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Making errors on VAT returns

ERRORS IN VAT RETURNS COMMONLY MADE BY OWNERS.

Errors in vat returns occur many times, the business owners who are VAT-registered have various obligations which includes submitting a correct VAT returns. The main reason for this is to ensure the accuracy of the returns submitted and, most especially, to ensure the right amounts of input and output VAT are charged and claimed. Many […]
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Self-assessment system in Uk

THE SELF-ASSESSMENT SYSTEM IN THE UK

Self-assessment system is used by the HMRC to administer and collect tax from taxpayers in the UK. Most UK taxpayers’ tax is collected at the source, however, some taxpayer under this system have to administer their tax by themselves. If not administered well, they are given penalties and made to pay interest on unpaid tax. […]
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Pension contributions

UNDERSTANDING PENSION CONTRIBUTIONS IN UK

Pension contributions are the retirement plan for the future by putting something aside to live on when you grow old. The main idea with a pension is when individuals get old, they have less strength to work compared to when they were younger. To explain pension easier, Our Northampton accountants have classified it into 3 […]
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National insurance for employees

HOW THE NATIONAL INSURANCE FOR EMPLOYEES IS CACULATED

Our accounting firm in the UK will calculate the amount of National Insurance you can expect to pay in a particular tax year. Read more: https://www.which.co.uk/money/tax/tax-calculators/national-insurance-calculator-aw6yt3g6vd0g – Which? NATIONAL INSURANCE FROM EMPLOYED EARNINGS. The national insurance paid by an employee is Uk are as follow: Class 1 national insurance: There are two types of Class […]
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Tax credit

HOW DOES TAX CREDIT WORK IN UK?

The tax credit is a payment made to parents in the UK to support taking care of their children. These are only paid by revenue to qualifying parents in Uk. The tax credit can either be a child tax credit or working tax credit The amount paid to an individual depends on how much they […]
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