Reasons to keep tabs on incoming and outgoing payments – over and above the bookkeeping practices required by HMRC and Companies House – are abound; sales volume, for instance, is a valuable key performance indicator. Let’s take a look at some other global bookkeeping and accounting best ...
Telling HMRC about your income change Is there a simpler way to pay tax on my second income? How much tax do you pay on a second job? Mostly, the rates are exactly the same as you pay for primary employment. The basic rate applies for a second job too, just like higher and addition...
It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC. 5 Excellent Reasons to Choose Us Discover how to make ...
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invoice date invoice number These will change with every invoice, so make sure you save your template with the placeholder values rather than existing client information to avoid accidentally sending invoices that are populated with client data. ...
Choose a ‘nominated partner’ – they will be responsible for managing your business’s tax returns and keeping your business records up to date. Register the partnership with HMRC in order to pay tax through Self Assessment. Register for VAT if you think your VAT taxable turnover will be ...
How far back can I claim mileage expenses from HMRC? You can claim mileage expenses for the previous 4 years and this year. In general, keeping your tax records for up to 2 years after their file date is recommended. However, this is one of the few examples demonstrating why keeping your...
Using accounting software to do tax returns Other helpful resources Glossary What is a Self Assessment tax return? If you’re self-employed, you’ve probably received emails from HMRC reminding you to fill out your Self Assessment tax return before the online deadline of 31st January. “In the...
Mandatory business rates for holiday lets: In 2023, the UK government announced that all holiday let properties in England will be subject to business rates, rather than council tax. This change aims to create a more level playing field between holiday lets and traditional businesses. ...
HMRC points out that: “Rates can change, and you must apply any changes to the rates from the date they change.”—which makes some sense for the 0% rate. HMRC have organised all goods and services into their VAT categories. This simplifies any future changes to the VAT rates. At any...