The Consequences of Missing Annual Reporting Deadlines
If you find yourself in receipt of a tax return, you have a legal obligation to complete and return it even if you don’t think it’s relevant. Failure to submit a return can have financial and, in some cases, legal consequences for individuals and businesses. Every limited company is required to deliver accounts to Companies […]
Is Making Tax Digital Compulsory?
Making Tax Digital (MTD) is a comprehensive plan by HMRC to ensure that the self-employed and small businesses take tangible steps towards going paperless with their tax records and returns. HMRC believes that MTD will ultimately make it easier for individuals and businesses to stay on top of their tax affairs and submit their returns […]
How to Pay Corporation Tax
All UK incorporated companies must pay corporation tax. To do this, they must prepare and file a tax return within time limits specified by HMRC. This is a detailed administrative process that you really cannot afford to get wrong.
What is Corporation Tax?
Corporation tax is a business tax. It applies to incorporated companies in the UK, and is based on self-assessment. That means the taxpayer is responsible for calculating their taxable profits and filing a return. Navigating your way through the corporate tax system in the UK can be complicated, with various allowances that you can claim. […]
FRS 102 vs FRS 105: Which Should I Use?
UK companies must meet specific financial reporting standards when preparing and filing their statutory accounts. If your company is a small business or micro entity, you don’t have to file your full accounts with Companies House. Instead, you can file a shortened or abridged version. There are two financial reporting standards for doing this; FRS […]
Seven Types of Tax Relief for Small Businesses
All limited companies must pay corporation tax, and the main rate is currently 19 per cent. This applies to your net profits over your financial year. There are ways of reducing this tax burden with different forms of tax relief. Here are our top seven types of small business tax relief:
Do Companies Have To File Accounts?
Introduction All limited companies in the UK must file their accounts with Companies House every year. This applies whether your company is making a profit or a loss, breaking even or even not trading at all. These company year-end accounts are your statutory accounts. You’ll need to know: What these accounts must include When you […]
How To Stay On Top Of Your Company Accounts
Statutory accounts are statutory because your company must prepare and file them each year by law. However, keeping accounts for a limited company is about more than staying on the right side of compliance. Good accounting means you’ll always know how much cash you’ve got coming in and going out and whether you’re making a […]
Micro-Entity Accounts vs Abridged Accounts
Small companies and micro-entities do not need to submit full company year-end accounts to Companies House. Under government rules, small companies can file abridged accounts. These are less detailed than full accounts. However, micro-entities can take things a step further, filing micro-entity accounts that are lighter again in terms of detail. What are Abridged Accounts? […]
Does Xero Produce Statutory Accounts?
Xero is an online accounting platform that supports small businesses. It is entirely cloud-based and performs fundamental accounting functions. This software as a service (SaaS) accounting solution will help you prepare and file statutory accounts for your company’s year-end. It performs this function with its Xero Tax software. How Does Xero Tax Work? Xero Tax […]