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Tax New & Tips

S Corp vs C Corp

Compare S Corporation vs. C Corporation: Similarities and Differences

You might get confused between S Corporation and C Corporation due to the nuance differences and considerable similarities between them. So, if you are going to set up your business, you might come across two options S Corp vs C Corp. The HM Revenue & Custom (HMRC) taxes every business using its two tax structures. …

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MTD for VAT for All

MTD for VAT for All

Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-registered traders whose turnover for VAT purposes was above the VAT registration threshold of £85,000. …

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What The Forthcoming National Insurance Increases Will Mean for You

Employed? What The Forthcoming National Insurance Increases Will Mean for You

To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April 2023. Payment of the levy, which is set at the rate of 1.25% of qualifying earnings, is linked to the payment of National Insurance contributions. Prior to the introduction of …

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