What Is Tax Residency?
Tax residency is a term that might sound niche – but it plays a major role in determining how much tax you owe, where you owe it, and what you need to report.
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Tax residency is a term that might sound niche – but it plays a major role in determining how much tax you owe, where you owe it, and what you need to report.
In this post, we’ll explore everything you need to know about Limited Company VAT, including when you need to register for VAT, how to manage VAT for your business, and the common VAT schemes available.
Under CIS, contractors are responsible for deducting tax from payments made to subcontractors for construction work. The deductions are then passed on to HMRC.
Minimising tax liabilities is a key concern for UK businesses, and capital allowances provide a valuable way to reduce taxable profits legally. These allowances enable businesses to claim tax relief on qualifying capital expenditures, effectively lowering their overall tax bill.
Understanding how to manage your taxes as a digital nomad is essential to avoid legal pitfalls and ensure you’re compliant with both UK tax law and the laws of any country you’re working in.
In this post, we’ll explore why budgeting is crucial for small businesses, provide a step-by-step process for creating an effective budget, and discuss tools and best practices for maintaining financial discipline.
When you run a limited company, managing payroll and understanding PAYE (Pay As You Earn) are essential aspects of your responsibilities. Not only does this involve paying your employees correctly, but it also ensures compliance with UK tax laws.
Benefit in Kind (BIK) tax applies to employees who receive perks from their employer that have a monetary value—such as a company car. If you drive a company car for personal use, it is considered a taxable benefit, and you’ll need to pay BIK tax.
Understanding and utilising the right financial reports can transform how you manage your business finances. These reports provide crucial insights into your company’s financial health, helping you make informed decisions, identify potential issues, and plan for future growth.
As we edge closer to the conclusion of the 2024/25 tax year on 5 April 2025, it’s the perfect time to explore the key tax changes set to take effect this year.
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