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...
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...