Tax Investigation

How Long Does a Tax Investigation Take? Everything you Need to Know!

HMRC tax investigation can be a dreadful prospect, especially for the one who has never been through this phase. In the worst-case scenarios, the investigation can take longer duration than normal and its consequences can be stressful. But fortunately, it is rare. The fear of HMRC investigation is natural and understandable. However, this process shouldn’t …

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Ways an accountant can save you money

5 Ways an Accountant Can Save You Money – Basic Guide

Many small businesses are responsible for the management of their finances and administration. However, there are several advantages of employing an accountant to manage all of your business finances. Accountants are prepared experts who regularly see companies developing from new companies to built up businesses. With their understanding and abilities, you’ll be well on your …

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How to Read a Balance Sheet of a UK Company?

How to Read a Balance Sheet of a UK Company?

Whether you’re an investor, business owner or an individual based in the UK- who’s keen to learn about the company’s accounts – you need to know what is a balance sheet? How it will help you to operate your business efficiently? How you can work out the worth of your business through it? To get …

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Self Assessment Tax Return

Who Needs to Complete a Self Assessment Tax Return?

Find out what is self-assessment, who needs to complete a self-assessment tax return, when to submit one and what are the penalties you need to pay for late payments. Let’s delve into the details. There are over 12.1 million people in the UK that need to fill and submit a self-assessment tax return to HMRC …

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Reclaiming VAT on Property Development

Reclaiming VAT on Property Development

If you’re a property developer, you can cut down the cost of VAT by reclaiming VAT on property development. But to do it, you need to be well aware of the applicable VAT rules for your development project. With the different VAT rules for new builds, commercial properties, sale, and lease of the property, it …

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Property Tax UK

Property Tax UK: A Brief Guide to Buying Residential Property in the UK

Taxes are always unexciting. However, if you want to buy or sell a property in the UK, you need to know the ins and outs of property taxes in the UK. So let’s delve deep into it. Currently, the UK government is focusing more on imposing taxes on residential property. In this instance, certain changes …

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How to Avoid Inheritance Tax

How to Avoid Inheritance Tax?

When a person dies, inheritance tax is levied on the estate that is transferred to the heirs of the deceased by the government. If you’re planning to transfer the ownership of your estate to your children and loved ones without any deductions to get the optimal benefit from your estate, you might be wondering how …

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Register as Sole Trader

How to Register as Sole Trader?

Establishing your own business is the best way to be your own boss, have control over your work-life balance, and enjoy flexible working hours. And the most basic type of business structure is the sole proprietorship. Due to the freedom and work choice, there are around 3.5 million sole traders in the UK that make …

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Professional Indemnity Insurance

Professional Indemnity Insurance Explained – A Simple Guide

Mistakes are unavoidable, especially in the business. Sometimes, a tiny mistake can lead to a big claim in the business world. Therefore, to be protected, you need professional indemnity insurance. If a client made a claim against you for losing money due to your services, negligence or inadequate advice, you can get in great trouble. …

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Reclaiming vat on fuel

Reclaiming VAT on Fuel & Petrol: How It Works

This is one of the most frequently asked questions that we hear time and time again: what is the process of reclaiming VAT on the fuel? Many of our customers are looking for answers regarding VAT on mileage claims. Though reclaiming VAT on fuel is a burdensome process, as you need proper evidence to prove …

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Pensions Lifetime Allowance

Pensions Lifetime Allowance Explained

Knowing how much is your pension lifetime allowance is important, as if you exceed this threshold it’d have hefty tax implications. So, let’s explore what pension lifetime allowance is, how to calculate and protect it. Let’s find out.   Overcome your financial worries with CruseBurke!   What is Pension Lifetime Allowance? This allowance is a …

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What is a sole proprietorship

What is a Sole Proprietorship? Responsibilities of a Sole Trader

If you are fed up with working under someone else and want to be your own boss, you should turn to a sole proprietorship. Although there are different kinds of business structures to choose from but sole proprietorship is the one that needs less hassle and paperwork to establish. So, in this post, we’re going …

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Landlord Insurance

A Guide to Landlord Insurance – Types, Cost

Find out what is landlord insurance, what are its types, what type of insurance do you need and how much does it cost. In this post, we’re going to cover it all. Let’s dive into it!   What is Landlord Insurance? Landlord insurance is a category of home insurance that is aimed to cover the …

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Stamp Duty On Commercial Property

Is There Stamp Duty On Commercial Property?

Whenever you buy a residential property or land above the SDLT threshold in the UK, you need to pay stamp duty land tax (SDLT) on it. But is Stamp Duty payable on the commercial property too? The answer is yes! Let’s dive into the details.   Worried about Stamp Duty Land Tax (SDLT)? Get in …

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legal obligations of a sole trader

Legal Obligations of a Sole Trader

Want to start your own business? Whether you want to be your own boss, pursue your dream job or want to work with the people you like, there’s no other option than to be a sole trader. With a lot of benefits, there are some legal obligations of a sole trader that you must keep …

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changing from a limited company to a sole trader

Changing from Limited Company to Sole Trader : A Simple Guide

There are many reasons for changing from a limited company to a sole trader. The most common reason – we have seen these days – is the dropping turnover of limited companies due to the impacts of the COVID-19 pandemic. Company owners believe that sole proprietorship is a simple and convenient option to go for. …

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Pros and Cons of Trading as a Limited Company in the UK

The Pros and Cons of Trading as a Limited Company in the UK

Due to numerous tax incentives, many businesses prefer to be limited companies in the UK. In fact, trading as a limited company helps you to manage your tax liabilities more effectively. However, along with a lot of advantages, there are also some downsides that you can’t overlook. So, let’s look at the pros and cons …

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How to Read Company Accounts?

How to Read Company Accounts?

Whether you want to establish a company, want to do research, or just trying to understand the financial terminologies of the accounts. Reading and understanding those accounts can be daunting if you lack a financial background. For this reason, we’re here to explore how to read company accounts as a beginner. The details and terminologies …

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working capital formula

Why do you need to know about working capital formula?

Do you want to measure the financial health and success of your business? Though you can get a fair view of your success through your customer base and profit, however, that’s not enough, there are numerous ways beyond. Along with other indicators, the working capital can let you know about your business standing and what …

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cis accounting

Construction Industry Scheme Works – The Beginner’s Guide!

If you intend to work as a main contractor in the industry, you must register your business for CIS. You are required to verify subcontractors directly to HMRC if they work with you. By verifying the subcontractors HMRC means to keep a track of their registration whether it is already done or not. After registration …

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