Accounting year: 06/04/2016 – 05/04/2017Deadline: 31/01/2018Who needs to submit tax returns: As per HMRC’s latest guideline for self assessment tax return, you’ll need to send a tax return if, in the last tax year:you were self-employedyou got £2,500 or more in untaxed income, for example from renting out a property or savings and investments your savings or investment Read more about Self assessment tax return[…]
1. Tax simplifiedHMRC already holds some of the information of taxpayers, and making tax digital will also enable HMRC to get further information from various sources — for instance, from employers, banks, building societies and other government departments.Taxpayers will have their own digital tax account with HMRC and will be able to see, check and update Read more about Making tax digital[…]
Value added tax is an indirect form of tax that is levied on the end user of products and services which means that the tax is not collected directly by HMRC from end user like income taxes. Rather, HMRC requires the VAT registered businesses to charge the tax on their products and services where applicable.Calculation of Read more about How does VAT work[…]
Why should you consider payroll outsourcing?A number of companies already know the benefits of payroll outsourcing and reap full benefit of it. Still some businesses feel an in-house payroll administrator is a must have staff. But that is surely not the case in this technological world anymore. Let us give you a quick overview on how Read more about Payroll outsourcing[…]
Insights of Pension Auto-Enrolment
There are more than 5.2 million small businesses in the UK and out of that around 2 Million are limited companies.
Being a limited company, it is very likely and recommended that you register for payroll to employ staff and be tax efficient for yourself. The rules are now changing and every company with a payroll and employees will need to enrol for pension auto-enrolment. […]