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Self Assessment Tax Return Checklist 2009-10

Keith — Sun, 02 May 2010 13:14:38 +0000

To help you collate the information you need to prepare your self assessment tax return for 2009/10 we have prepared a useful checklist for you to download.

HM Revenue & Customs must receive your tax return by 31 January 2011 to avoid a penalty.

The earlier you prepare your accounts and tax return the better. You can claim any refunds promptly to help your cashflow and where tax is due; you will have plenty of time to plan your tax payments.

Flat Rate VAT For Affiliate Marketing

Keith — Mon, 15 Feb 2010 19:00:00 +0000

The UK and EC VAT rules are quite confusing and this HRBS.biz guide gives an easy to read insight into how the flat rate scheme applies to affiliate marketing. Using the UK flat rate VAT scheme is quite often beneficial for affiliate marketeers. Many in the affiliate marketing sector have low overheads and in particular small amounts of input tax (VAT charged on purchases).

Save Tax and National Insurance with your limited company

Keith — Fri, 11 Jul 2008 11:42:37 +0000

It is possible to reduce your (UK) personal tax and national insurance by running your business via a limited company. The amount you can save will depend upon several factors including the company's profitability, your personal circumstances and the amount of funds you wish to withdraw from the business.

How to form a limited company

Keith — Wed, 31 Oct 2007 23:00:37 +0000

Many businesses are making the change from being a sole trader to limited company to take advantage of the limited liability and also the opportunity for tax planning (separate article). Suppliers and customers often prefer to deal with a limited company as it can imply stability, longevity and also the company's accounts and details of directors are in the public domain.

A quick guide for your new limited company

Keith — Wed, 04 Jul 2007 23:00:45 +0000

Getting at your profits Profit extraction can be a mix of wage (ie under PAYE) and dividend. In order to pay a dividend the company must have sufficient after tax profits. ie for a £10k dividend to be paid the company must have approx £12.7k pre tax profits (corp tax rate of 21%). Do not be tempted to withdraw more than this as dividend, as it would be "illegal" and HMRC may class it as a salary or a loan to the director (taxable benefit in kind if over £5k) and charge tax & NIC.

Loans to directors – form p11d

Keith — Thu, 31 May 2007 23:00:15 +0000

It is illegal under current company law for companies to make loans to its directors unless it is an advance to pay company expenses. The loan must also be approved by the shareholders and repaid within 6 months. HMRC consider loans to directors as benefits in kind and the interest chargeable at the HMRC standard rate is taxable and must be reported on form P11d by 6th July. Fines are chargeable by HMRC if the forms are not recived by 19th July. However, if the loan is below £5000, then under current HMRC rules, no benefit in kind applies.