Fines & Penalties for Late Filing
Making sure that you have your accounts and finances in order can often be a bit of a chore but doing so means you’ll save yourself a lot of hassle, stress and possibly money – especially if you procrastinate and file late. Missing filing deadlines will result in penalties that increase over time, so it’s […]
MTD for VAT rolls out to all VAT-registered businesses
All VAT-registered businesses must comply with Making Tax Digital (MTD) rules, regardless of how much they make each year. Kicking in from 1 April 2022, the changes mean all VAT-registered businesses must compile and submit VAT returns using software that connects to HMRC’s systems. They can do that either through a bridging tool or by […]
Spring loaded: crisis solutions or half-measures?
Introduction Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much. Speaking at the weekend, he acknowledged concerns about price hikes and inflation, vowing to stand by people in the same way he’s “done over the […]
Accounting Made Ezy:
How to set up a limited company?
Accounting Made Ezy: How to set up a limited company? Accounting Made Ezy: How to set up a limited company? So, you’ve decided it’s time to forge your own path, you’re about to bring your big business idea to life with your own limited company. But how do you even start? The great news is […]
More red tape for importers as new EU checks kick in
Most UK importers were unprepared for the recent introduction of import controls on EU goods, according to a report from the Federation of Small Businesses (FSB). Full customs declarations and controls took effect from 1 January 2022, although safety and security declarations are not required until 1 July 2022. Before 1 January 2022, full customs […]
One in four buy-to-let landlords ‘plan to sell up in 2022’
Almost a quarter of landlords plan to sell up over the next 12 months as buy-to-let becomes increasingly difficult to navigate, a report has claimed. Research from the National Residential Landlords Association (NRLA) found that 23% of property investors intend to dispose of an additional residential property this year. Buy-to-let landlords said tougher tax rules, […]
HMRC issues last reminder for 2020/21 personal tax returns
HMRC is reminding taxpayers that the deadline to submit 2020/21 personal tax returns through self-assessment is on or before midnight on 31 January 2022. Some 407,510 startups were created during the 2020/21 tax year, despite the challenges presented by the pandemic. Those who are unincorporated require a unique taxpayer (UTR) code to file their first […]
How to extract profits out of a company
Tax-efficient advice for limited company directors. Believe it or not, there are more than 4.7 million limited companies registered in the UK, including the 810,316 incorporations that signed up in 2020/21. Only around 2m are actively trading, but the number of new companies formed during the previous tax year was a 22% year-on-year increase. Unsurprisingly, […]
How should you structure your business?
Business structures are essential for tax purposes. If you’re looking to join the 4.3 million people in the UK who made the jump into self-employment, you might be wondering how to start your new business. Assuming you’ve weighed up the pros and cons involved and decided launching a startup is right for you, one of […]
What is a UTR Code?
What is a UTR code? Who needs one, and when will I need it? If you’re setting up your limited company, or starting out as self-employed, you’ll come across the initials UTR. But what do they mean? UTR stands for Unique Taxpayer Reference, and each is a ten-digit number unique to the individual or organization […]
