Taxes you pay as a sole trader or partnership As a sole trader or partner, you will be taxed on the profits you make from your self-employment. In a partnership, you would be taxed on your share in the partnership profits. The good news is that the first £8,105 you earn (2012-13 rate shown) is [...]
Introduction to accounts and Financial Statements
February 26, 2013 by Leave a Comment
The accruals concept Accountants use the UK GAAP (UK Generally Accepted Accounting Principles) to prepare accounts which includes adopting the accruals basis. This means you record transactions as the liability or asset falls due or is receivable. The benefit of accounting in this way is that you bring expenses incurred but not yet paid for [...]
How to get started – business structures and registering with HMRC
February 26, 2013 by 2 Comments
The first thing you need to do is decide on the type of business structure you would like to operate as. The main choices of business structure are: Sole trader Partnership Limited Liability Partnership Limited Company It is usually advisable to set up as a sole trader in the first instance, unless your customer base [...]
What do I need to put on my tax return and when is it due?
February 23, 2013 by 1 Comment
If you have been asked to complete a tax return by HMRC for self-assessment, this is due by the 31st January following the end of the tax year for online submissions, or 31st October for paper submissions. Corporation tax returns are due 12 months after the year end (although you have to pay your corporation [...]
