If you are thinking about selling your business, shares or assets, there is a high chance you would have to pay a large percentage of your profit towards Capital Gains Tax (CGT).
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Benefits of Being VAT Registered
Value-Added Tax (VAT) is a consumption tax applied on most of the goods and services sold in the UK. Currently, the standard rate is set at 20%, along with a reduced rate of 5% and 0% on certain goods and services. This VAT is collected by businesses on behalf of HMRC. When a business is […]
How to Get a Tax Rebate – All You Need to Know
If you think you have paid too much tax this year, you are not alone. Like yourself, millions of UK taxpayers overpay every year, and often without realising it. This can happen due to a number of reasons for example if you are changing jobs or taking a break from work, in which case you […]
List of Tax Codes and What They Mean – A UK Payroll Guide
Tax Codes in the UK refer to a series of numbers and alphabets used by HMRC to determine how much income tax needs to be deducted from your earnings.
These codes are used to reflect on an individual’s tax-free allowance and any other additional income that requires taxing.
Does a Limited Company Have to Be VAT Registered?
The term Value Added Tax (tax) refers to a consumption tax imposed on goods and services in the UK. It can be charged at different rates such as standard, reduced and zero-rated rates. Businesses that meet certain criteria must register themselves for VAT, charge it on sales and also submit regular returns to HMRC.
Self Employed Bookkeeping Basics: A Beginner’s Guide
As a self-employed professional individual, managing your own finances can make you feel a bit overwhelmed sometimes. Whether you are a freelancer, sole trader, or an independent contractor, it is crucial to keep accurate financial records. This guide will breakdown all the basics of tracking your income, managing expenses and staying HMRC compliant. Why does […]