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 […]
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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
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Submitting an accurate Self-Assessment tax return is important, but errors can occasionally slip through. If you’ve noticed a mistake in your tax return, there is no need to stress. Our guide will walk you through correcting errors in your tax return, whether you filed online or by post, and cover important deadlines to keep in
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Capital Gains Tax (CGT) is the tax you pay on the profit from selling an asset that has gained value. With recent changes to CGT in the UK’s 2024 budget, planning is more critical than ever to avoid unnecessary taxes. The annual CGT exemption has been reduced to £3,000, affecting many investors, property owners, and
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The 2024 UK budget introduced significant changes that will affect how employers and employees approach pension contributions. With higher costs for employers and new tax rules on inherited pensions, both sides need to understand the impact on their finances and retirement planning. In this article, we will break down the UK Budget 2024 pension changes
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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.
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Choosing the perfect business structure is a crucial step for any entrepreneur. In the UK, one of the most popular options is a private limited company (Ltd), which offers numerous benefits of a private limited company that make it an attractive choice for business owners. From legal protection to enhanced credibility, understanding these advantages can
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Self-assessment is essential to the UK tax system for those earning untaxed income. For beginners—especially freelancers, contractors, or individuals with additional income sources, understanding how to register for self-assessment is critical to staying compliant with HM Revenue & Customs (HMRC) and avoiding penalties. This article simplifies the process of self-assessment registration for beginners, breaking it
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When starting a business, choosing the right company structure is a critical decision. Two common options are a company limited by shares or a company limited by guarantee. Each structure offers distinct advantages based on your business goals. Whether you’re planning to make a profit or run a not-for-profit organisation, selecting the appropriate structure can
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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
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