by ClearwaysAccountants | Oct 3, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
(E)xempt Supplies, Year End, Zero Rated Supplies (E)xempt supplies Not really X! X is really tricky!!! See the A-Z blog: E is for… for information on exempt supplies. Year end This the end of the period for which your accountant will draw up your accounts and...
by ClearwaysAccountants | Sep 27, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Wear and Rear Allowance and Wages Wear and tear allowance Income from furnished lettings is part of the taxpayer’s rental business. Generally the same rules apply as for other lettings. But where a taxpayer lets a residential property furnished, capital...
by ClearwaysAccountants | Sep 23, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Value Added Tax (VAT) and Venture Capital Trusts Value Added Tax VAT or sales tax applies to almost all goods and services and the majority are subject to VAT at 20% (the standard rate). Some sales (or supplies in the jargon) are exempt from VAT. See our earlier...
by ClearwaysAccountants | Aug 30, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Unlimited Liability, UK GAAP and Universal Credit Unlimited liability A business with no limit on the liability of the owners. If you are trading as self-employed (sole trader) or as a partnership your liability, should anything go wrong, is unlimited. Consequently...
by ClearwaysAccountants | Aug 29, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Turnover, Temporary Workplace, Trial Balance Turnover Another word for sales. If you are VAT registered the turnover will be recorded in your accounts net of VAT. Temporary workplace This is an important piece of tax legislation for employees. If you are travelling...
by ClearwaysAccountants | Aug 28, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Self-assessment, Standard Rated Supplies and Self Employment Self-assessment When HMRC brought in on-line filing of income tax and corporation tax returns they also expected individuals and companies to self-assess the tax that was due to HMRC. Therefore there are...
