Tax
Register for VAT as a Limited Company
Do you need or want to register for VAT as a limited company? This crucial step can increase your business’s
October 27, 2024
2:14 pm
Skip to content We offer expert payroll management services that simplify your payroll tasks and ensure accurate and timely payments to your team. We handle tax deductions, year-end reporting, and compliance so you can focus on the other areas of your business.
Every type of business, from sole traders and independent contractors to medium- and large-sized enterprises, can experience significant challenges when processing payroll. Payroll will take a lot of time to process and include variables, even if you have a limited number of employees. Keeping up with the ever-evolving payroll laws might be challenging, but we can take care of it for you. When you decide to outsource your payroll to Peer Accountants, you can have peace of mind knowing that your completely managed payroll service is in capable hands. Peer Accountants have years of experience in this area, and our talented team takes great pleasure in their customised service. Regardless of the size of your business, if you want payroll services, we will ensure that it’s done on time and that all adjustments and compliance are up-to-date for management reporting.
A tax code is a series of letters and numbers used by HMRC to determine the amount of tax an individual should pay. The code is based on personal allowance and other factors that affect tax liability and is used to calculate tax deductions. It’s essential to regularly check the tax code for accuracy and report changes to HMRC.
The Employment Allowance is a government scheme that helps UK employers reduce their National Insurance bill by up to £5,000 per year. At Peer Accountants, we can advise you on whether you are eligible for the allowance and help you claim it through your payroll software. This will help you save money and support your business’s cash flow.
Holiday pay in the UK is the amount paid to employees on vacation, calculated based on their normal pay rate and the number of holiday hours. Employers are legally required to provide a minimum paid holiday each year. Peer Accountants can help you understand the legal requirements and ensure you pay the correct amount to your employees, maintaining good relationships and compliance with the law.
The CIS scheme applies if you work for a contractor in the construction industry as a self-employed individual. According to CIS guidelines, the contractor must withhold 20% or 30% of its payments to you in tax.
The CIS covers more than building and civil engineering work, such as demolition, site clearance, repairs and decoration, and power system installation. The HMRC CIS manual defines Construction Industry Scheme work.
Note that if you provide construction industry services directly to a homeowner (not a contractor), the customer will pay you in full (gross) upon receipt of your invoice.
Do you need or want to register for VAT as a limited company? This crucial step can increase your business’s
You can transfer a portion of your Personal Allowance to your partner (spouse or civil partner) if you meet the