Viewing posts in category 'Other useful information'

21
Jun

How to become a chartered accountant

This guide has been produced by Tuchbands, a firm of chartered North London accountants

What does a chartered accountant do?

Highly qualified and strictly regulated, a chartered accountant is professionally qualified to undertake the duties of an accountant – essentially managing the financial figures of a business including the verification of accounts and tax retuContinue Reading
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Posted By Matt Distinctly
27
Mar

Do companies pay Capital Gains Tax?

Capital Gains Tax is not paid by limited companies or unincorporated associations like community groups or sports clubs.  Instead, companies pay Corporation Tax, which is another type of payment.  It is important that business owners are aware of the difference between certain taxes so that they know which ones they are eligible to pay.

What is Capital Gains Tax?

Capital Gains TContinue Reading
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Posted By Matt Distinctly
working with an accountant
17
Feb

A guide to working with an accountant

The benefits to working with an accountant are extensive. Not only can they provide you with assistance when it comes to managing your books and filing your tax returns correctly, but they can assist you with all elements relating to the financial side of your business, and thus hiring an accountant is a great way to improve profit levels in the long run. Using the services of an accou… Continue Reading
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Posted By Philip Woolfson
Americans in UK - tax issues
15
Oct

Tax Advice for US Citizens in the UK

If you are an American citizen living and working in the UK, you need to be aware of and compliant with both UK and US tax regulations. Common issues may arise if you are unaware of certain regulations, but with the right advice these can be avoided.

When is the US tax year?

The US tax year aligns with the calendar year, running from 1st January to 31st December, with the UK tax year running Continue Reading
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Posted By Philip Woolfson
19
Mar

Capital taxes – Budget Report 18 March 2015

Capital taxes

Entrepreneurs’ relief and associated disposals

Legislation will be introduced in the 2015 Finance Bill to prevent claims to entrepreneurs’ relief in respect of gains on disposals of privately-held assets used in a business unless they are associated with a significant material disposal (i.e. a disposal of at least a 5% shareholding in the company or of at least a 5
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Posted By Michelle Symonds
06
Feb

Company Car Tax Guide

Company cars are considered a Benefit In Kind (BIK) and, therefore, they are subject to tax from HM Revenue & Customs (HMRC). A car is not deemed a necessity so it’s viewed as an additional perk that you get on top of your annual salary.   Company car tax can be a bit perplexing to those who are new to the system. Normal VED car tax is calculated by merely taking into account CO2 em… Continue Reading
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Posted By Philip Woolfson
London Accountants Tuchbands
09
Jan

Choosing an Accountant for Your Business

Tax and business affairs are complex issues so whether you are planning to start a new business or have a well-established company, your choice of accountant is one of the factors that will contribute to your business’s success. A good accountant is one that is highly qualified, for instance a chartered accountant with an ACA qualification from ICAEW indicating they have a… Continue Reading
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Posted By Philip Woolfson
Calculating Tax Liability for Small Businesses
23
Oct

Tax Gap, Tax Avoidance and Tax Evasion

HMRC define the “tax gap” as the difference between the amount of tax that they should be collecting and the amount they actually collect. In percentage terms this has been falling in recent years with the gap at 8.5% in 2005/06 and at 6.8% for 2012/2013, equating to £34bn for 2012/2013. The tax gap is comprised of amounts estimated to not have been collected because of t… Continue Reading
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Posted By Philip Woolfson
Fixed Fee Accountant
09
Sep

How the American FATCA Legislation is Affecting Britons.

In 2010 new legislation was passed in the US designed to prevent tax avoidance by American citizens working overseas, particularly in Europe. However, as of July this year the “Foreign Account Tax Compliant Act” (or FATCA) also applies in the United Kingdom and could affect British citizens and British companies. The total cost to British companies and individuals has been esti… Continue Reading
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Posted By Philip Woolfson
Dealing with HMRC Investigations
21
Jul

Useful HMRC Links

There is a wealth of useful information available for individuals and companies from HM Revenue & Customs (HMRC) but it can sometimes be complicated navigating your way around their huge website. So here are some of the HMRC links that you may find most useful if you are looking to make the most of tax-free benefits, allowances and other ways of saving tax. And to ensure that you h… Continue Reading
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Posted By Philip Woolfson