When running a small business, saving money and cutting costs where you can should always be a priority. By being smart when dealing with taxes it can actually save you a considerable amount of money. If you are effectively dealing with your taxes, it could be the difference between a steady profitable business to one that’s just barely getting by.
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Small Business Guides on Tax and Business Accounts
Here are the main small business tax rates and allowances for the tax year of 2018/19.
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Here are the main tax rates and allowances for 2017/18, that are most relevant to small businesses.
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In a study conducted by the FSB (Federation of Small Business), it was found that businesses spend £5,000 annually on tax compliance. As well as money, small businesses also lost out on three working weeks in making sure that they had their tax affairs in order. Small businesses are consistently losing time and money over tax payments which is why they are urging the government for a tax reform. The money being drained by tax compliance can be better spent on growing businesses.
Being in control of your finances is key to keeping your earning model afloat. That’s why it’s so important to stay on top of your books as a contractor or a small business owner as you have multiple income streams to deal with. Effectively managing your finances can do wonders for the process of bookkeeping for your small business.
The digital age is upon us. HMRC is planning a total digital switchover which is set to be rolled out from April 2019. For some, this isn’t anything new – Making Tax Digital (MTD) has been in the public domain for a good while now.
In this article, we look at the tax benefits of a limited company and drawing down income in the form of dividends as well as salary.
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Hands up if you thought bookkeeping and accounting were the same thing…
Don’t be embarrassed if you are waving your hand in the air right now, you certainly won’t be the only one. It is a common misconception and an understandable one, since the two professions do share some similarities.
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Limited companies can distribute profits they generate via dividends to company shareholders. However, you must ensure that all dividend distributions are legitimate, otherwise you could fall foul of HMRC.
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When you hire a new accountant for your business, you will typically agree an upfront fee to cover the wide array of tax and administrative tasks required to keep your books in order. Here we consider the typical tasks an accountant will provide.
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If you work from commercial premises – either as a tenant or owner, you will probably have to pay business rates to your local council. Here we look at what business rates are, how much you have to pay, and the wide range of ‘relief’ schemes which are available to small businesses.
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One of the questions many limited company owners ask their accountants is how often they can draw down dividends from their companies. Can you declare dividends on a monthly basis, for example?
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If you pay income tax via self-assessment, and have a tax liability for the current year, you may need to make advanced payments for the following tax year too – known as payments on account.
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One of the key announcements from the second 2015 Budget was a complete overhaul of the dividend taxation system from April 2016, which will result in higher taxes for limited company shareholders.
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All limited companies are obliged to file accounting and other information with Companies House and HMRC each year. What happens if you deliver documents late, and how can you avoid penalties?
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Commercial solicitor Leigh Ellis explains why business owners who import goods into the UK should perform crucial due diligence on VAT paid by suppliers in order to ensure there has been no fraudulent evasion – with particular reference to ‘carousel fraud’.
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Several VAT schemes are open to business owners depending on their financial profile. The flat rate scheme was created to make VAT accounting simpler for qualifying businesses, by allowing them to pay VAT at a fixed percentage of turnover rather than on a transaction by transaction basis.
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With the start of the new tax year nearly upon us, it’s the perfect time to think about how you can boost your business over the next 12 months. But which areas should you be working on? Emily Coltman FCA, Chief Accountant to FreeAgent, highlights five changes to make that could help you run your business more effectively in the year ahead.
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When is the last time you updated your invoice template? If you haven’t looked at the details of your invoices in a while, it’s a great time to check that you’re meeting all of your legal requirements and helping your invoice stand out from the crowd.
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Entrepreneurs’ Relief was created to incentivise people to set up and grow businesses by providing a reduced level of Capital Gains Tax on business disposals.
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