Tax

The OECD recently released its latest Taxing Wages 2022 report, and it’s interesting to see where the UK falls compared to other developed nations when it comes to tax. One of the purposes of this particular paper was to look at the impact of Covid-19 on how workers were taxed across 38 different nations – and it makes...

We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2022 to add to your diary. Requirement to register for Making Tax Digital for VAT (MTD for VAT) Previously, businesses with annual turnover (sales) below £85,000 could opt out of...

When setting up or growing your business, you’ll need access to new equipment, tools and vehicles. This usually means accessing finance to either buy or lease these new assets. It’s easy to get confused between hire purchase (HP) and lease rental (LR). The names lenders use aren’t always helpful, and the tax and VAT treatments are very different. ...

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,...

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...

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,...

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...

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...

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,...

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...