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UK self assessment tax return : What are the Possible changes to Tax and National Insurance?

February 06, 2019

In the earlier blog, we hope you have enjoyed our beginner guides for self-assessment tax returns . In this blog More Group has provides some best possible changes to Tax and National Insurance. Please, go down and enjoy our blog! Traditionally National Insurance in the UK was a contributory form of cover against sickness and unemployment, and ultimately provided retirement pensions and further benefits. National Insurance has been subject to various amendments and improvements over the years since it was first introduced in the late 1940s by the UK government. The purpose of NI is to contribute towards your state pension. According to the UK government , you will begin to pay towards your National Insurance if you are 16 years old or over, an employee earning above £162 a week or self-employed and making a profit of £6,205 or more a year. Data shows that a large number of self-employed are women; this change will mean leaving them in a vulnerable position. Recen

What is the impact of VAT on Small Business in UAE? - VAT Experts Advise!

January 21, 2019

VAT implemented on most goods and services in the UAE from 01 January 2018. VAT (Value Added Tax) is an indirect tax imposed on a product at each stage of production, before the final sale. The VAT is not usually an additional or add-on to the sale price. The tax is calculated as a percentage of the retail sale price of a product. Go down into the below small business VAT impact blog of best VAT consultants in Dubai UAE . Why has the UAE Government decided to introduce VAT? The UAE Federal Government looks after the provision of many public facilities such as hospitals, roads, public schools, and police services, which will benefit from the additional income VAT will generate. The contributions from collecting VAT will provide resources to fund quality public services in the future. It will also help the government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue. In October 2016, the IMF announced that the Gulf States woul

Self-Assessment Tax Return : A complete beginner's guide to Personal Tax Return

January 20, 2019

Self-assessment tax returns come around once a year and can cause quite an aggravation amongst business owners, entrepreneurs and the self-employed. Go down into More Group's blog and get a guide to what are self-assessment tax returns, and do you need to file one? What are self-assessment tax returns? Self-assessment tax returns exist to ensure individuals report their annual earnings and the sources of these earnings to HMRC. It then allows HMRC to calculate how much tax you as an individual are liable to pay in the relevant tax year. As suggested by the name, self-assessment tax returns are the individual’s responsibility, so it is essential you understand if, how, and when to file the paperwork. Who must complete a tax return? In the UK, if you are an employee of a company, your tax will be deducted via the PAYE system. This is a system by which your employer deducts a percentage of your wage in tax as per the relevant tax code. If your employer uses this meth

Is Scottish Limited Partnership Risky? How? | More Group International | Experts Advice

January 17, 2019

"Looking for Scottish Limited Partnership or Formations? Is it Risky? The article of More Group Accountants is about the Risk associated with Scottish LP and for the alternative entity if already has a Scottish LP. Go down to read more;" Scottish Limited Partnerships (SLP) | Overview In recent times Scottish Limited Partnerships (SLP) have attracted much attention in light of their involvement in fraudulent activities. Scottish LPs were established in 1907 as part of the ‘Limited Partnership Act 1907’ to help farmers with their farm holdings. Since then it has evolved and taken its form in the modern world as a popular option amongst private equity firms and investors. Although there are a few Scottish LPs that are owned by legitimate businesses, there have been several money laundering schemes that have been discovered that exploit a century-old loophole to launder money through the UK. One such laundering scheme used 100 SLPs to shift around $80 billion in Russ

Why Is Tax & Accounting are Important for the Start Up of a Business? | More Group International

January 10, 2019

Looking at starting a small business? Setting up a new business is a challenge for anyone. Whether you are a first-time business owner, a sole trader looking to expand or an established business branching out into new areas you are bound to feel overwhelmed by all the formalities. If you are starting a business with own risk then you should use this accounting tips on your startup to rock from a beginner! Small companies frequently arise as the result of a hobby or side project. Commonly entrepreneurs who start these are new to business themselves and must embark on steep learning curves to establish their firm. As well as aiding new businesses, small business accountants can offer training and advice to educate new entrepreneurs on how to become more independent. There are some important steps in before a setting up a business and steps to know after the business incorporation . Accounting is the backbone to all businesses, allowing them to determine productivity and prof

What are the best tricks for Small Business Accounting? | More Group Experts Advice

December 27, 2018

Overview Small businesses are on the rise. In the UK at the end of 2017 there were 5.7 million Small Medium Enterprises (SME’s) equating to over 99% of all UK business. If we break this down further, in 2016 96% (5.4 million) of these SME’s were micro-businesses (0-9 employees). As the figures clearly show, small businesses are very popular. Therefore, we know there are loads of you out there who will benefit from these tips about accounting for small business owners! Be organised with book keeping Bookkeeping involves the organisation and processing of your business records. It encompasses payments, invoices, cash flow, profit and loss, balance sheets, forecasts and future projections. These records form the backbone of a business, so keeping them up to date and accurate is essential to keep your business afloat. Additionally, business owners are required to keep these records, which have the potential to be audited, for a minimum of 6 years. Be aware of and

What are 5 best worthy tips for Building and Maintaining Clients Trust & Relationships?

December 07, 2018

"Seeking to build trust with customers? Go down into this article, you will have the best point to point things to build trust with customers." Building trust with clients is essential to business success. It is vital to a successful relationship. Here are a few top tips to gain the trust of your clients: Honesty and Transparency – Clients never buy from a business they don’t trust. Many businesses make the mistake of exaggerating and over-promising to attract clients. Stand out by being honest and edge you over competitors. Display integrity and recognise competition – Gain client’s trust and respect by being wise on decisions that are unpopular and the right thing for the client. Best not to speak negatively of your competitors and highlight their bad experiences or services. Rise above and instead highlight your company’s strengths. It’s not all about you – Be diligent of your client’s needs before making it all about your company and its resources. Unde

What are the most important steps after setting up a Business? | More Group International

October 11, 2018

What after Business Incorporation? So, you’ve had an exciting innovative idea and you’ve decided to build a business. To set up a private limited company you will need to register with Companies House. This is known as business incorporation and to incorporate your business you will need the following: · A company name · A registered office address ( If not click here to get virtual address ) · A minimum of one director · At least one shareholder (or more) and the share details · A SIC code (classifies your business) · Memorandum and articles of association (an agreement and rules made by the shareholders to create the company) · PSC (people with significant control) details Submitting these documents to Companies House to register your business is the first step to setting up your new company. After this you should receive the Certificate of Incorporation and other documents confirming the registr

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