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...
A key element in the UK tax system is personal tax codes. Your personal tax code allows HM Revenue & Customs (HMRC) to calculate how much tax you need to pay. Because of the significant implication it can have on your post-tax income, it’s essential you understand tax codes and ensure that you...
Personal tax allowances are the amount of income that you can earn before you are liable to pay income tax. These are set by the Government, and are based on an individual’s circumstances. Tax rules change regularly, and personal tax allowance is often updated annually in the Chancellor’s budget...
Mileage allowance relief is a valuable business tax relief that can help you save thousands of pounds every year. It allows you and your employees to deduct costs incurred during business travel. This valuable business mileage tax relief helps companies cover their travel costs while supportin...
Inheritance tax is applied to estates that have a total value over the current threshold. For the 2023/24 financial year, that basic threshold is £325,000, and everything above that value taxed at 40 per cent. With rising property prices, more estates are now liable for inheritance tax. If you own ...