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The ABCs of VAT for small business owners
Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are collecting VAT on the Government’s behalf. While this may sound straightforward at first,…
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Year-end tax guide 2023/24
The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape. This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent disruptions in the supply chain…
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Should you hire or outsource accounting
SPOTLIGHT ON: Should you hire or outsource accounting? All you need to know to make the right choice. Running a successful business entails astute financial management, and at the core of this is the crucial decision of how to handle your accounting needs. Should you bring a full-time, in-house accountant into the fold, or does…
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Self Assessment
The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process. From early paper deadlines to penalties for late-filers, self-assessment holds a few surprises. As always, a professional accountant can help you navigate the process successfully, make the most of available…
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Personal financial planning 2024
SPOTLIGHT ON: Personal financial planning in 2024: New year, new strategy. The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long-term financial health and help protect you and your family against external…
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News Round-Up Dec 2023
UK accountants demand HMRC service improvements A recent survey from the Association of Chartered Certified Accountants (ACCA) has shed light on the challenges UK accountants face when dealing with HMRC services. Over 90% of respondents expressed the urgent need for HMRC to improve its service across several key areas. The survey, which involved 207 ACCA…
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Tax and your Christmas Party
As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you and your employees? Thankfully, showing your appreciation doesn’t need to cost the earth. In most cases, work Christmas parties and gifts for…
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Sole trader verses limited company
So you are thinking of setting up in business. The first thing to say is that the decision about what trading vehicle to use is not the be all and end all. If you set up as a sole trader, you can incorporate at a later date, all be it at more cost. This post…
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VAT Accounting Schemes
In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Annual Accounting The main advantage of using Annual Accounting is that you only prepare one VAT return a year, so the burden of paper work is much less. You will have to…
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Starting out
Now you are trading, be it through a sole trade, a partnership or an LLP, what do you need to do next? Sole Trader First, you need to register your business with HMRC – click here for the link. Next, your accountant, tax agent or adviser acting on your behalf, will need to apply to…