For millions of UK small businesses, ‘tax season’ represents a costly, time-consuming inconvenience. But Britain’s tax landscape is transforming: in March 2015, HMRC announced its plan to update the self assessment tax payment process – moving away from annual paper returns, and towards a digitized, online system.
The government’s new digital tax accounts system introduces a fundamental shift in the way small business owners – both those working as self employed and those operating as limited companies – report and pay their tax liabilities.
The introduction of digital tax accounts will, within a few years, make the annual self assessment tax return obsolete – so how exactly will the changes affect Britain’s small businesses? (more…)
Although most IT contractors tend to set up their own limited companies, a significant number prefer to work through an Umbrella Company.
As a small business site, we have a wealth of tax guide which detail what a limited company’s tax obligations are, how to find an accountant and deal with current tax issues. We have also produced an overview of things you should consider below: