Tax and Legislation Guides for Business Owners

Every business owner understands the immense importance of tax and legal compliance. But not all business owners are experts in tax and law related to their company. Here, we provide advice to help you comply and grow.

Understanding equity and working capital

Equity and capital refer to separate, but related, aspects of a company’s finances. Capital is the amount of money available to a business for investment, and is part of a business’s overall equity. Equity itself is a company’s total assets once associated liabilities have been deducted. Shareholders can contribute capital and own a share of… Read more »

How to Complete Your Annual Return (Confirmation Statement)

All limited companies incorporated in England and Wales must regularly submit to Companies House their Confirmation Statement, previously known as Annual Return. The Confirmation Statement provides a summary of general information about your company, such as names and addresses of directors and secretaries, as well as details of people with significant control (PSC), registered office,… Read more »

VAT Registration: Everything You Need to Know

The vast majority of goods and services in the UK qualify for a 20% VAT charge, which is added onto the base cost. Before they can charge VAT, UK companies need to go through a VAT registration process – whether or not this registration is mandatory depends on the turnover of your business. In this… Read more »

How to Complete an Online Tax Return

We’re at that time of year again where many people will have to fill out online tax returns. It’s likely you’ll be receiving a reminder in the post soon, if you haven’t already. People who have to complete an online tax return include the self-employed, people with savings income above the allowance threshold, and people… Read more »

Dividends & payments: how to take money out of a limited company

Company directors can take money out of their limited company in a variety of ways. How you balance the different methods will impact how much tax you have to pay, so there’s a financial incentive to make sure you’re paying yourself in the most efficient way possible. We’ll go through these different types of payment… Read more »

What is a unique taxpayer reference number (UTR)?

A unique taxpayer reference (UTR) is a 10 digit number issued by HMRC to businesses and individuals to allow them to manage their tax returns. All businesses need UTR numbers, but individuals only need them if they are completing self-assessment tax returns. Most individuals in standard employment will not need one. UTR numbers for businesses… Read more »

An introduction to director’s loans

A director’s loan is made up of any money that you take out of your company that is not wages or dividends. Wages and dividends It’s easier to understand director’s loans when you separate them out from the other ways that a director can take money out of their company. The first and most familiar… Read more »

Understanding limited company shares

One of the defining features of a private limited company is the share structure. Understanding how shares work is an essential part of owning a limited company, but it can be tough to get your head round everything you need to know. Company shares: the basics Shares are slices of ownership in a limited company… Read more »

Irish Bank Accounts, Revenue & VAT

We recently wrote about registering a business in the Republic of Ireland. Here, we’ll go into more detail about topics relating to banking, Revenue (the Revenue Commissioners) and tax that are essential for you to know if you are thinking about starting a business in the Republic of Ireland. In order to operate fully in… Read more »

How to Register for Self Assessment

If you’re an entrepreneur just starting out in your new business venture, you’re going to need to make sure that you register with HMRC for a tax self assessment. This guide is aimed at entrepreneurs who are registering for the first time; if you’ve sent tax returns before, you’ll need to read the information on… Read more »

What is ‘Making Tax Digital’?

If you’re not sure what the government initiative Making Tax Digital (MTD) is, you’re not alone. A recent survey found that 43% of its respondents didn’t know what the proposed changes are. But it is a change that will affect businesses across the UK and the way they submit their taxes. Here, we’ll explain the… Read more »

How to Set Up a Limited Company as a Landlord

As legislation around landlord tax relief remains in flux, many buy-to-let landlords are choosing to set up their own company through which to manage their property(ies). This can have a number of benefits, including: Limited companies can still offset mortgage costs There are potential tax credits and tax gains for limited companies The finances for… Read more »

Landlord Tax Relief

Paying tax is an important part of running a business. It’s something we all need to do, and being aware of how the system works and what your rights are can help you to reduce your tax bills and receive additional benefits for your business. Landlords who rent out properties to residential clients currently have… Read more »

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