Just one slip up can end up costing you when it comes to filing your tax return. This could mean that you miss out on a refund, end up paying more tax than required, or that HMRC is breathing down your neck and demands an audit.
Calls are increasing for the government to simplify the tax reporting requirements for small businesses. The time and effort put into navigating the UK’s complex taxation legislation in order to comply with requirements is deemed excessive.
If you own property and rent it out, tax laws can be quite complicated and they are often updated. Here is a quick guide to help you understand what you are liable to pay.
There are much more stringent regulations on the way to protect your personal information – and how that data is gathered, stored and used. They will also put stronger controls on the sharing of financial and personal information and how and when data is destroyed.
If you are a sole trader then you will be well aware of your tax responsibilities. Making sure you keep appropriate records in this regard and knowing when to submit your tax return are naturally key. Of course, if you have an accountant to handle all this for you it is a little easier! If you are keeping on top of your own tax requirements though, read on for some handy hints in this area:
One key area of any small business that employs staff is payroll. Unfortunately, for many business owners this is one part of their business that frustrates them the most! There always seems so much to sort out and it can be very time-consuming in addition. However, there are ways to make it easier on yourself if you would rather.
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