A Unique Tax Reference Number
A Unique Tax Reference Number The Unique Taxpayer Reference (UTR) is a UK tax identification number, issued by the HMRC to identify a person or business entity, this identification number is needed when you need to complete a tax self-assessment. This will be your number, and this will be referenced on any letters they send…
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What is a registered Office
A registered office address is the official address of a company (or limited liability partnership) registered with Companies House. By virtue of Section 86 of the Companies Act 2006, every UK company must always have a registered office in the United Kingdom. That’s true even if it carries on its business from abroad or just…
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What are Bank Feeds
This brilliant software innovation helps businesses become much more efficient by vastly reducing manual reconciliation work. The technology allows data to flow effortlessly between bank accounts and accounting software, helping make administration easy and less time consuming and ultimately saving time, so you can focus on growing revenue and profits. This is relevant for businesses…
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VAT Registration
The Value Added Tax Act 1994 is a UK tax law, concerning taxation of goods and services that fall within the scope of Value Added Tax (VAT) https://www.legislation.gov.uk/ukpga/1994/23/contents. VAT (Value Added Tax) is a sales tax and has nothing to do with profit. Every business regardless of if you are a Sole Trader, Partnership, Limited…
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De-registering for VAT
De-registering for VAT When you want to de-register from VAT there is a certain criterion that you must meet: You will need to go to your VAT account on the government gateway and make the application, if you do this online then you will automatically see that this has been submitted successfully. Any messages relating…
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Using Software Improves Accuracy
Bookkeeping Software is More Accurate When you use software to do your bookkeeping (keep your financial information) this is more accurate than keeping this on Microsoft Excel or similar programmes. The problem with Excel is that the formulas can be come out of sync therefore where you are relying on the calculation it may not…
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Spring Tax Update
Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax years 2023-24 to 2027-28 this will be your normal profit plus the portion of the transitional profits you decide to bring into that year. The additional profit could cause a dramatic increase in your student loan…
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Trading As a Limited Company
Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…
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Sole Trader or Limited Company
A question I often get asked is which way should I go Sole Trader/Partnership V Limited company and there is no right and wrong answer. Both sole trader and partnerships are unincorporated, so the business information is not held in the public domain. Limited companies have the business information on Companies House, and anyone can…
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Shareholder Agreements
Shareholders Agreement For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright and can veto the…
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