Business Taxes
Businesses need to pay tax and file tax returns, just like people. Taxes can be very complicated, but you can get a quick understanding of what needs to be in place.
We strongly recommend that you get a professional accountant to help your business when you are starting. Our guides answer some basic questions that we hope give you a solid foundation for making sure that your company does everything by the book.
The Pros and Cons of Being VAT Registered
In the UK, VAT (Value Added Tax) registration is compulsory once a business meets certain requirements. These requirements (correct at the time of writing) are: If a business exceeds the £85,000 threshold within a 12 month periodIf a business expects to exceed the £85,000 threshold within 30 daysIf a business has purchased more than £85,000…
What is a Company UTR number?
When you first form a new company, the number of numbers you need to remember can become overwhelming. There’s your company registration number for a start, your VAT number if you’ve registered for it, and on top of those, you’ll be asked for a UTR number by HMRC. Whilst it may seem a lot of…
10 Ways To Reduce Your Corporation Tax
If you’re a Limited Company owner in the UK you’ll know that if your company makes a profit, the government will claim 19% of it. That percentage is a significant amount to some businesses, so it’s no surprise that business owners look to reduce corporation tax wherever they can. Whilst it is important that businesses…
What Is Corporation Tax?
A corporation tax is government tax that every UK registered company is required to pay. Companies, just like people, are subject to government income taxes. The corporation tax is calculated using the company’s profits. If you set up a limited company, your company will be asked to pay corporation tax on any profits that it…
The Tax Implications of Closing A Limited Company?
Closing a limited company is never a easy thing to do.. There are many reasons you might to close your limited company. It could be because you’re going to retire or going back into full employment. It could even be because you want to go back to being a sole trader. So if you’ve been…
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IR35 & Limited Companies
IR35 is tax legislation targeting ‘disguised employees’. A disguised employee is someone who operates as a permanent employee for a client but works through their own limited company to reap the tax benefits. As a contractor, you will be either ‘inside’ or ‘outside’ IR35. Outside means, you are operating as a legitimate business, and therefore…