Albertachina
November 19, 2014
One of the things that can put people off starting their own business is the thought of being responsible for tax bills and the potential confusion of the financial side of business. While it can initially appear confusing, corporation tax isn’t as tricky as it might appear.
It’s essentially the equivalent of the income tax paid on your salary, but for companies. It’s based on the total profit your business makes in the tax year, and the amount you need to pay will vary depending on the total profit you make.
How Much Will You Pay?
For example, for a small business with annual profits under ?300,000 the corporation tax rate most likely to be used is the small profits rate of 20%.
For those with profits of ?300,000 to ?1.5million you’ll have to pay the main rate, which currently stands at 21% but is due to drop to 20% in 2015. You can apply for marginal relief if your profits fall within this category, which could reduce your tax bill depending on the amount of profits you make.
For businesses with profits of ?1.5 million or more, the main rate applies.
When is it due?
Unlike income tax and VAT, corporation tax has to be paid prior to filing your company’s tax return. The bill needs to be paid within 9 months of the end of the accounting period for the previous financial year, meaning if your accounting year ends at the end of March you would need to pay your tax by January the following year.
How to Pay
All corporation tax payments are handled electronically now, typically via direct debit or by credit or debit card. For direct debit payments all that’s required is to register with , which will guide you through the fairly straightforward process of setting it up.
For those paying by card,
is used to handle the transaction. You’ll just need your card details and your corporation tax reference number, and the payment usually takes just 3 days to go through. It should be noted that if you’re using a credit card to pay there is an additional transaction fee, currently 1.4% at the time of writing.
Keeping it Simple
While the payment process itself is simple, calculating what you owe can be a little tricky. The easiest thing to do is to work with a good tax accountant (), and they should save you far more money than they cost. If they don’t, they’re not doing their job properly!
A good accountant will always be up to date with the latest legislation and may be able to find ways to reduce your tax bill that you’d struggle to find yourself, so it’s worth checking out a few professionals to get their advice. It could save you a fortune!
May 29, 2014
As the news emerges that car production in the UK is at its
it’s becoming clear that the automotive industry in the country is finally starting to recover from the economic crisis.
The 21% rise in car production in April in the strongest monthly rise since July 2012, and the CEO of the Society of Motor Manufacturers and Traders has said that further rises are expected over the summer months.
The motor industry in the UK is responsible for thousands of jobs across the country, and this good news should provide some additional security for both staff and suppliers for the coming months and years.
The rise in car sales this year goes hand in hand with improvements in the car rental market, a market with is now worth over ?1.2 billion a year in rental sales.
This has traditionally been a highly concentrated market, with 5 key players dominating around three quarters of the market. Enterprise Rent-A Car remain the biggest player with around 30% market share, with Europcar the second biggest with 15%.
The online market for car rental has also continued to grow, with online reservations proving extremely popular with consumers. The emergence of
has made it easy for consumers to find the car their looking for from the cheapest suppliers, which is also adding to consumer confidence in the rental markets.
The future for the rental market appears to be a steady improvement rather than explosive growth. As the economy
many companies are beginning to release more money to staff travel budgets, which should help fuel the industry.
The slow economy should also provide some benefits to the rental car market. Despite car production levels increasing, actual car ownership in the UK is declining. This fact, coupled with more people choosing to holiday in the UK rather than overseas, means that the demand for rental cars looks set to increase.
Any improving industry in the current climate is welcomed, and things look to be on the up for the car industry in the UK!
Scotland is a wonderful country with a proud tradition and great history it is no surprise that one of its finest product is exported around the world. Scotch whisky is famed the world over and accounts for as much as 80 percent of Scotlands food and drink trade.
November 1, 2013
Have a website and have no clue how to measure its performance? Monitoring how well a company’s site is doing can be tough work for anyone, no matter how experienced they are. Here on the blog we like to inform you about how different financial systems vary from country to country. There’s one aspect of business that’s often overlooked
October 7, 2013
In England the suitably name Bank Of England is in charge of the country’s financial system. In this post we’ll give your a simplified explanation of how the system works and what it does for people.
October 7, 2013
It’s been roughly a week now since the U.S. government went in to shutdown. With thousands of national public services closed for the foreseeable, how does that effect business around the world?
September 23, 2013
Like many countries, Spain too was affected by the global financial crisis of 2008, and badly so. It was the first time in 15 years that the Spanish economy had failed to grow, and so it entered a recession. Despite the economy growing slightly in 2011, by 2012, the country was once against plunged into recession, leading to the need for a EUR100bn Eurozone pay out.
September 20, 2013
Iceland is perhaps not known these days for its financial stability, but maybe things are on the up for this Nordic nation.
September 20, 2013
The Singaporean banking industry has experienced a rapid growth. Between 1998 and 2004, a period of just six years, the banking assets under management in Singapore grew from $92 billion to $350 million.
September 20, 2013
Swiss bank accounts are nearly synonymous with corruption, tax evasion and shady dealings, but what makes them so popular, and is this reputation justified?
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