closing a limited company

Closing a Limited Company: A Simple Guide

Depending on your circumstances, closing a limited company can sometimes be an easy process but sometimes it can turn out to be a gruelling task that needs expert assistance. Whether you want to liquidate/dissolve a company, or you want it to strike off, you need to understand what is the best route to close a …

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How to Get Money Out of a Limited Company Without Paying Tax

How to Get Money Out of a Limited Company Without Paying Tax?

Running your own company can be more tax-efficient than working through an umbrella company or sole proprietorship. Through it, you can get rewards for your work by maximising your take-home pay and taking advantage of the savings due to the number of withdrawing options available. You can extract money from your limited company through salary, …

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How to Make A Company Dormant

How to Make A Company Dormant?

Whether you need a break for a while, you’ve got a permanent job offer that you can’t refuse or want to retire, in such cases you may decide to make your company dormant. Whatever your reasons, you can stop running your business for some time by making it dormant. But many of you might not …

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difference between revenue and income

What is the Difference Between Revenue and Income?

Wondering what is the difference between revenue and income? Even as a business owner, you may find these accounting terms confusing. Revenue and income can’t be used interchangeably. You need to know both for a better understanding of the company’s expenses and overall financial health. Learning these accounting terms will help you to keep your …

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Payment on Account

What is Payment on Account? A Simple Guide

As a UK taxpayer, if you’ve submitted your tax return, you can check out your self-assessment tax bill to know: what you owe to the HMRC? How you will pay that amount to HMRC? When you will pay it? To find out, you need to understand ‘Payment on Account’. If you have paid below 80% …

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What is Bookkeeping

What is Bookkeeping and How it is Important for your Business?

You most probably have heard the term bookkeeping, but do you know what exactly it is. Even in the world of business, you might not be fully aware of what is bookkeeping, how does it work and why does it matter? Bookkeeping helps you with budgeting, preparing tax returns and keeping your business organised. It …

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reclaiming vat on expenses

Reclaiming VAT On Expenses – A Beginner’s Guide

VAT registered businesses need to charge VAT on their sales and can reclaim the VAT they pay for business expenses. However, claiming back VAT on expenses is not that simple as it seems, there are a lot of complex rules. With these complexities, reclaiming VAT on expenses can be trouble. In this quick guide, you’ll …

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Property Income Allowance

What is Property Income Allowance? A Basic Guide

The income you earn from land or property, along with the rental income gained from renting a part of a flat or house (like a single room) is known as property income. It also includes income generated from caravans or houseboats. Similar to other incomes, it is also taxed in the UK, unless the property …

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How to Avoid Capital Gains Tax on Gifts

How to Avoid Capital Gains Tax on Gifts?

If you are wondering how to avoid capital gains tax on gifts, you’re in the right place. You might have heard this many times that gifting a property will cut down or eliminate the capital gains tax. But this assumption is not correct with every person to whom you gift. As the gift should be …

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Self Employed or Limited Company

Self Employed or Limited Company: What’s the Difference?

While setting up your business, one of the most crucial decisions to make is to choose a business structure. There are a lot of business structures to choose from. Limited liability partnership is the less popular business structure used by professionals. The majority of the business structures in the UK are either self employed or …

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Reverse Charge

Reverse Charge on EU VAT

When an individual has experience with suppliers to avail their products or services in the EU countries, due to reverse charge the responsibility of recording VAT transactions moves from the supplier to the buyer to avail the products or services. This makes the supplier free from the responsibility of recording VAT registration in the very …

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National Insurance for Limited Companies

National Insurance for Limited Companies Explained!

If you are wondering about national insurance contributions, we can simply know them as one type of tax. For several employees, it comes just like the income tax and around the same time as well. However, when it is concerned about the limited companies national insurance is a way to gain or lose tax efficiencies. …

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manage cash surplus

Ways a Limited Company can Manage a Cash Surplus!

Do you own a limited company and wondering about how to manage cash surplus and what possibly can be the smartest way to manage it? In simple words, cash surplus is known as the extra money that goes above the required day-to-day expenses for a limited company. In case your company faces such a situation …

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fixed cost and variable cost

Variable Cost vs. Fixed Cost: What’s the Difference?

The cost has two main types: fixed cost and variable cost, these are incurred by a company when it plans to provide its services or products to the clients. In simple words we know the fixed cost as the cost that remains constant regardless of what amount of products are being produced by the company, …

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public and private accounting

Public vs. Private Accounting: Definition and Key Differences

In case you intend to go for accounting in future, you might already know that this particular role is all about making financial reports like that of tax return, analysing, developing, and budgeting for company business or individuals. However, public and private accounting help to learn how to make an organisation operate in a more …

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Section 24

Everything that you Need to know about Section 24 as a Landlord!

There are multiple cases in which we find the landlords confused about section 24. This is also known as the tenant tax. This basic guide will help you understand section 24 in a better way. Section 24 was introduced in April 2017 by the Government. If we explain in simple words, the right of deducting …

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Personal Service Company

How does HMRC Define a ‘Personal Service Company’?

Sometimes the contractor set a company to provide their services to the clients that are known as PSC (Personal Services Company). This has been observed that agencies and clients prefer personal service companies over sole traders or people who work individually. The reason behind this could be the one that comes in between while you …

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Sole trader advice

A Basic Guide to Become A Successful Sole Trader!

A sole trader is a person who is self-employed and owns a business. According to research, about 60% of UK businesses are sole traders. This business structure is popular because of the simple ways to get into trading as well as the paperwork is minimal. However, sole trader advice by professionals will always be helpful …

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Do I Need to Register My Business

I’ve Started a Business – What Do I Need to Do Now?

Have you just thought about getting into a new business and wondering how you can join a networking group? Getting your business an enchanting logo and looking for unique ways to attract customers can be the pretty fun part of the beginning. However, do you ever think that “do I need to register my business” …

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What is IFRS

What is IFRS (International Financial Reporting Standards)?

To make the financial statement in the UK according to international accounting standards can only be done when they are endorsed. All EU-endorsed IFRs are also included in this. The endorsement status can be checked by the UK endorsement board as well. There is no chance that unendorsed standards are adopted in the UK. If …

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