If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax
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The definition of a connected person for tax purposes can be complex. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions (usually described as dividends) and may be subject to Income Tax. If certain
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of
It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name and address of the
A simple dictionary definition of cost of living would probably say something like: The level of prices relating to a range of everyday items… The problem is, the price inflation for food, or fuel
1 August 2023 - Due date for corporation tax due for the year ended 31 October 2022. 19 August 2023 - PAYE and NIC deductions due for month ended 5 August 2023. (If you pay your tax electronically
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, tthis can happen if you made a mistake like entering a
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers are usually required to pay their Income Tax liabilities in three instalments