July 5, 2022 - Page 2 of 2 - Three Kings Accounting

How To Register As Self-Employed

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. However you’re earning money, if it’s not being taxed through PAYE, it needs to be taxed through self-assessment.

UK Payroll Guide

Having the right payroll system is imperative to ensure you are paying your staff accurately, on time, and in-keeping with the law. The law states how things like national insurance must be deducted, how payslips are issued, and records kept/returns to the tax man. These things all come under ‘payroll’ and must be taken care of for the million or so UK businesses that employ staff.

Year End Accounting Checklist

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. Here, we’re going to look at a year end accounting checklist of accounting tasks you have to complete, so you can get to work on them in advance.

How Does VAT Work For Your Business

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%. Many very small businesses don’t need to register for VAT, but once your annual turnover passes the threshold, which is currently £85,000, it’s compulsory. You can also voluntarily register before reaching the threshold, which is useful for some businesses so they can get in the habit of charging VAT. If you’re wondering how does VAT work, take a look at the information below.

VAT

A Limited Company Tax Guide: Everything You Need To Know

Limited companies enjoy a large number of deductions from your taxable turnover. You can deduct the costs of running your business (including salaries) from your tax bill. Mileage, training, and accommodation also count. However, expenses must fall into the category of being “wholly and exclusively for business purposes.” So, if you use your weekend training trip as a family weekend away, you need to sort your expenses carefully.