RGS Accountants Blog

This week’s blog is about Business Tax.  This blog will give you an overview on some of the taxes businesses are expected to pay.  The first and main area is Tax on Business Profits As a sole trader or partnership business, business profits are reported via self assessment and the tax calculated is known as Income Tax. If you are interested in knowing more about income tax, check out last week’s blog !  If you are running an incorporated business such as a limited company then the tax on profits is known as Corporation Tax.  Other taxes on businesses include VAT, CIS tax, PAYE, alcohol duties, off-payroll working, pension scheme administration, stamp duty and importing & exporting taxes. This blog will give you an overview of Corporation Tax, CIS and PAYE. If you would like to know more about any other taxes or if you would like to discuss your business to understand what taxes applies, then just get in touch to book a free consultation.  If you are interested to know more about VA

This week’s blog is about income tax for individuals. Now, the realm of income tax is huge so I have picked out the top 5 areas I have been contacted about recently. But if you have an issue in mind that is not covered here, just get in touch and we would be happy to answer your questions.  So what is income tax? Income tax applies to individuals on certain types of income they receive and that could be from a number of sources such as employment, renting a property, selling an assets, income on savings and receiving dividends from companies.  So in the UK we have about 30m employed persons and nearly 6m of SME (small medium enterprises). These small businesses make up 99% of the business population and nearly 17m out of the total 30m employed persons in the UK are employed by those businesses. 1. Employees  Employees care about the tax they pay so they will be concerned about having the right tax codes, so that they are taxed correctly. That they are not overpaying or underpaying tax.