The Tax Preparation Blog

Posts Tagged ‘uk’

Question: going self employed but working for same company as im employed by! Help on self employement in the UK!!?

I am currently employed and my boss has restructured the business. He asked me to go self employd as of December 2007. I will get a cheque each month for 33% of bankings on the business. No experience of being self employed. What will i have to pay. Will i have to do a tax return for the 1 month before end January? Anyone know any rescourses that would be helpfull. Alreasy read the hmrc and direct.gov.uk stuff. Do i have to register myself as a company? what can i offset against tax? petrol car stuff etc????

Answer: Find a good accountant. For a few hundred pounds he will do it all and save you money by claiming for things you would never have thought of.

Darling shuts down contractor tax schemes

IT contractors are collateral victims of yesterday’s Budget, as although they were not the chancellor’s prime target, some may need to change how they operate from today.

Google DC Talks: “Developing a Natl Cybersecurity Strategy”

Question: What are self-employed ‘books’ supposed to look like?

I have been self employed for some time and do my Tax Return Online. However, I’ve noticed that some banks and other organisations request your ‘books’ if you are self employed. Could anyone (in the UK) tell me what such books should look like exactly. Of course, I have a black book listing earnings and outgoings…but should it be more comprehensive than that? Other than keeping receipts and wage slips, and filling in my account online, is there some form of specific hard copy I should be keeping? Many thanks!

Answer: As others have stated most banks, etc. mean accounts when they say “books”. They also often as for “audited” accounts when they really mean figures with an accountant’s certificate. (The word audit has a specialised meaning which most bank managers fail to understand)

But the question of what books are acceptable is a good one. You are taxed on the profit made by the business which is the difference between the income earned and the expenditure incurred. So any record which allows you to get to these figures is acceptable.

The income earned is not the same as the money received, unless you always get paid on the day you do the job. Most people record the money received so there has to be a way of working out how much is owed to you at any given time. This can be as simple as marking the date of payment on your copy of your invoice to your customer. The income earned is then the money received plus the money owing (less any money that was owed at the beginning of the period).

Similarly with expenditure.

Also if you are registered for VAT then more detailed records may be needed.

Another week of GW News, February 7, 2010 [A Few Things Ill Considered]

Logging the Onset of The Bottleneck Years This weekly posting is brought to you courtesy of H. E. Taylor . Happy reading, I hope you enjoy this week’s Global Warming news roundup Read the rest of this post… | Read the comments on this post…

Corporation Tax Explained

Business News

Academy honors Harris with award Hal Harris, associate professor of chemistry and teaching and learning at the University of Missouri-St. Louis, has been awarded the Academy of Science of St. Louis’ Outstanding Science Educator Award. He will receive the award at a dinner on April 22.

TAKING FATHERS LIBERTIES, REAL FATHERS FOR JUSTICE.

Question: Birthdate for employment at payroll dept?

I recently accepted a job and the accountant wants my complete birth date for the tax department to do my pay. Do they really need my birthdate to prepare their tax work for employers? Only serious professional answers please

Answer: As far as I am aware, they need to verify who you are for tax purposes no matter what, and they need to do so in as many ways as possible. They will most likely run your complete birth-date along with drivers licenses number, and social security number threw a data base. It will also give them the ability to see if you owe taxes or such. But an employer needs that information for other things besides just taxes. I hope that helps. Only be cautious if they start asking for things that you KNOW aren’t relevant. Things such as place of brith, and mothers maiden name, those things have nothing to do with your job or your taxes! Good Luck!

UCP approved for $50,000 in tax credits

A St. Joseph not-for-profit organization has been approved for tax credits under the Neighborhood Assistance Program.

KPMG Tax Graduate Recruitment Video

Question: selling business and want to avoid or lower my taxes…?

Ok, I have an LLC with a dba on a retail store (California). I’m looking into completing the sale in the next 2months. I read somewhere that a business can be sold as the LLC as a whole, or be sold as assets being broken down. Is that true and if so, is the advantage in selling the entire LLC really at a 15% tax vs 33% tax braket?

Are there any tips in lower my capital gains tax on ($700k selling price). Meaning can I invest that gain into paying off my $400k mortgage and only have to pay taxes on the $300k or even buying a second home with $500k down and pay taxes on $200k?

Answer: If you truly own a business, then you truly have a Tax Accountant who is a Certified Public Accountant.

3 reasons home prices are heading lower

After four months of gains, home prices flattened in October. Worse yet, industry insiders think that they’ll soon start to fall.

BEST TAX HAVEN- AMERICA