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 »
As an employer, whenever you pay a certain amount to your employee after working out the taxes, the payment might get smaller. If you want to provide a net payment to your employee without any tax deductions, you can go for a tax gross up. Read on to find out the details. What is
What Is a Tax Gross up for Payroll? Read More »
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
What is Taxpayer Identification Number (TIN) ? 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 »
Many businesses often overlook the impact of bank transactions on their expenses, but banks are just like any other business – they’re in to make money in the end. A lieu of services can help make your banking activities more streamlined, but there are fees and hidden charges in between that can gradually eat away
3 Simple Ways to Avoid Unnecessary Bank Charges for Business Read More »
Let our London accountants manage your accounts efficiently. We make sure you implement decisions for useful solutions to keep make sure your business runs smoothly. When you’re just starting, dealing with a business on your own may be challenging and yet rewarding, once you learn to come out of the rubble and acquire the necessary
How to Handle Inflation of your Business Expenses Read More »
Bookkeeping is an integral part of any given business. It is the process of recording the financial transactions of the company. This process enables the company to monitor its financial health, as well as assists managers in coming up with sound business decisions. Bookkeeping requires careful attention to detail because any single mistake can be
4 Common Bookkeeping Mistakes That You Should Know Read More »
With several concerns on their plate, owners tend to overlook some aspects of their business. The daily grind of meeting clients, developing products, and managing employees can take their attention away from other important tasks like Financial Tracking and monitoring. Monitoring the cash flow must be a priority because it indicates the growth, stagnation, or
How Financial Tracking Can Boost a Company’s Value Read More »
Accounting mistakes, no matter how small they are, can lead to bankruptcy and penalties from the HMRC. Thus, small business owners need to exert extra effort to avoid mistakes in their accounting tasks. Here we have provided a list of few useful accounting tips that can reduce your accounting mistakes. 6 Accounting Tips for
6 Accounting Tips for Reducing Accounting errors Read More »
Whether a business has been running for many years, or even just starting, finances are always a top priority. Making sure that accounts and funds are in order is just as, if not, more important than making sure the business is earning. And for that, you need to hire an accountant to make sure your
5 Reasons Why Hire A Bookkeeper For Your Business Read More »
