by ClearwaysAccountants | Aug 16, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Liabilities and Losses Liabilities Liabilities are amounts your business owes to other people or businesses. Liabilities can include bank loans, amounts owed to suppliers and, of course, amounts owed to H. M Revenue & Customs. Liabilities will also include...
by ClearwaysAccountants | Aug 15, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Know Your Client and K Code Know Your Client (KYC) Something for your accountant to think about and depending on your business for you as well. The Money Laudering rules are the reason we have to formally identify our clients through your driver’s licence,...
by ClearwaysAccountants | Aug 14, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Jointly Owned Property Income owned jointly will be taxed 50/50 on both of the owners. Bank accounts and other jointly owned property If a bank account is held by one person and at a subsequent date the account becomes a joint account then the income will be split...
by ClearwaysAccountants | Aug 13, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Income, Income Tax and IR35 Income Income includes all your employment earnings, dividend, interest, property rental and business profits. All of this income is subject to tax if you are resident in the UK. Different rules will apply if you are not resident in the...
by ClearwaysAccountants | Aug 12, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
H.M. Revenue & Customs, Household Expenses and High Income Child Benefit Charge H. M. Revenue & Customs HMRC is the tax raising and collection organisation of the UK. All tax returns are submitted to HMRC and some will be selected for review each year. In...
by ClearwaysAccountants | Aug 9, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
GAAP, Goodwill and Gifts GAAP An acronym standing for Generally Accepted Accounting Practice. Accounts (see A is for…) must be prepared under acceptable accounting standards, HM Revenue & Customs require that your company or your self-employed accounts are...
