Making Tax Digital has transformed the way UK businesses manage and submit their tax information. Introduced by HMRC to modernise the tax system, Making Tax Digital requires VAT-registered businesses to keep digital financial records and submit VAT returns using compatible software. While this change aims to reduce errors and streamline tax administration, many businesses still find the...
Payroll is one of the most vital functions in any business. Employees must be paid correctly, on time, and in compliance with HMRC legislation. However, handling payroll in-house can be complex, time-consuming, and expensive—especially with the constant updates to tax laws, National Insurance thresholds, pension rules, and employment regulations.
This is why many businesses in...
Running a business in the UK requires more than just selling products or providing services. Behind every successful business is a strong financial system, and at the centre of that system lies accounting. But not all accounting is the same. Two important areas that often confuse business owners are general accounting and VAT tax accounting.In this blog, we will explore:What general accounting...
Introduction
In the UK, Value Added Tax (VAT) plays a vital role in the country’s tax system. Any business with a taxable turnover above the VAT threshold (currently £90,000 as of 2024/25) must register for VAT and submit regular VAT returns to HM Revenue & Customs (HMRC).
But submitting a VAT return is not just about filling in a form. It requires accurate record-keeping,...
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