Author: Taxago Accountants

Business owners often wear multiple hats, from managing day-to-day operations to making complex strategic decisions. Among these decisions may be selling company assets to yourself. But is this something you can do?

Two new allowances – the trading allowance and the property allowance – were introduced in 2017. Applying from the 2017/18 tax year onwards, this self-assessment filing season is the first time that individuals should be able to claim either, or both, allowances. While in principle these two allowances offer new and enticing tax breaks for individuals, there are some pitfalls that accounting firms should be aware of when advising their clients about whether to claim them.

For the 2023/24 tax year, taxpayers choosing to submit a paper tax return must ensure it reaches HMRC by the deadline of 31 October 2024. However, those filing their returns online have until 31 January 2025.

Are you a UK self-employed business owner considering an electric vehicle for your operations? If so, understanding the tax relief available on electric cars could greatly benefit your business's financial planning. This guide outlines the key aspects of tax relief on electric vehicles in the UK for the self-employed, aiming to help you make the most informed decision for your business needs.

Knowing how to manage your finances is one of the most crucial areas on which you need to concentrate. It's not simply a case of setting up an Income and Expenditure account. There's also the not-so-little matter of VAT, depreciation and loss of fixed assets. There may even be salaries that you have to manage.

It’s no secret that tax can be confusing. However, there is a misconception that, if you need to file a self-assessment tax return, you must hire an accountant to prepare the return for you. This article discusses what it is exactly an accountant does, and explores situations when engaging an accountant or tax agent can help you get your return right, as well as when you might just be better off preparing a return yourself.

While most taxpayers understand that their income is subject to Income Tax, many are not so certain how to treat a sale of a capital asset, such as a property (that’s not your home) or shares. What’s more, changes to Capital Gains Tax (CGT) reporting over the past few years have further complicated matters, and have left many taxpayers scratching their heads.

This article offers a comprehensive look at tax returns for individuals and companies, answering key questions such as what is a tax return, when returns should be submitted to HMRC, and what changes to tax returns are on the horizon.

Transitioning from a sole proprietorship or partnership to a limited company in the UK is a key step in your business journey. Operating as a limited company enhances your brand's credibility, offers limited liability protection, and can bring potential tax advantages in specific circumstances.

This guide takes you through the fundamentals of Corporation Tax in the UK, helping you make sense of a core component of business taxation and answering questions you might have. Whether you are a start-up encountering corporate tax for the first time, an established business looking to understand your finances better, or an accountant wanting to give clients an easy-to-understand overview, this helpful guide to Corporation Tax gives you the need-to-know detail.