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 Private limited partnerships Private limited corporations are legal entities that allow you to conduct business. As such, they must be registered with Companies House and are subject to yearly filing and taxation requirements. What is the definition of a private limited company? A private limited company is a type of organisation that you can form to run your own business. The company is divided into shares that are owned by shareholders. A corporation must pay corporation tax on any profits and then distribute the remainder to shareholders. It is managed by directors, who are legally obligated to carry out certain tasks on behalf of the company and its shareholders. 'Restricted' signifies that the company's financial responsibility is limited to the value of the company's unpaid for shares. This means that if a corporation has one member (shareholder), and they own 20,000 shares worth £1 each, they will be liable for £20,000 (if underpaid) when the company is wound u

 Sole Proprietorship Employment Procedures Since operating as a sole trader requires the least amount of paperwork , many entrepreneurs choose this structure over more formal organisational structures like limited liability companies. Despite the many advantages of conducting business as a limited company, not all sole proprietors are eager to make the transition right away. The possibility of expanding into hiring employees is often overlooked. To help you expand your business without giving up your status as a sole proprietor, our contractor accounting services are at your disposal. Keeping My Business as a One-Person Operation: Possible? This is a typical concern among those who work for themselves, and the good news is that the answer is yes. If you're not quite ready to incorporate your business, you might keep doing business as a sole proprietorship while also expanding to employ other people. Just because you're a "single trader" and doing business under your o

 What to do in the event of an HMRC tax investigation If you receive a letter from HMRC alerting you that they intend to investigate your tax position , your initial reaction may be to fear, especially if you don't know what it means or what to do in the event of an HMRC tax inquiry. What exactly is a tax investigation? A tax inquiry entails HMRC investigating your tax reporting and payment history in the past. They do this to ensure that the correct amount of taxes has been paid. They are unavoidable since one of HMRC's primary priorities is to close the tax gap, This is the sum that is not collected by HMRC notwithstanding their reasonable expectation of receiving that sum in tax revenue. HMRC has obtained increasing powers throughout the years in order to successfully combat tax fraud, avoidance, and underpayments. HMRC asserts in one of their most recent reports that the tax gap has been declining for a long time and that for the tax year 2018/19, the tax deficit dropped to

 Do credit card companies accept tax payments? After you've filed your taxes, you may intend to pay any outstanding balances with your personal credit card , and you may have done so in the past. However, in 2018, HMRC stopped taking payments by personal credit card. So, what are your next steps? Why can't you use a personal credit card to pay your taxes? As part of an EU directive, the UK government implemented a crackdown on merchants charging fees for card payments in 2018. The government claimed at the time that this would save customers £473 million a year, however it caused a problem for HMRC. Because card companies can still tax retailers for taking card payments, businesses, including HMRC, must bear those charges. Rather than collecting such fees back to taxpayers through the public purse, it decided to outright prohibit personal credit card purchases. Cheap Accountants in London Using a credit card to pay HMRC You can still use a corporate credit card to pay several t