At Alchemy Accountancy, we work within a lot of creative industries – including music. From freelance musicians to bands to record labels, in today’s internet-heavy world, it’s easier than ever to start creating great music. But how exactly do you start your own...
What is Corporation Tax? Corporation Tax is the tax charged on the profits made by a corporate entity (a limited company). How is Corporation Tax calculated? Accounting profit is calculated by deducting expenses from income. Taxable income is then calculated by...
What is IR35? IR35 is the most important, and controversial, piece of legislation to affect limited company contractors. It was first introduced in 2000 as a means of preventing what is known as false self-employment. This is where a person that would otherwise be...
Claiming Expenses Generally, there are two tax considerations when making a claim for expenses: Whether they can be deducted from trading income to computing profits chargeable to Income Tax or Corporation Tax (depending on whether incorporated), as discussed in...
Contents What is VAT VAT Rates Who must be VAT registered Deregistration Defaults and Surcharges Cash Accounting Scheme Flat Rate Scheme What is VAT? Value Added Tax (VAT) is a tax which is levied on the sale of good and services by VAT registered businesses in the...
