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...
Keeping on top of the tax deadlines for your company filing and tax payments can be hard work. With so many elements to coordinate and keep track of, it’s easy for deadlines to occasionally slip through the cracks – but that can lead to fines, penalties and other issues. The key is to stay fully in control of...
If your business operates from owned or rented premises, it’s worth thinking about using your pension fund to acquire the property. Owning this property through your pension scheme has some considerable tax advantages that are well worth looking into. The two types of self-administered pension scheme The tax-efficient benefits act as a real incentive for you to own...
The 5% reduced rate of value-added tax (VAT) has been in place since 8 July 2020. The reduced rate has been extended on numerous occasions to factor in changes to the affected sectors over the course of the pandemic – and has been a lifeline for many affected companies. But, from 1 October 2021, the 5% rate jumped to a...
Making Tax Digital is the government’s way of getting businesses to keep digital records and report them in real time. What this means is that you will no longer be able to keep manual records and just submit them with your tax return at the end of the year. Records will need to be kept digitally using accounts...
This is actually a really easy one to answer. If you had a leaking toilet would you fix it yourself or call out a plumber. Similarly, would you cut your own hair to try and save the cost of a haircut. Why wouldn't you outsource your bookkeeping. Running a small business is hard and traditionally every small business...
Chartered Accountant A chartered accountant must have undertaken a chartered qualification and will be members of a chartered body, such as ICAEW (The Institute of Chartered Accountants in England and Wales) or ACCA (The Association of Chartered Certified Accountants). As well as the usual accounting tasks such as preparing your year end accounts and submitting your tax returns,...
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