For Business

latest

CT61 period to 31 December Income Tax due date 

PAYE due date for December & Quarter 3

starting a business

According to official statistics the UK private sector currently comprises some 3.7 million business enterprises. Of these around 1.4 million are limited companies and the rest are sole traders or partnerships..

already in business

By preparing the following documents for you, we can help you comply with Company Law and HM Revenue & Customs.

individuals

We can prepare your self-assessment tax return for you and ensure that all the reliefs and allowances you are eligible for are applied.

non-profit making

B20 Ltd are conversant with the rules and regulations applying to the preparation and examination of the Accounts of Charities and non-profit making organisations, e.g. sports clubs.

Self Employed

If you are trading as a sole trader you are personally responsible for your business activities. You may take all the profits made by the business, but at the same time you are responsible for all its debts and liabilities.

You are taxed on your total personal income, from your business and any other source which is disclosed on your personal tax return. As soon as you become self-employed, you need to complete and submit a copy of Inland Revenue form CWF1 to avoid incurring a penalty. A copy of this form can be downloaded from www.inlandrevenue.gov.uk/forms/cwf1.pdf

The partnership is the main non-corporate vehicle by which individuals conduct business on a joint basis. Individual partners are taxed on their income from the partnership as if they were self-employed.

A partnership does not actually exist as a legal entity in its own right: technically it is an amalgamation of individuals and when it conducts business it does so through its individual partners not as a collective entity. Each partner acts as an agent for the others and this means in effect that each partner is bound by the actions of those other partners. Partners are also jointly and separately liable for their firms debts. The partnership is a very private, flexible format which allows individual firms to decide how to organise internal management and profit sharing and is widespread among businesses of all kinds.