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Apr 12, 2023 · SHELBY COMPANIES LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity.
- Filing History
Filing history for SHELBY COMPANIES LIMITED (14793836)...
- Filing History
You'll be able to see the gross salary, taxable amount, tax, national insurance and student loan repayments on annual, monthly, weekly and daily bases. This is based on Income Tax, National Insurance and Student Loan information from April 2024. More information on tax rates here.
SHELBY COMPANY LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity.
- Records
- Accounting Periods
- Entering Cash Basis
- Leaving Cash Basis
- Traditional Accounting
- Expenses
- Cost of Sales
- Allowable Business Expenses: Cash Basis and Traditional Accounting
- Allowable Business Expenses: Cash Basis Capital Expenditure
- Your Basis Period
You must keep records of your business transactions. Whatever basis you use, your records must include all your: 1. sales and takings (income) 2. purchases and expenses You normally need other records too. Some businesses use a flat rate (simplified expenses) instead of the actual expenses to work out business: 1. costs for vehicles 2. use of home ...
Your accounting period is the period your accounts cover. If you’re a new business, your accounting period starts on the date your business started. If you’re not a new business your accounting period starts on the day after the end of your previous accounting period. For example, if you made your accounts up to 5 April 2020, your new accounting pe...
If you have an existing business and you’re switching over from traditional accounting to cash basis, you might have to make some one-off adjustments to work out your profit in this period. The table shows if you need to make an adjustment, and if so, how to make it. There are examples of how the adjustment is calculated in Business Income Manual p...
If you have an existing business and you’re switching over from cash basis to traditional accounting you need to work out an overall adjustment. This can be either: 1. a negative adjustment that’s allowed as an expense in this accounting period 2. a positive adjustment that’s income of your business (adjustment income) and is normally taxed over 6 ...
The following notes are not a complete guide. If you need more information on traditional accounting contact your tax adviser.
Only include business expenses in your accounts if they belong to that accounting period. If an expense covers more than one accounting period, you will need to spread that cost. For example, if your rent is payable 12 months’ in advance halfway through your accounting period, include half of the rent payable in the previous accounting period and h...
This is the cost of any raw materials and goods bought for resale which you used during your accounting period. Do not include items received in your last accounting period that you paid for in this accounting period. Use working sheet 2to help you work out how much you can claim.
The table lists the main categories of expenses that businesses have. Not all expenses are allowed for tax. If you include all of the expense when you work out your profit you must add the non-allowable expenses, or the non-allowable part of the expense to the profit.
If you use the cash basis you can deduct the amounts you pay for capital items, with the exception of expenditure on or in connection with: 1. the acquisition or disposal of a business or part of a business 2. education or training 3. the provision, alteration or disposal of 4. an asset which is not a depreciating asset, such as whose useful life w...
You will pay tax on the profits for your basis period for the tax year. After the first year or two in the business, your basis period is the 12-month period you use for your accounts (except if you change your accounting date or the business has ceased). Use the following rules to help you work out your basis period. If you’re a partner see Partne...
Jul 8, 2024 · Corporate - Income determination. A UK resident company is taxed on its worldwide total profits. Total profits are the aggregate of (i) the company's net income from each source and (ii) the company's net chargeable gains arising from the sale of capital assets. The main sources of income are (i) profits of a trade, (ii) profits of a property ...
Apr 6, 2017 · Use this service to estimate how much Income Tax and National Insurance you should pay for the current tax year (6 April 2024 to 5 April 2025).
The main rate of corporation tax is 25% for the financial year beginning 1 April 2024 (previously 25% in the financial year beginning 1 April 2023). This main rate applies to companies with profits in excess of GBP 250,000. For UK resident companies with augmented profits below GBP 50,000, a lower rate of 19% is generally applicable.
