Submitting Your Tax Return by Paper
Tax Return If you are looking to submit your tax return on papers the 31 October is the last day you can do this. If you have a tax return to submit this will then have to be completed online but you first need to register with HM Revenue & Customs online services first, the…
Read MoreUpdate on Tax Issues
Mandatory payrolling of benefits delayed HMRC has confirmed that the mandatory payrolling of benefits in kind (BIKs) will be delayed to April 2027, giving businesses more time to get to grips with the process. Previously planned for April 2026, the change will require businesses to report and process income tax and Class 1A national insurance…
Read MoreJuly Tax Payment on Account
July Tax Liability By now anyone who must make a payment on account towards their January 2026 tax liability should have paid this by 31 July 2025. This is meant for anyone who must complete a tax return and most of their income is not taxed at source e.g. self-employed, employed and self-employed. What Happens…
Read MoreReports That Go with Your Accounts
Reports That Go with Your Accounts Year End Reports When you have had your year-end accounts done by your accountant you may have some other reports that they have prepared for you to accompany the accounts to assist you in running your business as profitable as possible. These may range from key report indicators to…
Read MoreLetterheads
Trading Address If you have two addresses that you use for business one where the business activities take place e.g. workshop, office then this should to be at the top so it is clear should they need to visit or write to you. Registered Office Address The registered office address is for limited companies only…
Read MoreDeclaring Interest on Your Tax return
When you are completing your tax return either online or on paper you have to declare the interest you have earned as further tax may be due depending on your income to which rate of tax you pay, this is because the interest is taxed and basic rate of 20% as the bank etc do…
Read MoreMileage Records
Importance of Keeping Mileage Records Whether you are and employee of a company or a sole trader it is important that you keep accurate records of your business mileage. These records should be kept in case of a PAYE compliance visit by HM Revenue & Customs or an investigation into your tax return of you…
Read MoreHaving the Right Documents to Back Up the Accounts
As a director of a company you have an obligation to submit your accounts to HM Revenue & Customs whether this is done by the company or your accountant. They will then do internal checks to make sure that your company is paying the right amount of tax at the right time and if not…
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