The Tax Preparation Blog

Archive for the ‘UK taxes’ Category

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Question: Inland Revenue?

I am creating an Online Business and registering as a Private Limited Company in the UK. However I am terrified that I may not know what taxes to pay and get into legal trouble. It is okay mentioning that I should get an accountant but at the moment that’s not what I’m looking for. If I register as a Ltd does that mean that i get sent all the forms such as a tax return automatically because Companies House and the Government have my Business Address?
Also running an Online Store what taxes would I have to abide by?
VAT?
Capital Gains Tax?
Corporation Tax?
All information you can provide would be great

Answer: You would not need to register for VAT if your annual turnover was not expected to be £61K or more. Make sure you contact Customs and Excise for them to confirm your status officially.

You would pay corporation tax on profits. Company accounts are usually (not always) sent to Companies House when done. When you (or your accountant) does your accounts they would make a provision in it for corporation tax.

Capital gains is unlikely to be a concern.

More information is on the Customs and Excise and Inland Revenue sites. Get it sorted early so that you do not get any tax shocks.

Financial resolutions: Consolidating your cash Isas

Cash Isas are popular, but don’t go to sleep after a year of good returns I’ve got various cash Isa accounts taken out over several years with different providers, and I’ve no idea what return they’re paying, writes Miles Brignall . Tax-free savings accounts used to allow individuals to save up to £3,600 each year – from April this rises to £5,100 – and have proved hugely popular. But many …

Political Rant #107 : Snow , Tax , Flags and Thatcher

Question: Question about child tax credits in the UK?

Hi everyone

I am currently on maternity leave and was working full time before I had my baby. Im trying to figure out if we can manage if I decide not to return to work. At the moment I get £20.66 a week from child tax credits and am just wondering how this would be affected if i stopped working? Would i get more or would it just stay the same? Or how would id be affected if I just work part time?

Ive tried to ring the HMRC but they couldnt tell me anything without proper figures when it was just a general question I wanted answering!

Thanks in advance x x x

Answer: Try entering all your details without your salary into this website.
It will work out what you would be entitled to claim and is usually fairly accurate to within a few pence.

http://www.entitledto.co.uk/

Should Mars be the main mission?

Obama believes it’s possible for astronauts to orbit Mars by the mid-2030s. Is his vision on the right course?

“I cannot return home,” exiled former PM Thaksin

Question: If I go to live in China, but earn money from my business in UK, do I have to pay tax twice?

I would live there and just manage my business online and by hiring people back home in UK.
I mean can the mony contiue going to my English bank account and just spend it in China, or will there be some complex tax stuff to set up. (obviously still paying the usual tax in UK)

Answer: If you are not UK rsident then any earnings in China will be taxed there and not in the UK.
However, any business has to be in China, and if you’re hiring people in the UK it could be argued that the business is UK based, and liable to UK taxation.

France plans to tax Google and Yahoo

Rosalie Marshall, V3.co.uk , Friday 8 January 2010 at 16:34:00 Nicolas Sarkozy steps up plea for restrictive internet In a move that may have repercussions worldwide, French president Nicolas Sarkozy has put forward plans to tax major internet advertising companies like Google and Yahoo in order to raise money to support creative industries. Sarkozy made the speech (video in French) to French …

LUSH UK HAUL: Saving Money!

Accountancy In Asia-Pacific – New Report Published

The Accountancy in Asia-Pacific industry profile is an essential resource for top-level data and analysis covering the Accountancy industry.

Buy silver, gold bullion bars, coins, ingots in the UK – Click link to shop

Question: Immigrants and the Benefits System.?

Australia has the system that skilled overseas workers are welcome but they cannot access the public purse.
This means that they pay all due taxes on their income but as soon as they are unable to work for whatever reason they are returned to their country of origin.
If we had the same system in the UK would this help to address the rising tide of hostility against immigrants in the UK?
Knownow
Australian friends and others who considered moving to Australia all say the same thing. Immigrants cannot access the public purse. The only exception is emergency treatment at A&E. I have never been to Australia I am merely expressing their stated opinion on the benefits system there.

Answer: most definitely!

Bank of England leaves UK rates unchanged, policy steady

The Bank of England kept the scale of its asset purchase programme unchanged at 200 billion pounds ($319 billion) on Thursday and said it would decide whether or not to extend it next month.

How to file your tax return with taxback.com