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What is a Confirmation Statement?

What is a Confirmation Statement? From 30th June 2016 a limited company’s annual return was changed to its current form with the introduction of the confirmation statement. The change was intended to make filing company information just a little easier. What changed? Under the annual returns process limited companies and limited liability partnerships had a…

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How to set up a Limited Company

How to set up a Limited Company There are various methods of setting up a business structure and each have their own advantages and disadvantages. Setting up a Limited Company is a popular way of trading; due mainly to the tax advantages available to the shareholders. Limited company’s are relatively simple to form, with the…

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Advantages of a Limited Company structure

A limited company is a type of business structure that has been incorporated at Companies House as a legal ‘person’. It is completely separate from its owners, it can enter into contracts in its own name and is responsible for its own actions, finances and liabilities. Advantages of a limited company structure The most significant…

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Property Investment – Tax Aspects

Property Investment – Tax Aspects Investment in property has been and continues to be a popular form of investment by many people. It is seen as a route by which:  relatively secure capital gains can be made on eventual sale  income returns can be generated throughout the period of ownership  mortgage finance…

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Making Tax Digital (MTD)

The Government’s plan to introduce “Making Tax Digital” has been hit with a further delay, with most businesses now not being affected until 2020 at the earliest. The new timeline for Making Tax Digital (MTD) means only those businesses earning over the VAT threshold (currently £85,000) will need to file digitally starting in 2019 –…

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Cash Basis Accounting

Cash Basis Accounting Unincorporated businesses are able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based on…

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Accountants for Contractors In Nottingham

Disguised Employees, Contractors And IR35 One of the downsides of contracting is having to understand and deal with the IR35 legislation. IR35 legislation was introduced in order to deal with tax avoidance from contractors who continued to pay the same amount of income tax and NI contributions as a regular, permanent employee. When it comes…

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The Benefits Of Online Accounting Software

We live in an age of computer technology and cloud-based apps, yet incredibly, many small business owners still rely on manual, hand-written book keeping and accountancy records. There’s nothing wrong with hand-written financial records, as long as you are precise and methodical. They’ve been used for years, are perfectly acceptable and ultimately, produce the same…

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