Guide to National Insurance Contributions
The Accounting Studio guide to National Insurance Individuals pay national insurance in order to qualify for a range of state benefits. These benefits include access to state pension, employment support and maternity pay. The level that national insurance kicks in is usually lower than that for income tax, so it is often one of the […]
Guide to PAYE and Payroll
The Accounting Studio guide to PAYE and Payroll PAYE (Pay as you earn) is a system of collecting income tax and national insurance from employees through their wages and salary to avoid the majority of people needing to file tax returns in the UK. Employees receive their wages after income tax and national insurance have […]
Guide to VAT
The Accounting Studio guide to VAT VAT is essentially a sales tax. Every time a business sells goods or servics, VAT is added to that sale. VAT is, in our opinion, amongst the most complex of taxes. It has a huge scope with many exceptions and it is beyond the scope of this guide to […]
Guide to Income Tax
The Accounting Studio guide to Income Tax Income tax is paid by individuals on all their income however it may arise. This includes salary, dividends, interest, rental income, benefits in kind or profits from a self employed business (note: not a limited company – this has its own corporate tax return). The income tax year […]
Guide to corporation tax
The Accounting Studio guide to Corporation Tax Corporation tax is a tax paid by companies on its profits made by the company How is corporation tax calculated? Corporation tax takes the profits made by the business (your income and sales, less your expenses, purchases, wages etc). The profits are then adjusted according to the rules […]
9. Staying organised and record keeping
Staying organised and record keeping It’s really important that you keep hold of your receipts and invoices for your business so that you can justify the expenditure, should HMRC (or anyone else) require it. We will assume that you have retained all the receipts relating to the expenditure on the account and will not ask […]
8. Using our bookkeeping spreadsheet
For those of you who have opted not to use a cloud accounting system, we can provide you with our simple to use bookkeeping spreadsheet. Please contact us to request that we send this to you. WARNING: Do not use this if you are VAT registered. You need a decent cloud accounting system if you […]
Welcome to The Accounting Studio
Thank you for becoming a client of The Accounting Studio As part of the on boarding process we’ve prepared this series of posts to help you both get the most out of our service, and give you vital information so that you can be up and running smoothly, efficiently and safely. There is, with the […]
5. Adding us as your agent
Agent Authorisation In order for us to act on behalf of you with HMRC we need to be authorised as your agent. Each tax requires a separate authorisation (eg VAT, corporation tax, PAYE, self-assessment). Agent authorisation means that you allow HMRC to talk to us, and share information with us, about your or your tax […]
