The accounting requirements for private limited company businesses in the UK can seem complex and difficult to understand. Limited companies are legally required to prepare and file annual accounts to Companies House and HM Revenue and Customs (HMRC). Limited company accounting should provide a comp...
Annual accounts provide a comprehensive summary of a company’s financial position, health, and activities over a specific period. Typically, this will be a fiscal year, providing an easy-to-understand guide to the company’s performance. Limited company annual accounts provide a detailed overview...
Year-end accounts are a critical component of running a limited company. They provide a comprehensive overview of the overall financial health of the company, as well as ensuring transparency. Crucially, they’re required to ensure companies meet their statutory obligations. Understanding what’s ...
A key date in any company calendar is the business tax deadline. Knowing when to file business taxes is not only important for ensuring you meet your tax obligations, it can also help with tax planning. For a small business, when to file taxes is one of the most important dates in the business year....
Business tax credits are government incentives designed to support companies of all sizes while encouraging particular behaviours, strategies or investments. They take various forms, including exemptions, allowances, and reliefs, but a common element is they reduce a company’s tax liability. Busin...
If you’ve worked for years growing your business, there may come a time when you want to step back and sell it to someone else. This can be a moment to enjoy the rewards of your endeavour over the years. However, selling a business does come with tax implications you ought to be aware of. [&hellip...
Ensuring your records are accurate and you pay the correct amount of tax is an essential requirement of running a business. Every business and individual registered for self-assessment in the UK is issued with an identifying number to facilitate timely tax reporting. But what is a business tax ID nu...
Creating a personal tax account can simplify how you manage your tax affairs and communications with His Majesty’s Revenue and Customs (HMRC). Increasingly, HMRC is encouraging businesses and individuals to open online accounts for submitting financial information and paying their tax liabilities....
When you register to pay tax and National Insurance (NI) in the UK, His Majesty’s Revenue & Customs (HMRC) issues a Unique Taxpayer Reference (UTR). This enables you (and HMRC) to quickly identify your tax and NI records, ensuring you can make payments and remain compliant. Your UTR can be use...
Need to know how long you should be keeping your personal tax records? Ensuring your personal tax affairs are in order is essential. Get it wrong, and you could end up paying too much (or too little) tax. Managing your personal tax records is critical for individuals as well as businesses, helping t...