One of the most common mistakes business owners make is assuming that profit means available money. In reality, profit and cash are not the same thing. A company can show strong results while still having future obligations — including tax. In the UK, tax is often paid months after income is earned. For example, a…
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One of the most common frustrations for business owners is seeing a profitable month on paper but not seeing the same result in their bank account. That’s because profit and cash are not the same thing. Profit shows what your business earned after expenses, while cash reflects the actual money available in your account at…
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Hiring your first employee is an exciting milestone for any growing business — but salary is only one part of the total cost. Employers in the UK should also budget for Employer’s National Insurance contributions, workplace pension contributions, and other employment-related expenses. There may also be recruitment, onboarding, payroll setup, insurance, training, and equipment costs…
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Our team fully handles your UK payroll and HMRC reporting, ensuring strict compliance.Services start from just £480 per tax year (inc. VAT).Message us directly to delegate your payroll to professionals. Tel: 020 8962 3400 – Mob: 07956-223876info@capitalaccountants.co.ukWestmoreland House, Cumberland Park, London NW10 6RE
We have a robust system of reporting which report your income every quarter, avoiding penalties. We provide a professional, marketing-driven approach to make your financial reporting simple, accurate, and stress-free, helping you stay compliant and confident in your business growth.Feel free to contact us for more information. info@capitalaccountants.com Phone: +44 20 8962 3400
One of the biggest misconceptions about MTD for Income Tax is that taxes will need to be paid quarterly. In reality, MTD changes only the reporting process, not the payment dates. After the system launches, taxpayers will need to submit quarterly updates to HMRC. These are regular reports showing income and expenses throughout the year.…
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MTD for Income Tax does not apply only to high-earning self-employed individuals. Many people do not realise they may also fall under the new HMRC rules. For example, if someone works through PAYE but also rents out property or earns side income from self-employment, this income is also considered for MTD. HMRC looks at qualifying…
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When filing a Self Assessment in the UK, many taxpayers make mistakes that can lead to penalties from HMRC. The most common issue is late registration, when a person is effectively self-employed but does not register and submit a tax return on time and hence incurs late registration penalty Another frequent problem is incorrect reporting…
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HMRC is increasingly targeting businesses that operate mainly with cash — such as beauty salons, restaurants, small shops, and service-based businesses. The reason is simple: these sectors most often show discrepancies between actual and declared income. Today, HMRC uses data matching systems — it automatically compares bank transactions, expenses, and reported turnover. This allows them…
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In the UK, it sometimes happens that a payment to HMRC is sent to the wrong account or with an incorrect reference. This is not a critical issue, but it should be corrected as soon as possible. First of all, there is no need to panic — the money usually does not get lost, it…
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