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The Construction Industry Scheme (CIS) is a tax deduction system specifically designed for the UK construction industry. Understanding CIS returns is crucial for contractors and subcontractors to stay compliant and maximise potential tax refunds. Whether you’re new to the industry or simply looking for a clearer understanding, this article will walk you through the basics […]
Everything You Need to Know About CIS Returns Read More »
Preparing annual accounts for a limited company might seem challenging but with a straightforward approach, it becomes much more manageable. Annual accounts are essential financial reports required to ensure compliance and offer a clear picture of a company’s financial standing. In this article, we’ll cover the main elements of annual accounts, go over the filing
How to Prepare Accurate Annual Accounts for Your Limited Company Read More »
A limited company is a business structure that provides limited liability protection to its owners. In the UK, limited companies are mainly categorized into two types: those limited by shares and those limited by guarantee. Each type has distinct characteristics and serves different purposes. Let’s break down these two types to understand their key differences.
What Are the Two Types of Limited Companies? Read More »
If you or someone you know is between 18 and 22, there could be unclaimed cash waiting in a Child Trust Fund (CTF). HMRC recently announced that over 670,000 young adults in this age range have unclaimed CTFs, with an average balance of over £2,000. Here’s everything you need to know about checking and claiming
How to Claim Unclaimed Child Trust Fund Money Read More »
Operating a limited company in the UK can bring both benefits and difficulties. Understanding and implementing best practices can significantly impact your company’s success. Whether setting up a new venture or managing an existing one, these guidelines will help you stay compliant, efficient, and competitive. In this article, we’ll cover essential best practices for running
Best Practices for Running a Successful Limited Company in the UK Read More »
In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread myths.
The press release seeks to dispel the
5 Common Myths About Self-Assessment Read More »
Filing your tax return early can help you manage self-assessment payments more easily. If you meet certain conditions, you can pay off your tax bill through your PAYE tax code, spreading the payments out over the tax year instead of paying in a lump sum. What is Coding Out and How Does It Work? “Coding
File Early to Pay Self-Assessment Tax Through Your PAYE Tax Code Read More »
Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or before each payday. They also need to consider other deductions such as pension contributions and
How to Start Correcting Payroll Mistakes Read More »