As you can imagine this is not a question with a simple answer. However, we are asked this question regularly and determining the amount of income tax you will pay will involve several considerations specific to your financial situation. Accurate calculations demand knowledge of tax codes, allowances, and deductions. Consultation with a tax professional ensures […]
How much income tax will I have to pay? Read More »
Boy is this a question! It is like who is the best footballer in the world! For me, I think it is best to see first, what is required from the software, and a good starting point is considering the structure of the company in consideration. If they are just about to start up a
Which accounting software is best? Read More »
It always amazes me that there are people out there who still believe registering for Vat is a choice and not a legal requirement! To begin with let’s remember that the Vat threshold in the UK for turnover is £85,000 per annum. Meaning if your annual turnover will be 85K and above you will have
When should a company become Vat registered? Read More »
The lifeblood of every business is of course sales, but without cash in the bank, there is no business. Often, we talk to business owners who think they need to raise finance because they have a lack of cashflow, when their aged debtors (customers who owe money) run into the thousands! Business owners are great
How can I get my customers to pay me on time? Read More »
By far this is the most popular query we receive on a regular basis. Also, there isn’t a answer that fits all of the enquires, they differ due to the different circumstances involved. A good starting place would be to understand the difference between a sole trader and a limited company: A Sole Trader is
When should my sole trader business move to a limited company? Read More »
R&D Tax Reliefs are Government backed in initiatives which is aimed at promoting investment in innovation and to encourage spending with the overall aim of protecting the UK economy from overseas competition. If a claim is successful it can result in a valuable cash injection back into your business. Before we move on and consider
What is a Research and Development Tax Credit and how do I apply? Read More »
In a nutshell the best way to describe Making Tax Digital is that it is a requirement for businesses and individuals to keep digital records of transactions and submit to HMRC. It is very often abbreviated to MTD. This was kicked off by the first tax being moved to MTD, which was VAT. To begin
What is Making Tax Digital and what does it mean for me? Read More »