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Should i register myself as a Sole trader or Limited Company?

One of the most crucial decisions you’ll have to make is whether your firm will function as a sole trader or as a limited company in the future. The structure you choose can affect practically every element of your business, including how much tax you pay, how much money you can make, and even what happens if your firm runs into financial difficulties. What works for one business may not always work for another. As a result, it’s critical that…

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Making Tax Digital for VAT : A guide to the penalties

Following the implementation of Making Tax Digital (MTD) for VAT in 2019, HMRC announced intentions to alter the VAT penalty system to align it with the penalties for late income tax and corporation tax filing and payment. HMRC announced in January 2022, after multiple delays, that a new penalty scheme would begin in January 2023. We’ll go over the current rules and what to expect when the new points-based system goes live. Current VAT penalties for late payments Late payment…

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Double Taxation – How does it occur?

What Is Double Taxation? Double taxation is a tax principle referring to income taxes paid twice on the same source of income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade or investment when the same income is taxed in two different countries. It can happen with 401k loans. What is the Process of Double Taxation? Since corporations and their stockholders are regarded independent legal entities, double taxation is…

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What’s the difference Between the National Living Wage and the National Minimum Wage?

The National Living Wage (NLW), the National Minimum Wage (NMW), and the Living Wage all sound confusingly similar, so understanding how they affect your business isn’t always easy. We have put together this article to help you get grips with it all, and avoid any penalties as a result of not paying staff the right amount. What is the National Living Wage? Unveiled in the Summer Budget of 2015 by then-Chancellor George Osborne, the National Living Wage (NLW) became law…

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Plastic Packaging Tax

Plastic Packing Manufacturers and importers   Manufacturers and importers of plastic packaging having less than 30% recycled plastic content will be subject to the UK’s Plastic Packaging Tax (“PPT”), which will be levied at a rate of £200 per metric tonne if specified criteria are fulfilled. When packaging is considered plastic Plastic is defined as a polymer material to which additives or substances have been added for the purposes of the Plastic Packaging Tax. This excludes cellulose-based polymers that have…

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Whats the ideal business structure for a contractor?

Independent contractors, consultants, and freelancers are self-employed persons who work for firms on a temporary basis. Hiring contractors allows businesses to have access to specialised skills, expertise, and experience without committing to a full-time employee. This is frequently quite enticing. if you wish to be a contractor, you must first decide the legalised or legal structure you will use for your firm, as well as which accounting services for contractors you will require. The legal structure you pick influences how…

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How the HMRC app is simplifying tax services

Engaging with the taxman is hardly anyone’s favourite task. This, however, might be changing thanks to a revamped HMRC app that allows users in the UK to check their income and how much tax they need to pay. In the HMRC app, you can see details about your job and salary and how much income tax, tax-free amount and take-home pay are calculated. You can also renew your tax credits. The HMRC tax calculator tells you how much National insurance…

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What is a confirmation statement?

In June 2016, the UK government adopted confirmation statements to replace the clumsy annual return AR01 form. The confirmation statement is quite similar to the authorization statement and performs roughly the same thing, except it is faster and easier to file. What is a confirmation statement and what is it used for? A confirmation statement ensures that Companies House has the most up-to-date information concerning a limited company. its not intended to be means of information your organisation about any…

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Paying TAX on dividends in 2022/23

Dividend payments might be perplexing, especially because they are taxed at a different rate than your other income. We define dividends, who is eligible to receive them, and what you need to know about dividend tax.   What is a dividend? Dividends are a tax-efficient way to withdraw funds from a limited corporation. After subtracting the amount payable for Corporation Tax, the corporation distributes dividends to shareholders from earnings that are left over. Dividends given out cannot exceed the companies…

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The future of the block chain in accounting

Accounting has always been impacted by digital technology, but digital technology, in particular, is set to transform how accounting is done on a basic level. Although there is much to be written about how blockchain works, accountants should be aware of its primary purpose: to keep a ledger of financial data and to transfer ownership of assets in a secure and verifiable manner. A distributed ledger is built into the architecture of blockchain technology, ensuring the trust of all parties…

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Asmat Accountants

Asmat & Co are one of Berkshires’ leading independent firms of Accountants servicing a growing and satisfied clientele. At Asmat & Co expert advice is available from senior qualified Chartered Management Accountants (ACMA) and Chartered Certified Accountants (ACCA), at very attractive packages tailored to suit varied individual and business requirements. The professional team at Asmat & Co. possesses extensive experience in providing accounting, tax, finance transformation and business advisory services to a diverse customer base.

CONTACT US


  • 84 High Street, Slough, Berkshire SL1 1EL, United Kingdom
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  • 01753 424968 / 02035 988 621
  • 01753 437109
  • info@asmataccountants.co.uk

Reading Office

  • 365-367 Oxford Road, Reading, RG30 1HA
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  • 0118 950 9841
  • reading@asmataccountants.co.uk



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