Factsheets
Click on the titles below to expand the information.
Business Structure – which one?
| Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters. |
Director's Responsibilities
| The position of director brings both rewards and responsibilities upon an individual. Whether you are appointed to the Board of the company you work for or you are involved in establishing a new business and take on the role of director you will feel a sense of achievement. |
Preparing for your Accountant
| Whether we are producing your accounts or carrying out your annual audit, being prepared for us will ensure our work is carried out smoothly and efficiently and with the minimum disruption to yourselves. |
Corporation Tax - Self Assessment
| Corporation Tax Self Assessment (CTSA) was introduced in 1999. It completed the self assessment reforms introduced for individuals some years earlier by extending the principles of self assessment to company tax returns. |
Companies – Tax Saving Opportunities
| Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company's tax position. Topics covered: corporation tax, capital allowances, dividends, capital gains tax. |
Personal Tax - Self Assessment
| Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time. |
Capital Allowances
| The cost of purchasing capital equipment in a business is not a tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances. |
VAT
| VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. Cash Accounting - enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received. Flat Rate Scheme - for small businesses was introduced to reduce the administrative burden imposed when operating VAT. |
National Insurance
| National insurance contributions (NIC) are essentially a tax on earned income. The NIC regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions. |