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How to Pay Corporation Tax in the UK

In a similar way that individuals pay income tax on their earnings, UK businesses must pay Corporation Tax on their annual profits. The rate of Corporation tax will differ depending on how much profit your company makes. From 1st April 2024, the rate for Corporation Tax is as follows: Companies with profits between £50,000 and…Read More

The Importance of Inheritance Tax Planning

Prepare Now To Secure Your Legacy Inheritance tax is a topic people would understandably prefer not to think about. However, putting plans in place now will make the whole process considerably simpler and smoother for your loved ones when the time comes for them to receive the inheritance you will leave them. What Is Inheritance…Read More

Bookkeeping 101: Basic Bookkeeping For a Small Business

To ensure your finances make sense, bookkeeping is a vital part of small business operations. As a fairly new venture, you may decide to manage your own bookkeeping, however, as your business grows, you might find yourself in need of some assistance. In this article, we outline the basic components of bookkeeping for small businesses,…Read More

How To Get Tax Exempt Status For Your Non-Profit Organisation

As a new UK non-profit organisation, you may have found yourself wondering whether or not you’re required to pay tax. The assumption that charities don’t have to pay any tax at all is not true. While you are usually exempt from paying tax on most of your income and gains (if used for charitable purposes),…Read More

What is a P11D Form? Everything You Need to Know

A P11D form serves as a comprehensive document in which employers can report specific taxable benefits in kind to HM Revenue & Customs (HMRC). These benefits are either ineligible or intentionally excluded from regular payroll processing, subject to PAYE and NIC deductions throughout the year. The intricacies of what should be included in a P11D…Read More

2024 Key Accounting Dates and Deadlines for Your Diary

As a business owner, maintaining your accounts is crucial for the success of your company. To help you manage finances effectively throughout 2024, we’ve compiled a comprehensive list of key accounting dates and deadlines. These include personal tax returns, VAT returns, and more. 2024 Self-Assessment Key Dates The UK tax year spans from April 6th…Read More

When is a Self Assessment Tax Return Required?

Who Needs to File a Self Assessment Tax Return? Navigating the requirements of a Self Assessment tax return can feel overwhelming, particularly if you’re new to being self-employed, a sole trader or generating multiple streams of income. In this article, we’ll assist you in unravelling the complexities of Self Assessment tax returns, ensuring you understand…Read More

10 practical accounting tips for startups

Our tailored accounting service for startups and new businesses According to STARTUPS magazine, the number of new businesses incorporated in the UK broke a record in the first quarter of 2023. Despite competition and numerous challenges – including rising inflation and interest rates – Office for National Statistics records show that 202,130 new UK businesses…Read More

What is basis period reform? What does it mean for you?

How will the change of basis period for income tax affect you? You may have heard about basis period reform, but what does it mean and how will it impact you? For those clients who want to study the new reform in depth, we’ve put together a detailed guide to the change of basis period.…Read More

How to correct VAT errors and make adjustments

Engage an accountancy firm to avoid VAT errors and penalties Value Added Tax – or VAT – is a significant consideration for the majority of UK businesses (though there are certain exemptions). Businesses with a taxable turnover above the VAT registration threshold (currently £85,000, June 2023) are obliged to register for VAT. They are then…Read More

What does a company secretary do?

What are the duties of a company secretary? As trusted chartered accountants, we are frequently involved with the registration of new companies. During this time, we are often asked: what does a company secretary do and does our company need one? Read on for our guide to this important role – we’ll explain everything from…Read More

Seven benefits of a trust fund

Expert guide: how to go about setting up a trust Here at Hartley Fowler, we are pleased to provide a broad range of accounting and tax services to our private clients. One of the subjects we are asked about most frequently is tax planning and specifically how to limit inheritance tax. When asked for strategic…Read More

Why is bookkeeping important?

What does bookkeeping entail and why is it crucial for your business? Here at Hartley Fowler, we provide our clients with a comprehensive range of accounting services including bookkeeping. Our experienced accountants offer bookkeeping services to a range of businesses, from smaller startups to more established enterprises. By maintaining precise and current financial records, we…Read More

Expert Guide: How to Prepare Statutory Accounts

Who can prepare statutory accounts All limited companies in the UK are required to prepare annual accounts – also known as statutory accounts – at the end of their financial year. In our expert guide, ‘How to file annual accounts’, we will provide essential information about statutory accounts, including: 1. What are annual accounts? Statutory…Read More