It's crucial for businesses to understand their specific VAT obligations and requirements, as VAT regulations can be complex. Consulting with a qualified accountant or tax advisor can provide personalized guidance and assistance in navigating the VAT system in the UK.
Companies are required to pay corporation tax based on their taxable profits. The tax liability is usually payable nine months and one day after the end of the company's accounting period.
Companies must file a corporation tax return (CT600) with HM Revenue and Customs (HMRC) for each accounting period. The corporation tax return provides details of the company's income, deductions, tax calculations, and any adjustments or reliefs claimed
Payroll refers to the process of managing and administering the payment of employees' wages or salaries, along with the associated deductions and obligations
The Pay As You Earn (PAYE) system requires employers to report employee earnings and deductions to HMRC in real-time. This is done through Real-Time Information (RTI) reporting, which involves submitting payroll data electronically to HMRC before or on the day of payment to employees