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Allowable Expenses for UK Companies
When it comes to claiming business expenses for a limited company, the fundamental rule is these expenses incur wholly and exclusively during the everyday running of the business. Businesses should not claim the expenses for personal purpose and dual purpose for business and personal use.
Introduction to UK National Insurance Number
In the UK, National Insurance Number (NINO) is a vital piece of record that plays a significant role in the taxation and social security systems. Most UK residents over 16 years old can apply. It is used for employment, paying tax, managing national insurance contributions, state pension, benefits, and etc.
VAT Flat Rate Scheme in the UK
The Value Added Tax (VAT) Flat Rate Scheme is a simplified VAT accounting method offered by the UK government for small businesses. The scheme aims to reduce the administrative burden for businesses by simplifying the VAT calculations and record-keeping.
UK Self-Assessment System
Self-Assessment is a system for a taxpayer reporting his income and paying income tax to HM Revenue and Customs (HMRC) in a tax year. Self-assessment reporting period aligns with UK tax year which runs from 6 April to 5 April.If a taxpayer’s income solely comes from employment, his tax is deducted automatically from salaries, pensions, and savings.
Statutory Audit of UK Companies
The audit requirements for UK companies are primarily governed by the Companies Act 2006 and the Companies (Audit, Investigations and Community Enterprise) Act 2004. These acts establish the fundamental principles, standards, and obligations that companies must adhere to when conducting audits.
Stamp duty on shares of a UK Company
This article provides a summary of tax duty of purchase shares imposed by HM Revenue & Customs (HMRC) on limited company in the UK.Usually, you will need to pay a tax or stamp duty of 0.5% on the transaction when you buy shares through a stock transfer form and the shares is over £1,000. Stamp duty is payable when you buy: existing shares in a company incorporated in the UK;
UK Invoice Requirements and Template
It is a legal requirement for all sizes or nature of business to issue invoices for goods or services provided to customers in the UK and rest of the world. The invoice must contain certain information to comply with UK tax regulations and to ensure that the transaction is properly recorded as record-keeping is essential for both of all businesses and HMRC.
Postponed VAT Accounting (PVA) in UK
Postponed VAT Accounting (PVA) is a tax measure that enables UK businesses to defer payment of import VAT when importing goods into the UK. Instead of paying import VAT upfront at the time of import, businesses can account for the VAT on their VAT return.
Tax Issues of Share buyback in the UK
A listed company usually buys its own shares back in the stock market while a private company buys its shares back by agreeing a price with the shareholders. However, a listed company can also choose to operate a share buyback from the intermediary who was instructed to act as principal for the company or to act as its agent in buying back shares from shareholders, on- or off-market.
Buy-To-Let Landlords in the UK
It is very crucial to make sure understanding what responsibilities as a landlord will have. Minimum responsibilities are putting the rental deposit in a protection scheme and keeping the property compliance with the up-to-date building and renting regulations, safe and energy efficient requirements.