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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The January bookkeeping blues are looming, as small business owners across the UK are crunching the numbers and getting their books in shape to submit tax returns by January 31. This is the deadline for online submission of Self Assessment tax returns. Those New Years Eve revellers who don’t meet the deadline could be slammed with a fixed fine from HM Revenue & Customs (HMRC), of £100, for being just one day late. Diana Flier, senior compliance analyst, Intuit UK, examines the risks.
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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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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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