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...
More people are unable to pay their capital gains tax (CGT). How, therefore, can you safeguard yourself? In 2019–20, the government owed around £10 billion in capital gains tax (CGT), approximately three times the previous ten-year bill. And it's possible that the liabilities have subsequently increased, illustrating the enormous tax obligations that investors who cashed out as stock...
With all the things going on in your business, it can be easy to forget about paying your taxes. But this is definitely not a mistake you want to make. If you want to avoid paying tax penalties, you have to have a full understanding of your tax obligations as a small business owner. What Taxes Do Small...
We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2022 to add to your diary. Requirement to register for Making Tax Digital for VAT (MTD for VAT) Previously, businesses with annual turnover (sales) below £85,000 could opt out of...
VAT returns are the VAT information that is sent to HMRC. This is not the same as the VAT invoices you use for VAT on sales. VAT returns are due to HMRC every month and should be completed, sent and paid by the 20th of the following month. Late payments will be subject to interest charges, and, in...
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