The 2007/2008 tax year is over, and you may need to complete a tax return. If hearing the words “tax return”, makes you stick your fingers in your ears, and sing to yourself, you need to read our starter article which explains who needs to fill one in, and why.
Tax
The Business Lounge tackles tax matters relevant to entrepreneurs, without giving you a headache.
The recent abolition of the 10% income tax rate is constantly in the news this week as a political hot topic. In fact you are probably sick of hearing about it, but if you want to understand the basics of the actual tax involved, read on.
Most people want to think about tax as little as possible. However, as the new tax year begins, be brave and make some New Year’s Resolutions. Here are some suggestions.
Never has an article title been so off-putting, but if you are self-employed, you need to read this now to avoid a nasty shock regarding when you have to make tax payments.
These terms are often used interchangeably, and many of them may describe your particular circumstances. However, in the world of accounting and tax, some of these have more specific meanings than in everyday English.
The issue of domicile is back in the headlines as the Chancellor’s proposals, first announced back in October, begin to take shape.
There have been many headlines recently about small businesses being the losers in proposed tax changes. One change is to the corporation tax rate.
There has been much discussion about changes to the capital gains tax rules, and the words “private equity” keep being mentioned. However, the proposals did originally catch entrepreneurs and small businesses, and so after much protest, an entrepreneurs’ relief has been announced.
Businesses pay tax on their profits (their income less costs), but for tax purposes, you are not allowed to deduct all your costs from your income, when working out what your profits are. Too many entrepreneurs, pay for things on the basis that they will get a tax deduction, and then are annoyed to be taxed on a higher profit figure than that shown in their accounts.
Entrepreneurs often believe certain tax myths, perpetuated by well-meaning friends, and what they have heard in the pub etc. The Business Lounge separates the facts from the fiction.
