Locums Tax Returns – 10 Tips for Locums on Tackling Tax Returns Like a Pro
DNS Accounting
by Sumit Agarwal
3y ago
If you are a locum GP, you do remember the last time you were scrambling to get your paperwork together to file the dreaded Self Assessment tax return on time. As a locum GP, the frantic moments of searching for government ID references and your bank information is still fresh in my memory. With experience, I have come up with these top 10 tips on filing tax returns for locums to make the entire process easier.. 1. Keep your Paperwork in Order You will need to keep all your bank account records and the complete list of your expenses handy when filing for tax returns. You’ll also have to look ..read more
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Why UK Freelancers Really Need An Accountant?
DNS Accounting
by Sumit Agarwal
3y ago
Freelancers are self-employed workers who work on free schedules, most often working for several clients at one time. As a freelancer, you might find it easy to get opportunities to work, but certain aspects of freelance work might be challenging, especially managing finances. Keeping their finances in order is a tough job for many, and freelance workers are no exception. Most freelancers live under the assumption that they are equipped to handle their money matters themselves. They also believe that hiring an accountant is expensive and unnecessary. Although hiring an accountant will cost yo ..read more
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What is Construction Industry Scheme? How Does It Work?
DNS Accounting
by Sumit Agarwal
3y ago
CIS – Construction Industry Scheme  is a tax collection system whereby main contractors, and other organizations undertaking a significant amount of construction work, must deduct income tax from payments to subcontractors, and account for that tax to HMRC as payments on account. The work that falls under CIS CIS rules only apply to supplies between contractor and subcontractor, not supplies direct to the general public or services supplied by PAYE employees. Contractors and subcontractors may be Limited Companies, partnerships or sole traders; but anyone who gets a lot of construct ..read more
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Working as A Sole Trader? Why Should You Register for VAT?
DNS Accounting
by Sumit Agarwal
3y ago
Traders must register for VAT (Value Added Tax) with HMRC, if their VAT taxable income is greater than £85,000. The business receives a VAT registration certificate when they register the business with HMRC. The certificate confirms the VAT number, details for submission of first VAT return and payment, and effective date of registration. The effective date is when the business is officially subject to VAT rules. A trader can register voluntarily; apply for a VAT registration number, if the turnover is less that £85,000, except if all sales are VAT exempt. The business VAT registration certif ..read more
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Will The Government Double Capital Gains Tax?
DNS Accounting
by Sumit Agarwal
3y ago
As per the Office for Tax Simplification’s new report, the rates of the current Capital Gains Tax are quite complicated and must be aligned with the income tax rates. But what implications does it have for landlords? It cannot be disputed that Capital Gains Tax has been a political driving force for years. Individuals who invest in property or own it regard Capital Gains Tax as a punitive burden. Meanwhile, others believe it is an opportunity for them to target tax rises. The government is currently spending quite freely to strengthen the economy and businesses amidst the ongoing COVID-19 pan ..read more
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Top 5 Cash Flow Management Strategies All SMEs Must Know
DNS Accounting
by Sumit Agarwal
3y ago
One of the biggest reasons why businesses fail today is poor cash flow management. “Cash is king” is a popular adage that holds a lot of truth even today. Cash is the backbone of any business, and cash flow management is an important concept for SMEs to be familiar with. In this article, We share with you the top 5 cash flow management strategies that all SMEs must know and use in their financial planning and decision-making process. Conduct Regular Analysis of Your Cash Flow Conducting a regular analysis of the cash flow of your business is the first and foremost step to managing it. You mus ..read more
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Accounting & Tax Saving Tips For UK Car Dealers
DNS Accounting
by Sumit Agarwal
3y ago
Now that 2020 is almost over, it is time to update your income tax filing knowledge. If you are a car dealer, you might have to pay less tax, simply by getting the right information ahead of the end of the current fiscal year. Although there are many more considerations while filing tax, taking heed of the ones mentioned here can help you make the most of your tax-free allowances. Here are the top 8 tax-saving tips all car dealers should be doing! Check Your Tax Code What is a tax code? A tax code shows the exact amount of tax that will be collected from your salary by the HMRC. This code can ..read more
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Struggling With Small Business Accounting? Check Out these Steps to Simplify It!
DNS Accounting
by Sumit Agarwal
3y ago
If you are self-employed and an owner of a small business, you must congratulate yourself first for diving into this exciting adventure. It can be a great leap forward as a professional. However, if you are new to it, the accounting and taxation part can look like a nightmare in the beginning. But if you are organized from the start and take help from expert accountants, you can get the hang of it in no time. Here are the steps that can help you organize your accounts for your small business! Keep A Record of All Your Expenses Keeping a record of all the expenses incurred by your business is ..read more
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Can I Freelance If I Have Been Furloughed?
DNS Accounting
by Sumit Agarwal
4y ago
The COVID-19 crisis has made it challenging for most companies and businesses to operate today. Businesses have slowed down substantially due to the pandemic, resulting in a loss of revenue and staff being furloughed or let go. Economies around the world have been affected severely, and job losses have not helped the situation either. Professionals who have not been furloughed are having to work on reduced salaries, which has made it important to look elsewhere for the loss in income. If you are in the midst of similar struggles, the good news is that regardless of your permanent employment ..read more
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The Eat Out to Help Out Scheme Ended. Has Your Business Made A Claim?
DNS Accounting
by Sumit Agarwal
4y ago
The Eat Out to Help Out Scheme Ended. Has your business made a claim? The last day for filing is 30th September The ‘Eat Out to Help Out’ scheme has been designed to incentivise people to eat in your eating establishment, such as a restaurant by offering them a discount that you can later claim from the government. This scheme has been introduced throughout the UK, and customers can see the participating businesses using a postcode on gov.uk. This scheme is a way to drum up businesses that have been affected due to the lockdown caused by the pandemic and bring in customers on days that are ge ..read more
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