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Business insight and opinion
We cover a wide range of topics in our regular insight articles. Have any ideas for something you’d like us to cover? Get in touch.
Self-Assessment Explained: Registration and Tax Guidelines for Sole Traders and Employees
Earning £1,000 or more annually from your sole trader business or side ventures? If so, it’s essential to register for self-assessment. This obligation isn't limited to business owners alone. Employees with an annual salary of £100,000 or more are also required to...
The entrepreneur’s roadmap: registering your limited company in the UK
Considering establishing your business as a private limited company in the UK? This decision marks the beginning of an exciting venture. However, it is important to note that the limited company registration requires more details than when you register yourself to...
Are you sure if your employee parties and social functions are tax-deductible?
If you manage your own company as an employer in the UK, you would have hosted employee parties or attended social events at least once. Many employee parties and staff events, like your end-of-year party or Christmas party, can help build better team bonds. HMRC also...
HMRC’s crackdown on undeclared income
As the number of side hustles in the UK has increased recently, HMRC's crackdown on undeclared income has become stricter. Starting in 2024, HMRC has made it a requirement for digital platforms to report how much income individuals are making through their sites....
When is it necessary to register your business for VAT?
Considering whether to register your business for VAT? We can provide you with comprehensive information on the appropriate timing and process for VAT registration, as well as the main reasons for doing it.
Understanding the concept of principal private residence relief
When selling a property, it’s important to consider Principal Private Residence Relief (PPR). Reach out to us to discuss how PPR can potentially lower or even eradicate your capital gains tax obligations
What are the essential elements of a VAT invoice?
As a VAT-registered entity, are you adhering to the rules for issuing VAT invoices and claiming against invoices from suppliers? We can conduct a review of your invoicing procedures to ensure full compliance with all necessary requirements.
Which is more suitable for your business: hire purchase or lease rental?
Considering purchasing or leasing a new asset for your business? We’re here to guide you through understanding the distinctions between hire purchase and lease rental, including their respective impacts on your taxes and cash flow.
Making the most of your retirement pension plan
Have you considered preparing for your retirement? We offer valuable advice for developing an effective pension strategy, tailored for directors, partners, and sole traders.
What is meant by ‘Payments on Account’ in self-assessment?
Are you familiar with the term ‘payments on account’? Understanding this concept is crucial if you have income sources beyond your regular employment. It’s essential to know about payments on account and their role in the income tax process.
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