A tax investigation is an enquiry permitted by HMRC. They look into your financial affairs due to reasonable doubt in your tax payments. The duration of this process can usually take place between 6 months to 12 months. As a result, the time constraint depends mainly on the type of examination that is being carried […]
When it comes to accountancy, it’s very important to have all of your affairs in proper order to avoid numerous common tax problems that could arise. Sometimes, people might be aware of certain tax services, but could be unaware that they require it. This is especially true of tax planning services – those who need […]
Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on several factors, such as your income and size of gain. For residential property, it maybe 18% or 28% of the gain (not the total sale price).
Inheritance tax (IHT) is the tax on the estate, which is passed on due to the owner being deceased. The estate includes the property, money and possessions. This transfer rate was created on the 18th of March 1986. Working hard all your life being taxed, just to pay taxes after death. It is a tough […]
Typically, workers are paid using PAYE (Pay as you earn). When using PAYE, national insurance, loan repayments and income tax are taken into account before the employee is paid. However, if you are self-employed and are not using a PAYE system, you need to ensure that all income tax, national insurance and student loans are being paid in full, every year.
When a business owner receives a notice stating that their tax return or their business is going to be audited, the first thing they should do is seek professional tax advice. This is common for all types of people; when they receive collection letters, they should get professional tax advice. Many issues can arise as a result of a failed tax payment.
Accountancy is essential for every start-up, this guide is for every start-up that has struggled with accountancy. This guide will show the ins and outs of accountancy and how a start-up will reach its full potential as a business. Here are the following accountancy tips for start-up firms. [1]. Knowing the laws & legislation of your […]
Accountancy is essential for every business, regardless of if you’re a start-up, sole trader or fully featured business. Outsourced accounting gives a lot of benefits to start-ups because you will gain financially. If you’re good at something never do it for free Spending your time on what you are good at. If that means running […]
With technological advancements driving the way we live life in the present and future, it is no doubt that artificial intelligence has its beneficial uses for assisting accounting services. In fact, AI is taking over more traditional accounting duties than ever before- speeding up the process of data inputting and report building. However like all […]
Your accountant should be someone you appoint to make your life easier- not harder. Having your finances unorganised, and not dealt with correctly can bring about much unwanted stress. The key to a good accountant is transparency, trust and expertise. Continue to read to find out whether you have a certified accountant, or whether you […]