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S Corp vs C Corp

You might get confused between S Corporation and C Corporation due to the nuance differences and considerable similarities between them. So, if

What is Venture Capital

Venture capital is a disruptive innovation in the business and it has changed tremendously the way we do business by changing the

Splitting Capital and Revenue Expenditure

When it comes to tax relief for expenditure, not all expenditure is equal. The relief, if any, that is available, depends on

What Is a Suspense Account

Every business calls for the settlement of some unsettled, ambiguous, and temporary calculations and entries in their ledger on a daily basis.

Contribution Margin

Different types of indicators help business people and business analysts make crucial decisions. For example, they can decide on the number of

Margin vs Profit

While gauging the performance of a corporate business or publicly listed companies, different types of indicators are used by financial analysts. Various

Allocating Income for Tax When Property is Jointly Owned

Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work

Plastic Packaging Tax

Plastic packaging tax is a new tax that comes into effect from 1 April 2021. The tax has a green agenda –

Corporation Tax Increases Soon to Take Effect

Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than

Claiming NIC Veterans’ Relief from April 2022

To encourage employers to employ armed forces veterans, a new relief was introduced with effect from 6 April 2021 where an employer

Identifying NIC Increases on The Payslip

For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are increased by 1.25 percentage points, along with

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

Filing 202122 Expenses and Benefits Returns

Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022,

Completing a VAT invoice

When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either

Furnished Holiday Lets
Tax Issues on Transferring Shares to Family

Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved.

High Value Residential Property Let

The Annual Tax on Enveloped Dwellings (ATED) is a tax on high-value residential properties that are held within ‘an envelope’, such as

Gifts with Reservation Rules

The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible

residential property gains

If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30 days in which

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

Limited Time Penalty Waivers For 202021 Tax Returns

To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, HMRC have announced

Should You Pay A Dividend Before 6 April 2022

If you operate your business through a personal or family company and extract profits in the form of dividends, it is prudent

Capital Gains Tax Annual Exempt Amount – Use It Or Lose It

The tax system contains a number of allowances that enable individuals to enjoy income and gains tax-free. One of these allowances is

Paying Back a Director’s Loan – Beware of the Anti-Avoidance Rules

Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an