At LT Accounting, we recognise that keeping up-to-date with the latest accountancy news and regulatory changes is not merely a requirement—it’s a strategic edge for your UK business. Our knowledge hub is committed to delivering the most current and influential accounting insights, trends, and updates.
What is Inside IR35?
IR35 is a tax legislation in the United Kingdom designed to identify and tackle tax avoidance by workers supplying their services to clients via an intermediary, such as a personal service company (PSC), who would otherwise be an employee if the intermediary was not used. Understanding whether you fall inside [...]
What is a Payroll Service Number?
Introduction to Payroll Service Numbers A Payroll Service Number (PSN) is a critical element in managing payroll responsibilities efficiently in the UK. Specifically, it serves as a unique identifier linking the payroll data of employees with the designated payroll service provider, facilitating the accurate and timely processing of payroll under [...]
CIS Deductions: The Key to Maximising Your Profit as a Contractor
Overview of CIS Deductions and its Importance The Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from payments which relate to construction work. CIS covers most construction work to buildings, including site preparation, decorating, refurbishment, and civil engineering. If you are a [...]
Navigating the Complexities of Payroll for UK Businesses
Navigating the complexities of payroll management is a crucial aspect for any UK business, big or small. Effective payroll practices ensure employees are paid correctly and on time, comply with current legislation, and prevent costly penalties. This comprehensive guide provides essential insights into setting up and maintaining a robust payroll [...]
Navigating the New Tax Year UK: Key Changes and Strategies for UK Businesses
The dawn of the new tax year UK brings with it a suite of changes that UK businesses must navigate to maximise their tax efficiency and ensure compliance. From revised corporation tax rates to adjustments in VAT and capital gains tax, understanding these updates is crucial for effective financial planning. [...]
Understanding VAT: A Comprehensive Guide for UK Businesses
Introduction to VAT in the UK Value Added Tax (VAT) is a crucial element of the UK tax system, impacting most goods and services consumed or used within the country. As a consumption tax, it's not just a concern for businesses but indirectly affects everyone, with its implementation being a [...]