Terry Cartwright

Terry Cartwright

Formerly a senior accountant with several public companies and finance director before semi retirement. Following a number of years installing financial and accounting software in recent years has designed a range of Accounting Software and Payroll Software for self employed business and small limited companies in the UK

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Terry Cartwright Free Articles

Filing Self Assessment Tax Return Online

Every self employed business either submits a paper tax return early or files the tax return online after registering to file the self assessment tax return online which has advantages

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Accounting & Finance Online Tax Calculator for Tax Return

Submitting the 2008 tax return form late indicates an accounting & finance problem and attracts late filing fines. HM revenue and customs online self assessment tax calculator is available for tax and income returns

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Starting Basic Accounts Bookkeeping At Home Saves Assessment Tax

Basic accounts bookkeeping for a self employed sole trader who choose starting bookkeeping at home can save accountant fees and self assessment tax.

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Free company directors report for year end accounts

Sample directors report required when the company director submits the company year end accounts to HMRC requiring a limited company directors report

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Engaging a new employees and checks to be carried out on P45

PAYE set up when engaging new employees, checking the employee tax P45 form, and when to get an application for a missing national insurance number or issue a national insurance temporary number

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Sole Traders Starting Your Own New Start Up Business Set Up Notes

A new start up business as a new sole trader is the most common business set up, using sole traders knowledge of how to start up business is useful to building a successful business. Every budding entrepreneur should be aware of the need to adequately prepare for the business venture. Administration and accounting is usually straightforward, you are your own boss and all the profits belong to the sole trader.

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Tax and Easy Accounting Starting Your Own New Sole Trader Business

Information for sole traders starting your own new sole trader business set up including how to start up business, basic accounts and easy accounting

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Advantages of a Private Limited Company versus Sole Trader Basic Accounts

When considering the advantages of a private limited company registration against retaining self employed status the decision taken by a sole trader is often entirely focused upon the tax advantages. There are other private limited company advantages and also disadvantages particularly in regard to limited company accounts and administration compared to producing a simple set of sole trader basic accounts.

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UK tax codes explained, BR basic rate tax coding

UK tax codes are determined by HMRC, notified to employees and used by employers to calculate tax to be deducted from employee income. Inland Revenue tax codes explained as being made up of numbers or letters and usually both. When multiplied by 10 the number indicates the amount of tax free personal allowance the person is entitled to and the letter indicates the conditions which might be applicable to the UK tax code.

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Sole trader basic accounts income and expenditure basic tax account

A sole trader in the UK can operate a very basic accounting system. Provided supporting evidence is retained to show the basic accounts are realistic and the income and expenditure statement accurate for basic tax purposes sophisticated accountancy, debits and credits are not required. Basic accounts for sole traders do not require the production of a balance sheet.

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How much is tax on income, tax percentage rates and income returns

The answer to how much is tax on income and the income tax percentage paid is dependent upon the status of the individual being employed, self employed or incorporated as a limited company. Employees pay income tax and national insurance under the paye system while self employed individuals submit self employed income returns and although they receive the same UK allowances they pay different national insurance.

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P45 Form Tax Questions and New Employee P45 Forms In UK

Employers in the UK issue an employee that leaves with a P45 tax form stating details of that employment including the cumulative earnings and income tax paid to date. Not everything always go to plan resulting in a number of tax questions regarding the P45 form especially when a new employer may not have received the P45 form.

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Inland Revenue P46 Tax Questions With Notes On Accepting The P46 Form

A new employee without a P45 should be asked to complete a P46 form which the employer submits to HMRC. Inland Revenue P46 forms can be downloaded from the HMRC website and also submitted online. Completing the P46 solves a number of tax questions a new employer may have regarding the new employee status and is essential to ensure the PAYE records start off on a correct basis

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Vat Registered Companies Can Claim Vat Three Years Before Vat Registration

When a business completes the vat registration there are rules which enable vat registered companies to claim vat paid on goods for up to 3 years and on some services for up to 6 months incurred prior to registration.

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Tax Software and Company Corporation Tax Return

Tax accounting software for UK companies involves business accounting software to produce the accounts combined with tax software to produce the CT600 corporation tax return.

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