Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, we’re starting a new Plain English guide to business. This time, we’ll be looking at Value-Added Tax, or VAT as it’s generally known. What is Value-Added Tax (VAT)? Value-added tax (VAT) is a consumption…
Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, here is our plain english guide to corporation tax, one of the key business taxes you’ll need to understand as a limited company. What is Corporation Tax? Corporation tax (CT) is a direct business…
No-one wants to spend too much time thinking about their own mortality. But the reality is that forward planning removes a lot of the uncertainty for your loved ones in the event of your death. The following guidance may also be useful to help you guide others. Passing on without any clear legal instructions regarding…
Purchasing an existing company is a great way to expand your business empire. You can buy out a close competitor, or dip a toe into a new industry and expand your reach as a business group. But whatever the reason for the acquisition, you need to ensure you’re not buying a lemon! Doing your research…
HM Revenue & Customs (HMRC) expects you to pay your taxes on time. But if you’re finding it difficult to pay in full, HMRC can be approached to allow a Time to Pay arrangement. A Time to Pay arrangement will allow you to pay your debt off in pre-agreed installments, reducing the impact of a large tax…
We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2023 to add to your diary. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months and…
Founding, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn’t always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to…
Incurring expenses is an unavoidable fact of running a business. But there are ways to reduce the impact of these expenses, by claiming the relevant costs against your tax bill. Here’s our lowdown of which common expenses are tax deductible, and the advantages of claiming these costs to cut down your operational and personal expenses.…
Sorting out your tax registrations is one of the first things to tick off your to-do list as a new business owner. But knowing when (and how) to register for things like value-added tax (VAT) can be a confusing process for new entrepreneurs. Here’s a straightforward breakdown of the VAT registration process. Why does my…
When you set up a new company, there are certain business taxes you’ll be liable for as a business. But have you also planned for the personal taxes you must pay as a director? As a company director, it’s not just the company’s corporation tax that you have to pay. You also need to pay…