver goods and your driver unintentionally needs to park the van on double yellow lines.
Tax Deduction For Private Parking Fines Read More »
If you’re a limited company, you need to pay corporation tax every year. In this short blog, we will discuss how to pay corporation tax and what is the best way to pay it. As a registered limited company, you’re legally bound to pay corporation tax on the profit you make. First, you need
How to Pay Corporation Tax? Read More »
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
What is PAYE and What Affects Deductions On my Payslip? Read More »
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
What is Making Tax Digital and How will it Affect your Business? Read More »
Like you, everyone hates taxes. Though, you are obliged to pay them. Taxes are one of the substantial revenue sources of a state. Most people pay them, but some people try to avoid and evade taxes. As a result, the process of avoiding and evading taxes is known as “Tax Avoidance and Tax Evasion”.
Find Out the Difference Between Tax Avoidance And Tax Evasion Read More »
You might be wondering: How much Tax and National Insurance will I pay? Right! You (as an employee) are liable to pay Income Tax and National Insurance on your gross income through a system known as PAYE. While paying, you have to ensure that you’re paying the right amount as per your tax code.
How much Tax and National Insurance will I pay? Read More »
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.
Cracking Corporation Tax Relief And Allowances Read More »
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
Is It Possible for Small Business Owners to Save on Taxes in the UK Read More »
The national debt continues to rise up and one can feel nothing but tense at the rising Capital Gains Tax (CGT) at one point and time. The pandemic is nowhere to end any time soon, and hence chancellor Rishi Sunak is a bit too careful in taking his decisions. ‘What if the economy is not
What Post Pandemic Taxes to Expect in 2021 Read More »
The UK government is converging its focus on residential property tax. Several changes have been made so far. The system got complicated after those changes. The rising real estate market in the UK has brought more overseas buyers to the market. Before making your considerations about the property purchase, you have to look into the
Property Taxes Overview and How They Work Read More »
Setting up a new business is never easy. You’re always looking for an affordable accountant. If you’re an entrepreneur, that’s hard luck because you’re literally dealing with everything on your own. Apart from other things, payroll management is one of the trickiest things for most people. In business operations, permits, legal requirements, inventory, and other
A Beginners’ Guide to the World of Business for Affordable Accounting Read More »
One of the most important things a company can do for itself is to routinely audit and examine its internal operations. Doing so is the only way to identify the strengths and weaknesses of the internal structure of your enterprise. From there, you can make a clear path to growth that is in-depth and measurable.
4 Smart Tips for Managing your Business Cash flow Read More »
As a business owner, you’re not sure when your business might fall in the trap of loans. If you’re lucky enough, you get access to bank loans and bank credit. Crowdfunding is one easy option for most business owners to rely on. What is Crowdfunding? How Does it Work? In the past, when someone
Crowd Funding: A Realist Alternative to Bank Lending? Read More »
There are so many types of taxes that you should be aware of in order to run your business seamlessly. Self-employed people have a double responsibility to run their business and avoid any tax hurdle in the process. In the case of self-employment, income tax is not the only tax you have to worry about.
Here is How Self employed National Insurance Contributions Work Read More »
In the business and finance world, credit control is paramount. For the uninitiated, this refers to the practice of extending credit only to customers who are capable of paying for products or services being sold. From the definition alone, businesses need to set robust measures so that customers will always pay on time and avoid
Our Credit Control Guide- How to Prevent Delinquent Payments Read More »
