Archives: FAQs

Real Time Information, or RTI, is a new system that HMRC is introducing to improve the operation of PAYE. PAYE information will be collected more regularly and more efficiently as employers submit their regular payroll submissions, rather than with their end-of-year tax return. RTI will be introduced to most employers in April 2013, and by … Continue reading “8) What is Real Time Updates and how does it affect my business?”

You can see the most common reasons for needing to fill in a tax return below. You’re self-employed If you’re self-employed (including being a member of a partnership) you have to complete a return each year. You’re a company director, minister, Lloyd’s name or member You must complete a return if you’re any of the … Continue reading “16) Do I Have To File A Personal Tax Return?”

Please see our tax rates and allowances page.

Again this is different if you are incorporated or not. If you are self employed and file a tax return then your tax year runs from 6 April – 5th April. You will have to pay your tax (if due) by 31st January the following year otherwise HMRC will add 5% to your tax bill. … Continue reading “14) When Do I Have To Pay My Tax?”

This is the most frequently asked question and also the only question we do not have an answer to! This simply depends on how your business is structured, if your business is incorporated and if there are exemptions available. To discuss your individual tax bill please call us on 0208 903 9538 or leave us … Continue reading “13) How Much Tax Do I Have To Pay?”

Well this really is a matter of preference. We would recommend that you choose a reputable software package to control your business. Why not have a look at our online bookkeeping package and see how this compares to your current way of record keeping? HM Revenue & Customs do not have a ‘preferred’ method of … Continue reading “12) How Do I Keep My Books & Records?”

There is no set list of expenses you can claim. Here at Livingstones we taylor individual returns to what our client has expensed throughout the year. As a general rule, if you have occurred an expense through your day-to-day business running then chances are you can claim for it! Talk to us today to discuss … Continue reading “11) What Expenses Can I Claim?”

Keeping up-to-date and accurate records from the start is important for your business. It makes it easier to complete your tax return. A good record system helps you keep track of your expenses. If you do not keep adequate records or complete your tax return correctly or on time you may have to pay a … Continue reading “10) What Records Must I Keep?”

if you’re self-employed you must keep business records such as your accounts, evidence of tax that’s been paid and other records relating to your income and outgoings. You’ll need these to help you complete your tax return or to answer any questions from HM Revenue & Customs (HMRC) about a return you’ve completed. As a … Continue reading “9) How Long Do I Need To Keep My Records For?”

When you need to register. As soon as you first employ someone, you will need to register as an employer with HMRC if one or more of the following is true: you’re paying them at or above the PAYE threshold the employee already has another job they are receiving a state, company or private pension … Continue reading “7) Do I Have To Register For PAYE (Pay As You Earn)?”