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Whether you’re filing your self assessment return online, or if you’re sticking with the paper return, you can save yourself a lot of hassle by getting prepared in advance.If you follow these tips, you’ll save yourself countless trips to your filing cabinet, and hopefully save a great deal of time.
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Few people get into business so they can do paperwork. Spending time adding up receipts or pushing invoices around a desk is nobody’s idea of fun (unless you’re starting up as a book-keeper or accountant!).
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Entrepreneurs’ Relief is a Capital Gains Tax concession on qualifying business disposals, providing a 10% CGT rate on business sales.
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When you start up as a sole trader, or partnership, you will be liable for a series of business-related taxes, as well as the ones you will have been used to as a normal employee.
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The accounting software package that you choose when you start your business could affect how much financial control you have in the years to come.
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In the old days, one of the perks of running your own business was the ability to run a decent car by getting your company to lease it, and take it as a company car.
That perk doesn’t really exist any more. Over a number of years the tax rules have changed, to the extent that many accountants now say it is more tax efficient for many business owners to run their own private car and claim mileage expenses.
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In a way, HMRC expects very little of limited companies regarding Corporation Tax. All it asks is that as a director of the company, you comply with all tax laws, fill out your company tax return correctly, file it on time and pay up on time.
Sounds simple. But of course there are lots of different laws and conditions to comply with, and plenty of mistakes to be made.
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Running your own business sometimes seems to be a series of successes followed by setbacks.
You win a big client, then lose an existing client. You hire the perfect employee and their current employer offers them more money to stay. You make a nice fat profit, and the taxman comes along and takes 20 per cent of it! Talk about three steps forward, two steps back.
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For small business people, the separation between “allowable” and “non-allowable” expenses is complex. This guide aims to provide an overview of business expenses, with links to further resources which provide more in-depth information.
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As more and more people choose to work from home, the question of how you can reclaim any home office expenses is frequently asked.
The general HMRC rule for claiming tax relief on business expenses is that you can only reclaim costs that have been ‘wholly and exclusively’ incurred in connection with your trade.
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More and more people are choosing to start a business from home. In fact 1,400 people start a home business each week and 2.8m businesses operate full-time from home.
It seems like a win-win situation – the costs are often lower since you save on rent and travel expenses and you have the flexibility to work the hours you choose. But this doesn’t mean that starting up a home business is cheap. Here are some of Intuit UK’s top tips for new (or not so new!) home business owners to help save and make money:
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eBay is a truly global brand, with hundreds of millions of users around the world either using the service to buy goods, or to sell literally anything online.
Given the ease with which you can sell goods via eBay, the attraction to potential entrepreneurs is obvious. The start up and running costs are minimal, and you can easily run your business if you still have a regular job.
However, despite how appealing setting up an eBay business may be, you need to be aware of your legal obligations – particularly when it comes to registering for, and paying tax on your profits.
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The post-tax profits of a limited company can be distributed to its shareholders in the form of dividends.
This short article explains how dividends are administered, and how dividends are taxed.
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If you run a limited company, you can distribute any profits you make via dividends to your shareholders. But how do you keep a record of dividend distributions?
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When you set up in business via a limited company, your annual profits will be subject to corporation tax.
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Mark Turner, Tax Planning Partner at Essex-based chartered accountants CBHC LLP, sheds light on some of the ways in which it’s possible to reduce your tax burden.
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We are often asked to clarify the amount of tax payable by shareholders when dividends are paid, particularly, by private limited companies.
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A new guide has been produced explaining which tax records small businesses (including the self employed and limited companies) should keep, and for how long.
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Most normal ‘employees’ have tax deducted at source via the PAYE system and are unlikely to have to fill in a tax return unless they receive other income. If you receive income which is not taxed at source, or have complex tax affairs, you do need to complete a tax return.
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Enterprise Management Incentive (EMI) schemes may be an attractive way to remunerate and incentivise key staff – especially when the economic downturn may restrict other options.
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