All business owners want their business to turn a profit. However, they also want to be sure that the accounts accurately reflect not only the income; but the expenses too. Claiming the correct expenses, will mean that your profits are accurate and therefore, your tax bill is no more than you are legally obliged to pay. Knowing what to and what-not-to claim can be tricky though.
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There’s been a lot of talk recently about how the great new lifeblood of the UK - and worldwide - economy is going to be fuelled by small businesses.
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Value Added Tax , more commonly known as VAT, is a tax that is paid by the end consumer. It could be charged on a product or a service. VAT is charged when a VAT-registered business sells to either another business or to a non-business customer.
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As legal entities, limited companies are subject to strict taxation requirements. These requirements can be very complex; whilst it’s possible to file the appropriate returns yourself you may wish to hire a professional accountant to take on the administrative burden.
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