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How can I reduce Corporation Tax 2022?
You pay a corporation tax rate of 19% on the profits made by your limited company and this is due to increase to up to 25% from 1 April 2023. Profit is defined by HMRC, in the strictest sense, as whatever is left from your revenues after you’ve paid for everything you had to purchase…
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How to reduce Corporation Tax?
You pay a corporation tax rate of 19% on the profits made by your limited company and this is due to increase to up to 25% from 1 April 2023 following the Spring Budget. Profit is defined by HMRC, in the strictest sense, as whatever is left from your revenues after you’ve paid for everything…
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How do you pay back your Bounce Back loan
To help UK plc cope with the unprecedented economic turmoil and start-stop shutdowns caused by the Coronavirus (COVID-19) pandemic, the Government has had to borrow hundreds of billions of pounds. A significant part of this cash was funnelled directly into the bank accounts of small businesses via the Bounce Back Loan Scheme.
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How much interest do HMRC charge?
HMRC expect everything you owe them to be paid on time and in full – but you already know that! Less well known though is they’re willing to help both personal and corporate tax payers if they’re unable to meet their obligations by the date due but, and this is important, you first must apply…
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How to work out VAT
One subject us tax accountants get asked the most is Value Added Tax (‘VAT’). What in theory should be quite a simple tax is actually really hard for many business owners to administer in practice. In this article, we’ll cover everything from how to work out VAT to when you need to add VAT to…
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How to close a limited company
Around 10% of businesses close each year for a variety of different reasons. It could be that the owners want to retire, a company is bought out and merged into another, or a business runs into financial difficulty and it can’t meet its creditors’ bills. Unfortunately for directors and shareholders, closing a limited company is…
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What is HMRC Time to Pay (TTP)?
In the ten years and more since the financial crisis of 2008-2009, HM Revenue & Customs (HMRC) have agreed many more late payment plans to help out individuals and companies who temporarily do not have the money needed to settle their forthcoming tax bills in full. Self-employed individuals and directors can spread the cost of…
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Building Business Resilience
Right now, a number of our clients are feeling that their resilience and their ability to rise to challenges in order to ensure their business continuity are being stretched to the limit. As a business owner myself, I can entirely empathise. We may be coming out of lockdown soon (in theory), but the effects of…
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HMRC Coronavirus Fraud
During the Coronavirus (COVID 19) crisis, the national debt has risen significantly as the Government has had to borrow huge sums of money to protect people’s livelihoods, businesses, and health. The first national lockdown ordered by the government on 23 March 2020 plunged the country into its deepest recession for three hundred years and, while…
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How to register as a Sole Trader
Welcome to the next stage of your career – welcome to the world of the self-employed. One of the first things anyone becoming self-employed on their own has to do is to tell HM Revenue and Customs and, in this article, we’ll tell you everything you need to know about how to register as a…