If you’re thinking of going it alone in business, one of the key things to get your head around is the world of tax. Being a sole trader means you run your own business and are therefore self-employed. Being a sole trader means registering for Self Assessment and filing a tax return every year. You […]
It seems only yesterday that one of my clients called me in a panic, having received a letter from HM Customs & Excise introducing a new online VAT system and a date for their business to be live. Following this, all quarterly VAT returns would be submitted online. Nobody wanted change. Nobody wanted to climb […]
It’s that time of the year again when tax bills strike millions of companies across the UK. While business owners are trying to complete their annual tax return, HMRC just released a new rule that says businesses are not allowed to make tax payments with their personal credit card anymore. It’s very common for business […]
Every business needs to stay on top of their finances. Here’s our guide to managing your business tax, budgeting and cashflow issues. Paying the right amount of tax It’s important that as part of your financial planning, you look at your business tax situation. Penalties can be severe if you don’t pay the tax that […]
Filing tax returns accurately and on time is a central part of running a business effectively. Knowing your income tax from your corporation tax is a good place to start. It’s a legal requirement for all businesses – including the self-employed – to file tax returns with HM Revenue & Customs (HMRC). The types of […]