What is VAT?
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What is VAT?

What is VAT? This post will explain everything you need to know about Value Added Tax in the UK.

Register for Self-Assessment tax return
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Register for Self-Assessment tax return

Have you started a new business recently? Or began letting a property to increase your income? Then you will probably need to register with HRMC to submit your self-assessment tax return. Registering for self-assessment tells HMRC that you: This is compulsory and can lead to penalties and issues if you do not register for self-assessment…

Holiday Pay
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Holiday Pay

Are you struggling to understand how to work out Holiday pay entitlement for your employees – this post will clearly explain everything you need to consider.

Keeping Records: Simplified Expenses
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Keeping Records: Simplified Expenses

In addition to the traditional accounting method for keeping records, there is the Simplified Expenses Method. This can be used by Self-employed businesses and sole traders. The simplified expenses method works by using flat rates to calculate a number of expenses instead of recording the actual expenses. Which Expenses Can I Use Simplified Expenses For?…

Self Assessment tax return: deadlines and penalties
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Self Assessment tax return: deadlines and penalties

Late submission or payment of self-assessment tax return deadlines and penalties can be a costly mistake for sole traders and businesses. HM Revenue and Customs (HMRC) created the Self-assessment model to allow people to file tax returns and disclose their taxable earnings. This means tax can be charged correctly without investing in a complicated way…

Drawing Money from your Company: Wages
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Drawing Money from your Company: Wages

It’s one thing to have a successful business that makes money, but how would you use the profits to pay personal expenses or invest? With a sole trader business, it’s easy. As you are the one earning the money, it is yours to spend how you wish, provided you take care to save some to…

Capital Gains Tax: The Basics
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Capital Gains Tax: The Basics

What is Capital Gains Tax? Everyone has items that are no longer wanted, items to sell to other people and possibly made a profit. In most cases once the sale transaction is complete nothing else needs to be done. However when we are selling expensive items, such as shares in a company or even a…