Sole traders are the most common type of self-employed person.  It’s easy to set yourself up as a sole trader with no founding legal documents or other agreements required. All you have to do is inform the HMRC you are trading before you begin. The legal and taxation requirements on sole traders are deliberately simple […] The post Do sole traders have to produce annual accounts? appeared first on Venn Accounts ..read more

Taking care of your annual accounts is an essential part of running a business. Whether you have an in-house accounting team, take care of your accounts yourself or use professional accountancy services, it’s crucial that you get them right. Annual accounts not only help your meet your statutory objectives but also provide valuable information about […] The post How to keep your annual accounts costs low appeared first on Venn Accounts ..read more

Corporation tax applied to trading profits and sold assets, and the time periods in which applicable companies must pay their bill are stringently enforced. Knowing how to calculate corporation tax is an essential element in an accountant’s toolkit, but business owners and company directors can also benefit from knowledge of how corporation tax works. If […] The post How Much Corporation Tax Should I Pay? appeared first on Venn Accounts ..read more

The overwhelming majority of limited companies use the services of an accountant to prepare their financial accounts. While there is no legal requirement for a limited company to use an accountant, there are considerable benefits in doing so. Taking care of the financial affairs of a limited company can be both complex and time-consuming. It’s […] The post What Does an Accountant Do for a Limited Company? appeared first on Venn Accounts ..read more

If you find yourself in receipt of a tax return, you have a legal obligation to complete and return it even if you don’t think it’s relevant. Failure to submit a return can have financial and, in some cases, legal consequences for individuals and businesses. Every limited company is required to deliver accounts to Companies […] The post The Consequences of Missing Annual Reporting Deadlines appeared first on Venn Accounts ..read more

Making Tax Digital (MTD) is a comprehensive plan by HMRC to ensure that the self-employed and small businesses take tangible steps towards going paperless with their tax records and returns. HMRC believes that MTD will ultimately make it easier for individuals and businesses to stay on top of their tax affairs and submit their returns […] The post Is Making Tax Digital Compulsory? appeared first on Venn Accounts ..read more

All UK incorporated companies must pay corporation tax. To do this, they must prepare and file a tax return within time limits specified by HMRC. This is a detailed administrative process that you really cannot afford to get wrong.   When Do You Pay Corporation Tax?   Usually, the deadline for submitting your corporation tax […] The post How to Pay Corporation Tax appeared first on Venn Accounts ..read more

Corporation tax is a business tax. It applies to incorporated companies in the UK, and is based on self-assessment. That means the taxpayer is responsible for calculating their taxable profits and filing a return. Navigating your way through the corporate tax system in the UK can be complicated, with various allowances that you can claim. […] The post What is Corporation Tax? appeared first on Venn Accounts ..read more

UK companies must meet specific financial reporting standards when preparing and filing their statutory accounts. If your company is a small business or micro entity, you don’t have to file your full accounts with Companies House. Instead, you can file a shortened or abridged version. There are two financial reporting standards for doing this; FRS […] The post FRS 102 vs FRS 105: Which Should I Use? appeared first on Venn Accounts ..read more

All limited companies must pay corporation tax, and the main rate is currently 19 per cent. This applies to your net profits over your financial year. There are ways of reducing this tax burden with different forms of tax relief. Here are our top seven types of small business tax relief: 1. R&D Tax Credits […] The post Seven Types of Tax Relief for Small Businesses appeared first on Venn Accounts ..read more