If you have ever given a donation to charity, you’ve probably been asked if you want to add Gift Aid to it. But it’s not always clear at the point of sale what this means, who is eligible and how exactly does this type of giving work? There are a few available ways to claim tax relief which we cover here. In this article we...
May 2022 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Corporation tax due – 1 May for accounting periods ended 31 July 2021 where not payable by instalments Corporation tax due – 1 June for accounting periods ended 31 August 2021 where not payable by instalments...
UTR stands for Unique Taxpayer Reference. A UTR number is a ten-digit code issued by HMRC which uniquely identifies you, or your company, for tax purposes. HMRC (HM Revenue & Customs) uses this unique identity number to track your tax obligations. Your UTR number remains your unique tax identity usually throughout your life, just like your National Insurance (NI) Number. Do I Need a UTR...
Tax is a charge paid to the government by individuals, consumers and businesses. A direct tax is paid directly by a person or business to the government from wages or profits. These are known as income tax and corporation tax. An indirect tax is applied to goods or services at the point of sale, known as value added tax (VAT). These are the government’s main...
March 2022 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up MTD for VAT – 1 April All remaining VAT-registered businesses required to start using MTD for VAT from their first VAT period starting on or after this date Corporation Tax Due – 1 April For accounting...
Tax on crypto is charged in the same way as any other financial asset. So it’s important to accurately calculate your tax on crypto and report on the earnings from various cryptocurrency exchanges. A recent clampdown has seen HMRC issue letters to thousands Coinbase users reminding them of their duty to report and pay tax on their crypto activities. That’s why we have taken a...
You are probably familiar with VAT. VAT stands for Value Added Tax. You pay VAT attached to every purchase of a product or service you make as a consumer. As a business owner VAT can quickly become much more confusing. However it’s important to understand the VAT on goods and services that you sell and how to charge it both within the UK and abroad....
Capital gains tax is the tax charged on the increase in value of an asset that you sell, which you have held for more than one year. The amount of tax due, is calculated on the amount of gain made. This is the increase in value of the sale price, compared to the purchase price. What is Capital Gains Tax Charged On? This guide will...
Allowable expenses are the essential costs of running your business that are tax deductible. Any outgoings that are allowable expenses can be deducted from your taxable income, allowing you to save money and reduce your tax bill. What Are Allowable Expenses? Keeping a good tax record will help you be tax efficient by deducting all of your allowable expenses before you submit your profits to...
Self-employed workers pay income tax differently to employees, who have PAYE tax deductions made on their regular wage payments, usually once a month to pay for their income tax and National insurance contributions. PAYE stands for pay as you earn. However as a self-employed worker, you are not required to pay tax on your income as it comes in. What Is A Payment On Account?...
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