Self-Assessment Questions & Answers

Self-Assessment Questions & Answers

January 8, 2015 | No Comments

There are usually tons of questions being asked during January about Self-Assessment. As the strap-line goes ‘tax doesn’t have to be taxing’ but unfortunately it often is for many, and as accountants we can see why! We have answered some of the common questions below but if you have any others then fire away and we will answer them for you. How do I pay the tax and National Insurance (NI) due? You have to make sure your payment reaches HMRC by the deadline, which is the 31st January. The time you need to allow depends on your choice of
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What is Self Assessment and when should you go Limited?

What is Self Assessment and when should you go Limited?

August 5, 2014 | No Comments

What is it? Or rather: what is it other than a phrase that terrifies many, stresses out more, and bores or baffles everybody else?   It is mainly for the self-employed so whether on your own or in a partnership. It also affects directors of limited companies, some pensioners, subcontractors, people who have rental properties, and those people who are employed but fortunate enough to be paying high rate tax.   How do I even begin to approach Self-Assessment? If you are in business make sure you keep accurate and up-to-date business records, an accountant can help you in this
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Business Records Check: Something for all businesses to keep in mind

Business Records Check: Something for all businesses to keep in mind

June 5, 2013 | No Comments

HMRC over the next year are sending letters to randomly selected businesses (mostly cash businesses such as taxi firms, hair dressers etc.) asking for a Business Records Check. This is a check on your business records which means they will look into how you manage them and what information you have immediately to hand. This is to make sure that you are able to complete your tax returns correctly and pay the right amount of tax at the right time to avoid interest and penalties. It will also flag up any businesses that are submitting inaccurate tax returns and keeping
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