Payment on account refers to additional self assessment payments that self-employed people need to make towards their next tax bill. This is HMRC’s way of making sure self-employed individuals are making 6 monthly contributions to their taxes, rather than paying all of their tax due in one go. What is payment on account? If you…
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Top tips for choosing an accountant Once you’ve decided it’s time to hire an accountant, the next step is to choose which accountant to hire. It’s important to take the time to do this carefully, and there are a few things you’ll want to consider first. You’ll need to think about things that are important…
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If you’re a director of a limited company, you can contribute pre-taxed company income to your pension pot. What’s more, because an employer contribution counts as an allowable business expense, your company will also receive tax relief against corporation tax. Can I contribute to my pension via my limited company? Yes, in fact, pension contributions…
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Cash basis is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you run a small business, cash basis accounting may suit you better than traditional accounting. This is because you only need to declare money when…
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Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income (including COVID-19 grants and support payments) must report it in a tax return. If you need to send a Self Assessment tax return, fill…
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We are back with another post that will surprise you. Are you claiming for capital allowances correctly? You can claim capital allowances on items that you keep to use in your business – these are known as ‘plant and machinery’. In most cases you can deduct the full cost of these items from your profits…
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The Chancellor of the Exchequer delivered a Cost of Living Support package to Parliament on 26 May 2022. The package includes a range of features and benefits that will be rolled out throughout the next few months… Energy Profits Levy On 26 May 2022 the Chancellor announced a new tax on the profits of oil…
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Running a business is hard work, and there’s no doubt about it. From managing employees to marketing your products or services, there are many tasks that need your attention. However, one of the most important tasks that often gets overlooked is bookkeeping. This is where a bookkeeper can add immense value to your business. In…
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Starting and growing a small or medium-sized business can be a thrilling and challenging journey. But did you know that there are amazing government-supported initiatives that can provide you with the financial assistance you need? If you’re wondering how to get your hands on some extra funding, look no further! Here are seven incredible ways…
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Thinking about setting up a limited company? Let me tell you, setting up as a limited company is one of the most tax-efficient ways to get paid for your hard work! With a limited company set up, you get to define your brand, own everything you do, run your business in the most tax-efficient way,…
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