Category: Tax, Payroll & Company Information
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Tax advantages for those starting up in business
New businesses can benefit from a variety of tax allowances and reliefs which could cut their tax bill. They include capital allowances for investment in equipment and premises, tax relief and credits for spending on research and development and stamp duty relief on residential properties in disadvantaged areas. But you won’t automatically receive these tax advantages. You need to find out what you…
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Submitting documents to Companies House
All registered businesses – private and public limited companies, and limited liability partnerships – must send various forms and documents to Companies House. The safest, cheapest and most effective way to deliver these is to do so electronically using software or online WebFiling. Forms and documents can also be submitted by post and by hand.…
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Self-employed tax and National Insurance
If you’re self-employed, you are responsible for paying your own tax and National Insurance contributions. You’ll need to keep business records and details of your income and gains so you can fill in an annual Self Assessment tax return. You may also need to register for VAT. Register for tax and National Insurance with HMRC…
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PAYE for employers: the basics
PAYE (Pay As You Earn) is the system that HM Revenue & Customs (HMRC) uses to collect Income Tax and National Insurance contributions (NICs) from employees’ pay as they earn it. The term ’employee’ in this guide includes directors of limited companies. As an employer, you’ll have to deduct tax and NICs from your employees’…
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What is the Construction Industry Scheme?
The Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry. The scheme applies mainly to contractors and subcontractors in mainstream construction work, however, businesses or organisations whose core activity isn’t construction but have a high annual spend on construction…
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Change your accounting date
If you are self-employed, in a partnership, a limited liability partnership (LLP) or a director of a limited company, your business must keep adequate accounts or financial records. These records allow limited companies and LLPs to prepare annual accounts which report on the performance and activities of the company or LLP during the financial year. The…