Making Tax Digital (MTD), the new scheme from HMRC, which requires VAT-registered businesses to use a digital system to file their taxes, is now up and running.
All businesses with a turnover which is above the VAT threshold (£85,000 in 2019) are required to keep digital records for VAT and use compatible software to give their records to HMRC.
When you are running your own business, there are many things that you need to keep in mind and many different factors to focus on. One of the key ones is how you can extract profits from the business in the most tax-efficient way.
Here at Three Kings Accounting, we cannot stress enough the importance of submitting your tax returns to HMRC on time. Many people aren’t fully aware of the implications of failing to do so by the deadline and so usually need help with late tax returns.
The 2018/19 tax year has just ended, which means you can now file your tax return online via the HMRC website. But, is this something that you should do yourself or should you hire an accountant?
Are you wondering when is the earliest you can file taxes in 2019? The majority of people in the UK pay income tax through the PAYE system. If you’re employed, a portion of your salary will be taxed, and your tax contributions will usually be deducted from your monthly wage packet.
The UK government is making tax digital. From 2019, if you manage a VAT-registered company, and you have a turnover of more than £85,000 per year, you will be required to keep digital records and submit returns created using software that is compatible with Making Tax Digital (also known as MTD).
When a new employee is hired, they will need a tax code. However, the tax code for the new employee will depend on whether or not a valid P45 has been handed to the new employer.
If you’re carrying out work or earning money independently (i.e. not as an employee), you need to register as self-employed. You could be a plumber or electrician, someone who sells on eBay or Etsy, or a virtual assistant.
The end of the financial year is a big moment for any company and having everything organised ahead of time can save you a lot of stress and worry. Too many businesses go into crunch time, desperately working to get everything they need to be done before that year-end.
Value-added tax (VAT) is charged on most goods in the UK. Some goods are exempt, and others have lower rates added to them, but most are charged at the standard VAT rate of 20%.
