Trading Losses for Self Employed- How are losses treated.

As accountants in Hammersmith we are asked how losses in a self-employed business are treated for income tax purposes that relates to Sole Trader or Partnership income. Hammersmith Chartered Accountants will explain how the law interprets to tax losses and how they are treated in tax law. This article will describe the way tax losses are treated and how they can be offset against other income in the same tax year or backdated against previous years profits or carried forward and relieved against future income tax profits.

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Self Assessment Tax Return

Self Assessment | Hammersmith Chartered Accountants

Self-assessment is one of the methods that HMRC deploys to collect income tax. But the process can be confusing and time consuming for individuals and businesses. Unfortunately, if you do not file the returns on time, it can lead to costly penalties. At Hammersmith Chartered Accountants, we understand how complex the process is. So, we endeavour to spare you from the headache.

When you engage us, the first thing we do is to liaise with your bank, stockbroker and building society. They should help us gather the data required for your annual returns filing.Thereafter, we calculate the amount of tax you owe and file returns on your behalf. We also go a step further to advise you when the next payment is due. In some cases, we will advise on what needs to be done in the future to reduce the tax bill.

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Accounting software Reviews

There are a few things that are common in all businesses that succeed. They all put working financial systems in place when they open their doors. Also, most of them have a working and efficient monitoring systems in place. These are systems that enable them to keep track of all transactions that take place.

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Tax Advice for UK Outbound Persons

If you work or live in the UK, there are compliance issues that may arise if you travel out of the country. Also, corporates that expand in and out of the UK need to comply with tax requirements. At Hammersmith Chartered Accountants, we have the expertise and the experience required. We will ensure that you remain compliant. It does not matter whether you are an individual or a corporation. We manage and streamline compliance obligations. This is intended to enable you to focus on the core of your business.

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Outsourced Financial Director

Did you know that you can outsource your financial director? Hammersmith Chartered Accountants loves to think outside the traditional trends. Indeed, you can trust us, particularly when you do not have a dedicated financial director to manage the financial side of your ventures.

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International Tax Advice for Inbound Individuals

Travelling to the UK often comes with a host of advantages including tax reprieve. Interestingly, inbound travelers and visitors wishing to hang around for a while often enjoy some exceptional tax advantages that the residents of the UK do not access. Hammersmith Chartered Accountants was established to, among other things, attend to your tax questions and guide you through your stay in the UK as an international person.

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Foreign Income Tax Relief

UK citizens living abroad or generating income in countries other than England, Northern Ireland, Wales, and Scotland need to pay tax on such incomes. But those who are domiciled and have permanent homes in foreign countries need not pay the tax. Such individuals should report their foreign income in self-assessment tax returns.

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AN INTRODUCTION TO CORPORATION TAX

UK resident companies are liable to corporation tax on their taxable total profits, no matter where in the world those profits arise. Companies which are not UK residents are within the charge to UK corporation tax only if they trade in the UK through a permanent establishment or carry on a trade of dealing in UK land.

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Latest Quickbooks Apps And Software Updates

Quickbooks apps have continued to be updated to give users great experience. They enable them to achieve great work-life balance by reducing the time spend on tasks. It is now easier to perform a variety of tasks by integrating apps with QuickBooks. For instance, deploying the automated payroll app allows accountants to update the payroll at a click of a button. It helps to increase efficiency and improve productivity. Here are the latest apps that integrate with QuickBooks seamlessly.

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VAT Reverse Charge for UK Building and Construction Companies

Starting on 1 October 2019, the UK building and construction services will start paying A VAT reverse charge. This is a new tax designed to eliminate VAT fraud in the industry. The VAT reverse charges are expected to impact significantly on cash flow and VAT compliance.

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