12 Self Assessment expenses you didn’t know you could claim

Posted by 1st Formations on Jun 1, 2018 in Running a Business, Sole Traders, Tax | 0 comments

12 Self Assessment expenses you didn't know you could claim

Running your own business isn’t always easy – especially where accounting is concerned. As a business owner, you’ll have a range of reporting regulations and requirements you must fulfil for HMRC and Companies House on behalf of your company. But what some aspiring self-employed entrepreneurs may not realise is that, when you start your own business, you also need to register for Self...

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Do I need to register for Self Assessment?

Posted by 1st Formations on Jan 29, 2015 in Tax | 20 comments

Do I need to register for Self-Assessment?

There are a number of different people who must be registered for Self Assessment, send Self Assessment tax returns and pay Income Tax and National Insurance Contributions on their taxable income through Self Assessment, including: Self-employed sole traders. Limited company directors. Shareholders. Partners (members) in general partnerships and limited liability partnerships (LLPs). Employees claiming expenses in excess of £2,500/tax year. Any individual with an...

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Corporation tax – an introduction

Posted by 1st Formations on Nov 28, 2014 in Tax | 0 comments

A pen a paper

Limited companies are required to pay 19% corporation tax on the profits they make. Overseas companies pay corporation tax only on profit generated from their UK activities. This tax applies to income received from sales, investments, and chargeable gains from the sale of assets. (more…)

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What is a company’s Unique Taxpayer Reference (UTR)?

Posted by 1st Formations on Nov 20, 2014 in Tax | 20 comments

Close-up of a screenshot of the HMRC website, in which someone is holding a magnifying glass over the word "tax".

A company UTR is a distinct 10-digit number that HMRC issues to all new limited companies. These numbers are used to identify companies for all tax-related purposes. You should keep a note of this number because you will need it to register for business taxes, file tax returns and pay corporation tax. (more…)

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Is my company number my tax number?

Posted by 1st Formations on Sep 3, 2014 in Tax | 4 comments

Companies House and HMRC logos

A company number and a tax number are completely different. Your company number is officially known as a Company Registration Number (CRN). It is issued by Companies House immediately upon incorporation. It is unique to your company and is displayed on your certificate of incorporation. You must provide it whenever you contact or submit information to Companies House. (more…)

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VAT registration – the pros and cons

Posted by 1st Formations on Jun 24, 2014 in Tax | 20 comments

VAT registration – the pros and cons

  VAT Registration is legally required when taxable turnover (i.e. overall takings, not ‘profit’) for the previous 12 months exceeds £85,000 (2017-18), or it is expected to exceed this figure in the next 30 days. Voluntary VAT registration is optional for any small business with a taxable turnover that is not expected to exceed £85,000. It can be really beneficial to do so. There are...

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