Calling on years of experience, the Smart Accountants team brings you tax advice to show exactly how our tax system works. Can you use our knowledge to save money? Click on a topic from the list below to show the tips.
As we start to recover from the worst effects of the Covid 19 Pandemic, many owners, directors and self-employed individuals remain concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out your income tax payments. HMRC’s
Read MoreOnline Tax Filing: Why File Taxes Online? Online tax filing provides an easy, hassle-free way of filing your taxes. Even if you’ve never filed taxes before, online tax filing will get you through the process, quickly and affordably. Why file taxes online with us? There is little reason to file your taxes the traditional way
Read MoreIt is important to keep your personal tax affairs in order so that you avoid incurring any Tax Return late filing penalties. The cut-off dates are shown in the calendar, but the current penalties are: Late filing Late payment Penalty Miss filing deadline £100 30 days late 5% of tax due 3 months
Read MoreWhen to register for VAT You must register if: your total VAT taxable turnover for the last 12 months was over £85,000 (the VAT threshold) you expect your turnover to go over £85,000 in the next 30 days You must also register (regardless of VAT taxable turnover) if all of the following are true: you’re based outside the UK your business
Read MoreUnder the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractor’s tax and National Insurance. Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate
Read MoreRegister if you’re self-employed If you have to send a tax return and did not send one last year, you need to register for both: Self Assessment Class 2 National Insurance How you register depends on whether you’ve sent a tax return before or not. Register by 5 October in your business’s second tax year. You could
Read MoreCopyright 2024 Smart Accounting & Business Services , all rights reserved. Earnings and income representations made by Madeleine Salariu, and their advertisers/sponsors are aspirational statements only of your earnings’ potential. The success of Madeleine Salariu, testimonials and other examples used are exceptional, non-typical results and are not intended to be and are not a guarantee that you or others will achieve the same results. Individual results will always vary and yours will depend entirely on your individual capacity, work ethic, business skills and experience, level of motivation, diligence in applying Madeleine Salariu’s programs, the economy, the normal and unforeseen risks of doing business, and other factors. This site is not a part of the Facebook website or Facebook Inc. Additionally, This site is NOT endorsed by Facebook in any way. FACEBOOK is a trademark of FACEBOOK, Inc.