Doing taxes is every law-abiding citizen's responsibility. After all, the government won't have the funds to provide the services we all rely upon without our taxes. For this reason, everyone is encouraged to arrange their taxes before the due date to ensure they avoid penalties. It's also recommended because you get perks, such as returns. Tax returns are...
It’s been a whirlwind few weeks in both UK finance and politics. As you may have seen, the new Chancellor of the Exchequer, Kwasi Kwarteng, has U-turned on his decision to remove the 45p rate of income tax. This means that the additional rate of income tax will remain at 45%. What was announced in the mini budget?...
When it comes to tax, you may be required to file a few different types of returns. Two of the most common are the tax return and the VAT return. Though they may have similar names, some key differences exist between these two types of returns. What is a Tax Return? A tax return is a self-assessment that...
As a small business owner, you must ensure that your business complies with all applicable tax laws. Depending on the structure of your small business, you may be required to pay different types of taxes, including income tax, self-employment tax, and payroll tax. While it can all seem overwhelming, it certainly doesn't have to be. With these essential...
VAT, or Value-Added Tax, is a consumption tax that is placed on a product whenever value is added at each supply chain phase, from production to the point of sale. The end consumer is the one who ultimately pays the tax in the UK. If you are a business owner, it is important to be aware of the...
Paying taxes is a way of contributing to society. Paying taxes helps fund the services we rely on, create jobs, and support the economy. In a country like the UK, taxes help fund critical public services like the NHS, education, and infrastructure. Her Majesty's Revenue and Customs is the government entity responsible for tax collection, and it has...
The OECD recently released its latest Taxing Wages 2022 report, and it’s interesting to see where the UK falls compared to other developed nations when it comes to tax. One of the purposes of this particular paper was to look at the impact of Covid-19 on how workers were taxed across 38 different nations – and it makes...
Tax returns are undeniably an essential component of the calendar year for your business. While they are dreadful to accomplish, they have the ability to help your business expand and become more profitable. As such, employing a tax accountant might turn out to be money well spent. When you're managing a small business, it might be challenging to...
Tax is a sensitive issue that many of us are afraid to deal with. Our hesitation is understandable because errors in this field can be pretty expensive. Doing your tax return at home is possible, but it is risky because of the complicated rules and regulations. If you want to save money, the best way to do your...
Are you familiar with capital gains tax? Capital gains tax (CGT) is a form of taxation that concerns the profit earned by any business or individuals from the sales of capital. For example, the profit that was made from selling a personal residence at a profit is considered a capital gains tax. CGT is generally less than the...
Accountancy247 provide cost-effective, high value solutions to meet every clients needs regardless of the size of their business.
Hi, i'm James. If you have any questions please email me at sales@accountants247.co.uk
