When starting a business, choosing the right structure is crucial for its success. One option to consider is a partnership. In this guide, we’ll explain the process of how to set up a partnership, outlining the steps involved and key considerations. How to Set Up a Partnership in detail Understanding Partnerships A partnership is a […]
13
May
May
National Insurance rate changes took effect on the 6th of April 2024. This is how they affect you if you are Self Employed. Self-employed National Insurance rate changes The National Insurance contribution rates for the self-employed across the UK were cut by a further 2 pence at Spring Budget 2024, on top of the 1 […]
06
May
May
HMRC have launched an online National Insurance contributions checker tool where you can estimate how the April 2024 NI changes will affect you or your employees. Some employees, by now, will have received a payslip reflecting the main Class 1 National Insurance contributions rate reduction from 6 April 2024 from 10% to 8% and others […]
29
Apr
Apr
After registering for VAT you may well be asking “How do I submit my VAT returns?”. Submitting them accurately and on time is crucial to staying compliant with HM Revenue & Customs (HMRC) regulations. In this guide, we’ll explain the steps necessary. How do I submit my VAT returns? Firstly, it’s essential to understand your […]
22
Apr
Apr
Even if you are able to register for VAT you still may ask ‘how do I sign up to MTD for VAT?’ In this blog post, we’ll break down the steps you need to take. Firstly, it’s important to understand what MTD for VAT entails. Essentially, it’s a government initiative that requires businesses to keep […]
15
Apr
Apr
Because it’s gone a bit quiet now ‘Do I Need to Sign Up to Making Tax Digital?’ isn’t a question I hear anymore. But, with the government’s push towards digitalisation of tax processes, MTD is still an important aspect for businesses and individuals alike. In this blog post, I’ll break down what MTD is, who […]
08
Apr
Apr
Understanding the process of registering for VAT is crucial for businesses operating in the UK. We sometimes get clients ask us ‘How do I register for VAT?’ In this guide, we’ll walk you through the steps involved in simple and easy-to-understand terms. How do I register for VAT? Determine if You Need to Register The […]
01
Apr
Apr
As an accountant specialising in taxation, I often get clients who are considering voluntary VAT registration. While VAT registration can offer certain benefits to businesses, it’s crucial to weigh the advantages against the potential drawbacks. In this blog post, we’ll explore the disadvantages of voluntary VAT registration and why it may not be the right […]
25
Mar
Mar
If you’re a small business owner or a freelancer in the UK, you might have heard about VAT (Value Added Tax) and wondered about registering. Well, wonder no more! We take a look here at the advantages of voluntary VAT registration in plain and simple terms. Firstly, let’s quickly recap what VAT is. VAT is […]
18
Mar
Mar
One of the most common questions I get from small business owners is, “Do I need to register for VAT?” It’s a crucial question that can have significant implications for your business’s finances and compliance obligations. In this post, we’ll guide you through the key factors to consider when determining whether VAT registration is necessary […]
