Accotax

 For us, doing this guide is a bit of a departure. We're a money-saving website for consumers, and we're here to fight for you against corporations that overcharge and take advantage of you. However, for many of the five million self-employed people, the business and the consumer are often synonymous, so it's a bit of a grey area. What is the difference between a personal and a company bank account? A Limited Company bank account isn't very noteworthy. It's similar to your personal bank account on the surface, but it's one you open specifically for your business's income and expenses. A business account, on the other hand, might range from a simple money-in, money-out account to one that assists you with invoices, payroll (if you hire others), and accounting and tax returns. Whatever you require, there will be an account available to assist you. Many people are seeking for free business banking, which does not exist - at least not in the same way that it do...

 What is the definition of a Personal Investment Company (PIC)? A personal investment company (PIC) is a private limited corporation used to invest for the long term. When should you use a Personal Investment Company? There are several benefits to employing a PIC, including the following: Profits can be retained by the PIC for investment rather from being pulled out and subjected to higher personal tax rates in the hands of the shareholders. The PIC can invest in a variety of assets, including cash, stocks, mutual funds, and real estate. The top tax rate for a corporation is 20%, while dividend income is normally tax-free. After taking into account the impacts of inflation, capital gains tax is also payable at a rate of 20%, with the costs of managing the investments subtracted for tax reasons. Profits from investments can be deposited into a pension fund, which provides tax relief to the company, but only to a certain extent. The trading company's profits might be lent to the PIC...

 Accountants are critical to a company's success and profitability. They ensure that a business is comply with the newest tax legislation and runs as tax-efficiently as possible, in addition to managing business accounting. When your firm expands or changes, you may have to make the tough decision to switch accountants. We're frequently approached by potential clients who are unsure how to switch accountants. Switching from one to the other, according to many accountants, is a time-consuming and costly process. However, we have simplified the procedure so that it may be completed quickly. Continue reading to learn how to switch accountants. Changing accountants for a variety of reasons You may be considering changing accountants for a variety of reasons. The most common reason we get from prospective clients who want to switch accountants is because their present accountant isn't proactive in advising them, or that their business has grown or changed, and their existing ac...

 Private-owned cars are covered under business use car insurance for certain aspects of work-related driving, such as travelling to clients and between work locations. Which 'class' of business use you need depends on the type of work-related driving you perform, and you can extend coverage to include coworkers or employees. We'll go over what's covered and how to evaluate if you need business car insurance in the sections below. What is Business Car Insurance, and How Do I Get It? Business car insurance is similar to conventional automobile insurance, with the exception that it also covers work-related driving. Business car insurance, in particular, might cover your personal vehicle while you drive to see clients, commute between work locations, or conduct sales calls. You can even hire someone to drive your car for you while you're away from the office. Cars owned by the corporation are not covered by business automobile insurance (they should be covered by com...

 It's one of the most often asked questions, and it's easy to see why. The distinction between a CAPITAL expense and a REVENUE expense is often misunderstood by landlords. Identifying the difference between a repair and an improvement, as well as only claiming mortgage interest rather than capital repayments on loans. The popular belief is that because you invested money in your home, you should be able to deduct it from your rental revenue. Beware…! Some expenses are never eligible for tax relief. Some expenses can only be deducted from the profit when the property is sold. When computing taxable income, some expenses can be deducted from rental revenue. Some expenses may not be deducted, although they are subject to special rules. Let's take each item one by one. When you purchase a home, there are a few things to consider. The costs and expenses of the purchase are included in the purchase price and cannot be deducted from rental revenue. We recommend that you make a sho...