HMRC have provided a range of special schemes that apply to smaller businesses. They are designed to reduce administration, but also (in some cases) to assist cash flow.
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Tax & Accounting Guides
Key Guides
- The Key Business TaxesWhich taxes you will encounter as a small business owner
- Top 10 Tax TipsSome no-nonsense pointers from the Bytestart team
- National InsuranceWhich NICs are you liable for as a small business owner?
- Corporation TaxHow limited companies are taxed
- Dividend TaxHow much tax do you have to pay on limited company dividends?
- Entrepreneurs’ ReliefA rare tax concession if you decide to sell your business
- Capital AllowancesTax relief if you buy equipment or invest in R&D
- Company Car TaxIs it tax efficient to own a vehicle through your business?
- Business ExpensesWhat can you legitimately claim against your business income?
- Sole Trader TaxSole traders are liable to income tax and NICs on their business income
- Guide to PAYEHow the Paye As You Earn scheme operates
- Business Stamp DutyHow Stamp Duty applies to premises or share transactions
- Business RatesHow Rates are applied to business premises
- Home Office ExpensesWhat can you claim against your business income?
- HMRC PenaltiesOverview of the new HMRC penalties regime
Our Main Tax Guides
- Tax Rates for small business owners 2013/14
- Personal tax changes from April 2013
- Summary of tax rates and allowances for 2012/13
- Small business accountants10 tips for choosing the right accountant for your business
- Book Keeping BasicsThe fundamentals of how to keep accurate business records
- HMRC Payroll FormsWhat do the main forms do – including P45,P60 and P11D
- Profit & Loss GuideSummary of what you’ve bought and sold over 12 months
- What is a Balance Sheet?A snapshot of the financial health of your business
- Book Keeping TipsHelpful advice to keep your business books in order
- Value Added TaxAn overview of VAT, and how the tax is collected
- How to Register for VATYou must register if you turnover reaches the VAT threshold
- VAT Cash AccountingYou account for VAT when income is received, rather than by invoice date
- Flat Rate VAT SchemeCreated to simplify the VAT calculations for eligible small businesses
- VAT CalculatorCalculate the VAT your should add, or that is included already
Tax Rates
Book Keeping / Accounts
Value Added Tax Guides
Here (in no particular order) are some handy tips from the Bytestart team, based on our findings working with small businesses over the past decade, and from our own personal experience.
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This guide outlines how VAT registered businesses should charge VAT on their goods and services, and how to reclaim VAT on purchases and costs.
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In the first in a short series of Value Added Tax bulletins for small businesses, Les Howard looks at what VAT is, and when you must register your business.
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If you choose to set up a limited company when you start your business, there’s a lot more paperwork involved.
It’s one the downsides of going limited (the biggest upside of course being that you limit your liability should the business go under).
One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet.
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If you are a limited company shareholder, you may have to pay personal tax on any dividend income you receive. This article outlines how company dividends are taxed.
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Small businesses, and the individuals who run them, are subject to a wide array of taxes – from Corporation Tax to National Insurance. This is an overview of the main taxes you will encounter as a small business owner, together with links to our more in-depth guides.
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Your business should register for VAT if your “taxable supplies” over the past 12 months has exceeded the VAT registration threshold. From April 2013, the VAT registration threshold is £79,000 (previously it was £77,000).
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Many rates and allowances changed on 6th April 2013, as the new personal tax year began. This year, the RTI (Real Time Information) payroll rules also came into effect.
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Accurate bookkeeping is a necessary evil when you run your own business.
There are three reasons you need to be on top of the money coming in and going out. HMRC will need information from you at some point (whether you are a sole trader or run a limited company); you need to know if you have enough cash to get you through the month (cash flow); and finally it’s good to know whether or not you are actually making a profit!
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National Insurance is a deduction from earnings, set up originally to fund various State benefits such as the NHS, the State pension and other welfare-related schemes.
In reality, it is just another tax. In fact, as standard income tax rates have remained constant for many years, NI rates have soared.
In this article we look at how NI works, and what your National Insurance Contributions (NICs) will be as a small business person. The guide has been updated with the 2013/14 tax year NIC rates.
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Following the 2013 Budget, here is our summary of the main tax rates, tax bands, and allowances for the 2013/2014 tax year, with particular reference to data which will affect the typical small business owner.
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Large firms are set to enjoy another Corporation Tax cut following Budget 2013, but while the headline rate has been reduced significantly under the current Government, small companies will not benefit.
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The most talked-about small business announcement from Budget 2013 is the implementation of a new ‘Employment Allowance’, which will reduce firms’ Employers’ NI bills by up to £2,000 from April 2014.
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Are you a self-employed individual? Do you regularly travel on business, and does that travel ever entail an overnight stay away from your home? Do you know exactly which of the associated expenses you can legitimately claim back?
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With the tax year end on the horizon once again, and significant changes to tax rates taking effect from April 2013, we examine how individuals can make the most of the currently available tax reliefs.
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In this article, we look at the role accountants play, and how to ensure you choose the right firm for your business.
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Whether you are a business person, property landlord or pay significant amounts of tax as an employed or retired person, there is now a short window of opportunity to examine your likely earnings for the 2012-13 tax year, and more importantly, see what can be done to minimise those liabilities.
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Controversial changes to the Child Benefit regime went live on 7th January 2013. The benefit is no longer universal, and will be reduced when one parent earns over £50,000 per year, and scrapped entirely when earnings reach £60,000.
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If you need to submit a Self-Assessment Tax Return (SATR) it’s imperative you get it in on time and error-free. In this article, Carol Cheesman explains how to get started with your SATR, and how to avoid common mistakes.
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