Accountants in Croydon

HMRC's personal tax account is an online service that allows you to access all of your personal tax information in one location. The personal tax account enables you to manage your tax concerns on your own time, without having to write or phone HMRC. Having fast access to your personal tax account will save you time and energy, allowing you to better manage your tax affairs. It was established in 2015 and has been a huge success, saving countless hours by dealing with everything online at your leisure. In this guide we will learn about the what is a personal tax account . Why should I open a Personal Tax Account right now? Personal tax accounts are a free service provided by the government that uses high-security technology. The major advantage of having your Personal Tax Account up and running is that you can access all of your tax information through one online site. The idea is that having all of your financial information in one location would provide you more overall financial...

 The VAT threshold is the amount of yearly turnover necessary for firms to register for value-added tax (VAT). Registering for VAT is a legal necessity for enterprises that surpass this level, and HMRC reviews it on a regular basis. The threshold increased steadily between 2014 and 2017, but has stayed constant since then. You must register for VAT if your company earned more than the VAT threshold in any 12-month period or if your VAT taxable turnover is expected to exceed the VAT registration level within the following 30 days. The 12-month period in question does not have to correspond with the fiscal year. You should examine whether your VAT taxable revenue for any given 12-month period has above the current VAT registration threshold on a regular basis. In this guide we will learn about the VAT threshold . Even if your revenue does not reach the VAT level, you may opt to become VAT-registered on a voluntary basis. You may opt to do so since it provides a variety of advantages,...

 Capital allowances are a (horribly) complex area of UK tax, yet claiming allowances wherever feasible can help a firm reduce its tax burden significantly. To make matters even more complicated, multiple types of capital allowances are available, each with its own set of criteria, claim limitations, and thresholds. Our Beginners Guide to Capital Allowances begins with the fundamentals, but continue reading to discover more about the many types of capital allowances : Allowance for annual investment Allowances during the first year Super-deduction Discounted rate Allowances should be reduced. What exactly is an annual investment allowance (AIA)? The annual investment allowance (AIA) allows firms to claim tax breaks on assets purchased. You can use it to deduct the entire value of an asset from your profits before taxes. Is there a cap on the amount of yearly investment allowance I may claim? There is, indeed! In most cases, you can claim the AIA up to a maximum of £200,000 every yea...