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Terry Cartwright's Articles in Taxes Show All|Display Category|Title|Newest|Oldest Tax Investigations Are An Uneven Match Between Small Business And The Tax Inspector The vast majority of tax returns are not enquired into by HMRC and are accepted as reasonable. When HMRC investigate the tax return of a small business the inadequacies of the accounting, lack of knowledge by the enquired and professionalism by the tax inspector often results in a higher tax bill. How To Avoid Vat Inspection Problems Trained vat officers inspect company accounts on a regular basis and know exactly the types of errors likely to be uncovered. The article explains how to avoid problems by keeping accurate accounting records and the most common mistakes businesses make. Capital Tax Allowances For Taxi Drivers Taxi drivers who employ a taxi accountant to prepare their taxi accounts may or may not be at risk of under claiming capital tax allowances. Many drivers who prepare their own taxi driver accounts may not have the expert capital tax allowance knowledge to minimise their tax liability. Self Assessment Tax Return Form And Tax Allowances The capital allowances section of the self assessment tax return form is the most difficult for people who are self employed and not conversant with at least a minimum knowledge of accounting and the tax system. Completing the self assessment tax return requires the self employed businessman to understand the tax system as applied to capital allowances that can be claimed against fixed assets. Self Assessment Tax Return Income And Expenditure Section Sole traders and self employed business in the UK are required to complete a self assessment tax return. Accurate accounting records are required to complete the self assessment return with income and expenditure of different types being entered against specific box numbers. These notes explain how those accounting records should be entered in the income and expenditure section of the self assessment tax return form. Self Employment And The Self Assessment Tax Return Form Everyone who starts a business in the UK is required to register that business within three months of starting up the new business or receive a penalty fine for non registration. Having registered as self employed the trader will be required to complete the Inland Revenue self assessment tax return form each year. Top Paye Questions Answered Employers and particularly new employers ask a variety of questions in administering the PAYE scheme. The top questions and answers include tax codes, week 1 basis, employee or self employment status, national insurance, statutory sick pay and what happens when an employee does not provide a P45 from previous employment. Pay As You Earn Wages And Salaries Tax Scheme Explained The PAYE system is a payroll administration system whereby employers deduct on a weekly or monthly basis income tax and national insurance contributions from employees wages and salaries. The PAYE administration involves the calculation of deductions, often performed by payroll software, and the tax returns and forms required by the tax authority which in the UK is the Inland Revenue. Explaining Income And Expenditure Sections Of The Self Assessment Tax Return Every self employed businessman in the UK is required to complete a self assessment tax return form and requires accurate accounting records to support the tax return. These notes explain how those accounting records should be entered in the income and expenditure section of the self assessment tax return form. Taxi Drivers Pay Higher Taxes Missing Out On Capital Tax Allowances Taxi drivers who employ a taxi accountant to prepare their taxi accounts may or may not be at risk of under claiming capital tax allowances. Many drivers who prepare their own taxi driver accounts may not have the expert capital tax allowance knowledge to minimise their tax liability. Practical Self Employed Tax Tips to Save you Money UK Self employment carries the responsibility to sort out your own tax affairs, the first tip is to maintain good records of business income and expenses to minimise tax liability. With tax rates of up to 40%, tax is an essential area to achieve a degree of competence. Small Business Accounting Software and Payroll Software templates can ease the record keeping. Save Money With Vat Schemes and the Vat Threshold Knowledge Base Value added tax is a tax payable by any taxable person or business on sales income unless exempted or zero rated when the annual level of sales reaches the vat threshold limit, raised to 64,000 pounds p.a. from 1st April 2007. Register for vat when the vat threshold is reached to enable vat input tax to be reclaimed and minimise vat liability with a vat scheme. How To Keep Accurate Corporation Tax Records Corporation Tax is a tax on company taxable income or profits. A company being any limited company whether by shares or guarantee, members clubs and associations, trade and housing associations and co-operative groups. A company tax return consists of the completed Corporation Tax Return form CT600 and the annual financial accounts and statements which support the tax calculation. Practical Self Employed Tax Tips Being Self Employed in the UK carries with it responsibility to sort out your own tax affairs, the first tax tip is to maintain good records of the business income and expenses to minimise tax liability. With tax rates of up to 40%, tax is an essential area to achieve a degree of competence. DIY Accounting produces both Accounting Software templates and Payroll Software templates that ease the record keeping. Vat Schemes and Vat Thresholds Vat is a tax payable by any taxable person or business on sales income unless exempted or zero rated when the annual level of sales reaches the vat threshold limit, raised to £64,000 p.a. from 1st April 2007. Vat output tax is payable on total sales whether a business has registered for vat or not and important to register for vat when the vat threshold is reached to enable full credit to be claimed by the vat input tax paid on purchases. Minimise vat liability with a vat scheme. Top Self employed Tax Questions HMRC enquire into approximately 75,000 self assessment tax returns each year. Most tax enquiries result in extra tax being payable because business turnover has been understated or non allowable business expenses have been claimed, resulting in interest and penalties on the extra tax for that year and sometimes previous years. This guide of frequently asked questions can help avoid such interest and penalties and indicate a few tax tips to be aware of. The higher tax rate in the UK is 40% of net taxable income. DIY Accounting also provides templates to assist in maintaining good records and correct tax returns. Tax Questions and hints for UK Self Employed HMRC enquire into approximately 75,000 self assessment tax returns each year. Most tax enquiries result in extra tax being payable because business turnover has been understated or non allowable business expenses have been claimed, resulting in interest and penalties on the extra tax for that year and sometimes previous years and a higher tax rate. These frequently asked questions can help avoid interest and penalties with a few tax tips.	Publish for Free Sign Up For Free Learn More Authors and Writers Submit Articles Submission Guidelines Link to Us Member Login U Publish Store Publishers Article RSS Feeds Link to Us Contact Us More Link to Us Privacy Policy Terms of Service Submission Guidelines Top Authors Popular Articles Article Aids We Recommend SubmitYourArticle iSnare Article Marketer Published.com Article Directories Word Count Utility Search U Publish by: Title Author Keyword

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