If you own more than one property in the UK, you can opt into nominate which property should be treated as your main residence for tax purposes. When you opt in for such an election there are different tax implications, based on the qualifying conditions. But you should note that three are strict time limits […]

The previously proposed complete overhaul of the auditing industry has been watered down. This was revealed through a draft report published by European parliament’s legal affair committee. The draft report has ditched key elements of the European Commission’s radical plans to inject more competition into the market for large company audits.

Every business needs a recordkeeping system of their financial transactions. Whatever you choose must be sustainable, occur regularly, and produce verifiable information that you can use to manage business operations as well as meet secondary information requirements for tax and accounts preparation.

The tax calculator can be used to estimate the amount of income tax and national insurance contributions you can expect to pay on your income and find out how this money gets spent by the Government. It is aimed at people who pay tax through Pay as You Earn.

When renting a room in your own home, the tax implications of the rental income earned is something that most people ignore. The aim of this article is to outline few points related to your rental income. Where you let part of your home, HMRC calculates the taxable income for a year by deducting something […]

From May 2012, HMRC has started to issue P800 tax calculations for the tax year 2011-12. At the end of each tax year, employers and pension providers send details of the salary, pension and tax paid for each individual to HMRC. They use this information to check that the correct amount of tax has been […]

Running a small business is never an easy task. Starting a small business is even worse. Apart from capital input, you also need to deal with a lot of regulations as well as endless administrative tasks. When you take all this into account, almost for the first three or four months you will be doing […]

Developing your business idea into a viable product or service that could capture the market is a critical part of building your business. Thorough a solid assessment and market research at an early stage will help you to establish whether there is a market for your product or service. Once you begin your business, the […]