Self employed business can use its own accounting period but the tax position can become more complex if the accounts use a basis period rather than the standard financial tax year.Accounting For VAT With Making Tax Digital
This article includes steps by step instructions and an example of an actual Making Tax Digital (MTD) submission.Example Making Tax Digital Article
This article explains the use of the Income Tax sheet within the Basic Sole Trader package.Basic Sole Trader Income Tax Calculation
This article explains how you record last year's figures in this current year's Basic Sole Trader packageBasic Sole Trader Last Year Figures Brought Forward
All small businesses have to choose between keeping manual records of financial transactions and the benefits, advantages and disadvantages of utilising bookkeeping software and or employing bookkeeping services for this purpose. The correct choice will vary from business to business but a choice should be made to achieve the best financial performance.Bookkeeping Software And Bookkeeping Services
This article explains how Capital Allowances are calculated within the accounts.Capital Allowances
Starting you own business brings in a lot of new concepts and terms. Here is a quick run through some of those we regularly encounter from new business owners.Common Accounting Questions for a New Business Owner
The process required to start a new year with a fresh set of accountsStarting a new year with Company Accounts
Tax accounting software for a private limited company in the UK includes the prime elements of using accounting software to produce the required quarterly vat returns and annual net profit with the tax software automating the calculation of the tax liability and producing an automated corporation tax return.Tax Accounting Software and Company Corporation Tax Return
This article helps explain Non Allowable Expenses for Corporation TaxWhich Expenses are Non Allowable for Corporation Tax Relief?
This article gives information on Directors Loans & DividendsHow Do I Process Directors Loans & Dividends?
This article explains Double Entry Bookkeeping AccountsHow Do I Use A Double Entry Bookkeeping Accounts System?
Every self employed business is required to register the business with HMRC within three months of commencing trading. Following registration HMRC issue the unique tax payers reference and annually send out the self assessment tax return. The self assessment paper tax return is submitted by October while filing the Inland Revenue self assessment tax return online requires further registration.Registering and Advantages Filing Self Assessment Tax Return Online
Registration of a limited company in the UK is not complex. Four documents are required to create a limited liability company. Documents which are available quite cheaply including the main company registration forms which are free
Starting a limited liability company in the UK requires the submission to Company House forms, 10 and 12, plus a memorandum and articles of association to complete the company formation and registration.Limited Liability Company Formation Made Simple
Accounting Software for the self employed businessman in the UK does not have to be complex. There are different requirements to double entry bookkeeping that anyone self employed may fulfil and Accounting Software available to satisfy those requirements. The most important requirement of any Accounting Software purchased by a self employed businessman being the automated production of the Self Assessment tax return.Self Employed Accounting and the Self Assessment Tax Return
Tax accounting software has its basics in each of the three elements of the title. Accounting being the production of the financial accounts in a template format suitable for the tax system. Tax and tax software denotes the inclusion of the tax rules with software being a description of the fact that the process is automated.Using Tax Accounting Software To Produce Self employed Tax Returns
Business journeys incur travelling expenses that can be deducted from net taxable profit as tax allowances for car mileage rates, meal allowances and travel and subsistence allowance expenses. Subsistence allowance expenses broadly include additional travel expenses necessarily incurred but not for example fares or car allowances.Subsistence Travel Expenses Tax Allowances and Car Mileage Rates
Taxi drivers who employ a taxi accountant to prepare their taxi accounts may or may not be at risk of under claiming capital tax allowances. Many drivers who prepare their own taxi driver accounts may not have the expert capital tax allowance knowledge to minimise their tax liability.Taxi Drivers Miss Out on Capital Tax Allowances
This article explains how to work out the Cost of Sale for Net ProfitHow Do I Work out the Cost of a Sale for Net Profit?