Tax / Accounting
How limited companies are taxed – including how to deal with Corporation Tax, VAT, Class 1 National Insurance, CGT, PAYE (Income Tax) and how to run your payroll.
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What is VAT, and do I need to register my company?
Almost every consumer in Britain pays it, and it’s a staple talking point during the Chancellor’s annual budget. But what exactly is VAT and do you need to register your limited company for it?
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How do I know if an accountant is qualified?
Choosing an accountant to help you manage your business’ financial affairs is one of the most important decisions you’ll make. But how do you know what qualifications they hold?
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Limited companies and the Flat Rate VAT scheme (FRS)
The Flat Rate VAT scheme (FRS) is designed to make it easier for small businesses to fulfil their value-added tax (VAT) obligations.
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What is a Dormant Limited Company?
Unlike active companies, dormant limited companies do not trade at all. Although most enterprises registered with Companies House are processing income and expenditure, dormant companies are just standard limited companies which are inactive.
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Business rates and your limited company
While council tax is charged on residential properties, the vast majority of non-residential properties have a non-domestic equivalent levied on them. This tax is what is known as “business rates”, and while the central government in Westminster has some influence over the rates, the system is administrated by your local authority. If you use part […]
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Capital Allowances and your limited company
How much tax your company must pay is calculated on its income less any day-to-day running costs, and on capital less any capital expenditure.
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How does a limited company’s payroll work?
When you set up your own limited company, one of the most important things to consider if you also have employees is to set up your company’s payroll – to pay salaries, and account for income tax and NIC liabilities.
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What do a limited company’s Annual Accounts consist of?
Every year in the UK, all registered companies must prepare annual accounts and file them with Companies House and HMRC. Businesses must accurately report on their financial activity during the tax year just gone. The preparation of these accounts will establish how much profit has been made during the financial year, and therefore the amount […]
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What is National Insurance, and what are Class 1 NICs?
How Class 1 National Insurance is applied to the salaries of limited company directors and employees, including the current rates for employers and employees.