“A sole trader simply describes the way that a self-employed person can structure their business. You register with HMRC and complete your own self-assessment tax return each year. Once your tax return has been processed, HMRC informs you how much you owe from the previous tax year and the...
National insurance (NI) number - if you’ll be moving to the UK to set up your business and don’t currently have a NI number, you’ll need to apply for one beforehand. Business address - you’ll need an address for correspondence with HMRC, and if you’re selling or contracting good...
From there, select “set up a Direct Debit” to add your bank account information. It’s that simple, and doing so can help to ensure that you never miss a VAT payment. There are a few more things that it may be helpful to remember about HMRC VAT Direct Debit: Ensure on-time ...
Business Register Keep me secure If you're looking to open abank account, it’s easy to apply online, in branch or by phone. We offer bank accounts for all types of needs - from simple accounts for day-to-day spending topackaged bank accounts, which offer a variety of lifestyle and ...
“This enables you to plan for future tax liabilities, rein in costs in an area where you are over budget, and spend any surplus on expanding your business.” Andy Carey, partner at McBrides Chartered Accountants, warns you can be hit with penalties by HMRC if you fail to produce business...
Through good times and bad, the UK’s entrepreneurial spirit is unwavering. That drive has led small and medium-sized enterprises (SMEs) to become the nation’s business backbone – so much so that they account for 99.9% of the country’s total business population, and make up over 60% ...
At WorldFirst, we aim to make life simpler for importers, exporters and marketplace sellers in the UK. Payments between the UK and mainland China go through in hours, not days, and you can speak to an account manager if you need help completing a transaction. Discover how an account from...
Discover what a UTR number is in the UK, its importance for tax purposes, and how to obtain one for your business.
2. Will I need to register for Self Assessment? Tax isn’t payable on the first £1,000 of rental income. This is called your property allowance. If you earn between £1,000 and £2,500 a year from rental property income, you must contact HMRC to find out how to report it. ...
The U.S. tax code lays out rules on the tax treatment of, among other things, estates and gifts and how retirement plans are set up. There are resources online and in print to help taxpayers stay updated on tax laws under their country’s tax codes. ...