Self Assessment is a term referring to a tax return submitted in the UK The document is submitted once a year to inform HMRC of the profits made. These are taxable profits, i.e. those on which tax must be paid. Based on the tax return, it is possible to determine what amount of tax should go to HMRC, whether the taxpayer should transfer an additional amount to the office or whether he or she should be entitled to a refund of the overpaid tax. A Legacy of Excellence: Every person who was self-employed in the past tax year must remember about settlements, even if they were employed full-time at that

Understanding UK Payroll: A Comprehensive Guide If you want to run a business in the UK and employ employees, you must meet certain requirements. One of the basic ones is the need to register as an employer. A registered employer is obliged to settle employee accounts in accordance with applicable regulations. This is done using a payout system called Payroll. Employer registration in the PAYE system Before we discuss the method of settling accounts with employees in force in the UK, it is worth devoting some space to the PAYE (Pay As You Earn) system. All employers, regardless of the form of their business, must be registered in the PAYE

Understanding the Essentials of Corporation Tax for Limited Companies The term Corporation Tax is used to describe the tax applicable in Great Britain. This concerns tax on the profits of a limited company, i.e. the equivalent of a Polish limited liability company, as well as certain organisations, associations and other entities without legal personality. Corporation Tax – what is taxable? Corporation Tax is payable by LTD companies, clubs, charities, associations, cooperatives and societies. The tax is paid on all profits that are subject to taxation, primarily on business income, investment gains and capital gains.  It is important to emphasize that if the company is registered in the UK, where the

Navigating UK Tax Settlement: A Comprehensive Guide The tax systems of European countries are convergent in many aspects, but identifying significant differences is also not a problem. When it comes to tax settlements in the UK, the main difference is that in the UK the tax year does not coincide with the calendar year. It lasts from April 6 to April 5 of the following year, so in relation to Poland, tax returns are submitted several months later. The tax settlement process itself is also slightly different. Taxes applicable in the UK Great Britain is known around the world as an entrepreneur-friendly country. Indeed, setting up a company in England