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What Taxes Do I Pay as a Sole Trader?

What Taxes Do I Pay as a Sole Trader? | Cheap Accountants | Scoop.it
We often receive questions from clients new and old about the difference between operating as a sole trader and operating via a limited company. In particular, we are often asked to provide guidance on what taxes apply to a sole trader and how much each client can expect to pay in tax. Thi
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What Is “Making Tax Digital” - An Introduction

What Is “Making Tax Digital” - An Introduction | Cheap Accountants | Scoop.it
This blog post is the first of a series of artilces that we will publish on HMRC's "Making Tax Digital" or MTD. There has been a number of developments in this area during recent months and this series of articles that will be published on our site over the coming days and weeks will focu
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My Confirmation Statement is late! What now?

It’s not usual to be approached by a prospective client who has realised that their limited company’s Confirmation Statement is overdue. This happens from time-to-time and given that there is only a somewhat short window of opportunity to submit the confirmation statement on time w
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How to account for PayPal Transactions

How to account for PayPal Transactions | Cheap Accountants | Scoop.it
We often complete work for clients who run a business via eBay or simply make a large number of online sales with customers making payment via PayPal. The question that is asked time and time again is how do I account for PayPal transactions? This blog article has been written to assis
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Capital Allowances for Self Employed – Motor Vehicles

Capital Allowances for Self Employed – Motor Vehicles | Cheap Accountants | Scoop.it
This article has been written as a follow on from the last time we updated the blog and provided advice to the readers of our blog on the motor expenses – full cost method . Today we are addressing our sole trader clients and this blog post has been written with them in mind. If you operat
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How much to pay yourself from Limited Company – 2017-18

How much to pay yourself from Limited Company – 2017-18 | Cheap Accountants | Scoop.it
Even though there are changes to the dividend tax due to come into effect in the not so distant future, the strategy of paying yourself a low salary topped up with dividends from your limited company remains the lowest tax method of extracting income from a limited company. So the strategy t
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How to Restore your Dissolved Limited Company

How to Restore your Dissolved Limited Company | Cheap Accountants | Scoop.it
If a limited company director is late with the statutory company filings, for example the confirmation statement and the company accounts, to Companies House this may result in the limited company being dissolved or struck off by Companies House. Once the company has been dissolved unde
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The VAT Flat Rate Scheme is Changing – Is it Worth Using in 2017?

The VAT Flat Rate Scheme is Changing – Is it Worth Using in 2017? | Cheap Accountants | Scoop.it
The VAT Flat Rate Scheme is due to change in April 2017 and the changes will dramatically reduce the benefits or gains associated with operating the Flat Rate Scheme for many small businesses across the UK. The Flat Rate Scheme has been used by many businesses a method of boosting incom
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How do I submit replacement accounts to Companies House?

How do I submit replacement accounts to Companies House? | Cheap Accountants | Scoop.it
From time-to-time we come across clients who need to submit a replacement set of accounts to Companies House. This could be for a number of reasons, but we often find that clients rush to submit something to Companies House to avoid a penalty and then when we are engaged by such a client w
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What is VAT MOSS?

What is VAT MOSS? | Cheap Accountants | Scoop.it
VAT MOSS is an aspect of the VAT regime which applies to digital products sold within the EU. The requirements of VAT MOSS are different to the usual VAT requirements and this will be explained further below. It is important to consider the impact of VAT MOSS if you are a supplier o
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Limited Company Owner and Student Loan Repayments

Limited Company Owner and Student Loan Repayments | Cheap Accountants | Scoop.it
A popular tax saving income extraction strategy is to pay yourself, in your capacity as the director and shareholder of the limited company, a low salary from the company and then to pay dividends on top of this.
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Could Interest Rates Fall Further?

Could Interest Rates Fall Further? | Cheap Accountants | Scoop.it
The UK base interest rate was recently cut from a historic low of 0.5% to 0.25% to act as a stimulus to support and prop-up the UK economy.
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Making Tax Digital – Latest Developments

Making Tax Digital – Latest Developments | Cheap Accountants | Scoop.it
This blog post is the second of a series of articles that we will publish on HMRC’s “Making Tax Digital” or MTD. A brief introduction to Making Tax Digital was given in the first blog post published during October of this year. The Government has pledged to a digital revolution to improve th
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Clients feeling the benefit of lower Corporation Tax Rate during 2017

Clients feeling the benefit of lower Corporation Tax Rate during 2017 | Cheap Accountants | Scoop.it
We have been preparing a number of company accounts and company tax returns for the limited companies of our clients with company tax years ending post April 2017. These clients are now starting to feel the benefit of the reduced corporation tax rate. Yes that’s right, you may have missed i
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What is an LLP?

What is an LLP? | Cheap Accountants | Scoop.it
This blog post will take a look at the Limited Liability Partnership company structure and touch upon the pros and cons of operating this type of company. You may notice that a number of legal firms and even some accountants use the acronym LLP after their names and this company structur
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How to repay your Director’s Loan – Does this incur tax?

We previously gave a short introduction to the Director’s Loan Account and what this is used for. It is fairly common for owner Director’s to invest their own cash into a limited company, especially during the early years and this might be to buy stock for example to get the business started
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How to record VAT on expenditure invoices when not VAT registered

How to record VAT on expenditure invoices when not VAT registered | Cheap Accountants | Scoop.it
The question posed in this blog update is one that we are asked by clients from time-to-time. When a company, which may be a sole trader or a limited company, is registered for VAT the expense for company purchases alongside the VAT are separately recorded and itemised and then the VAT portio
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Motor Expenses for Sole Traders – Full Cost Method

Motor Expenses for Sole Traders – Full Cost Method | Cheap Accountants | Scoop.it
Sole traders who operate a vehicle for work purposes will have a choice to make between applying the current mileage rates or applying the full cost method. This blog post will explain how the full cost method works and how to apply this in practice. We previously blogged about the mileag
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Further Changes to Dividend Tax Announced: Budget 2017

Further Changes to Dividend Tax Announced: Budget 2017 | Cheap Accountants | Scoop.it
The Government has just announced further changes to the dividend tax system during the budget that will impact all limited company Directors who pay themselves via a combination of salary topped up with dividends. Paying a low salary to a director from a limited company and then payin
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When do I need to register as an Employer and how do I register?

When do I need to register as an Employer and how do I register? | Cheap Accountants | Scoop.it
We see some confusion from time-to-time relating to the need to register as an employer and in turn operate PAYE and complete RTI submissions to HMRC. You must register as an employer if you meet the conditions requiring registration. However, not all companies need to register as an employe
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How to pay Corporation Tax?

How to pay Corporation Tax? | Cheap Accountants | Scoop.it
We complete the annual company accounts and associated company tax return for a number of clients throughout the year. Once completed and submitted clients then often ask us how they can actually pay the corporation tax due. Making payment is a fairly simple process and this blog pos
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Final Call for Self Assessment Tax Returns

Final Call for Self Assessment Tax Returns | Cheap Accountants | Scoop.it
The deadline for all 2015-16 self assessment tax returns is quick approaching and if your return is still to be prepared and submitted we urge you to act quickly on this. The final deadline for personal self assessment tax returns to be submitted to HMRC is 31 January 2017 for the tax yea
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Do you regularly send money overseas? Here’s the best method

Do you regularly send money overseas? Here’s the best method | Cheap Accountants | Scoop.it
It can be difficult to secure the best foreign exchange deals especially when currency rates are constantly moving and global events weigh down on the global economy increasing the rate of change within the currency market.
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Can I complete my own Confirmation Statement? Yes you can and here’s how

Can I complete my own Confirmation Statement? Yes you can and here’s how | Cheap Accountants | Scoop.it
We introduced the new Confirmation Statement to the readers of our blog a couple of months ago and explained what the confirmation statement is and how this has replaced the Annual Return that a lot of people will already be familiar with.
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