by ClearwaysAccountants | Aug 8, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Flat Rate Scheme (VAT) and Fixed Assets Flat rate scheme The flat rate scheme is one of the simplification schemes offered by HM Revenue & Customs for VAT administration. The flat rate scheme uses a (flat) percentage multiplied the business sales (including VAT)...
by ClearwaysAccountants | Aug 7, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Expenses and Exempt Supplies Expenses Your business expenses can be deducted from your sales income before you calculate the tax that is due, either as income tax on the self-employed or corporation tax on companies. Most business expenses are deductible in this...
by ClearwaysAccountants | Aug 6, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Depreciation, Dispensation and Dividends Depreciation When you purchase a capital asset, (see yesterday’s post on capital allowances for an overview on capital costs versus expenses,) your accountant will reduce the value of the asset from the original purchase...
by ClearwaysAccountants | Aug 5, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Companies House, Capital Allowances and Childcare Vouchers Companies House This is the central register for companies and Limited liability partnerships. Whether you are a large multinational or trading as a single person Limited company you will have to file...
by ClearwaysAccountants | Aug 2, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Benefits-in-kind, Bookkeeping and Budgeting Benefits-in-kind If you are an employee you can receive benefits that are paid for by your employer. Your employer can be a large company, like BT, your own limited company or a sole trader. Most benefits paid for by your...
by ClearwaysAccountants | Aug 1, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Accounts, Accruals and Assets Accounts Whether you trade through a company, a partnership or as self-employed you must prepare your accounts for HM Revenue & Customs using a recognised accounting standard. In the UK we use UK accounting standards or International...
