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UK Business Essentials: Structures, Taxation & Finance

UK Business Essentials: Structures, Taxation & Finance

  • 30 Day Money Back Guarantee
  • Completion Certificate
  • 24/7 Technical Support

Highlights

  • On-Demand course

  • Beginner level

Description

Build and develop your financial understanding with fundamental business essentials that every business owner should know and understand.

Frequently Asked Questions

  • Will this course give me the knowledge to fly a plane?

    No, unfortunately not. However, it will give you the knowledge to pilot your business.

  • What are HMRC's payments on account for?

    You need to pay any tax owed to HMRC by January 31st, following the end of the tax year. If it is your first year of filing a tax return, you won’t have to make any payments on account.


    A payment on account is a prepayment towards tax for the tax year in which you make the payments on account.


    If your tax liability exceeds £1,000 in the previous tax year, you may need to make payments on account in January and July. You don't need to pay any payments on account if it is less.

  • What are allowable expenses, and how can they reduce my tax?

    Allowable expenses are costs that your UK-based business can deduct from its taxable profits, reducing the amount of Corporation Tax you owe. These expenses typically include day-to-day operational costs such as rent, utilities, employee salaries, and business-related purchases.


    Properly documenting and claiming allowable expenses can significantly lower your taxable income, resulting in lower tax liability.


    Maintaining accurate records, ensuring expenses are genuinely business-related, and staying updated on tax rules and rates to maximize these deductions while staying compliant with tax regulations is essential.

Course Content

Business Essentials Overview
  1. Course Introduction
Structures, Duties and Key Words
  1. Understanding Business Structures
  2. Duties of Sole Traders, Partners, and Directors
  3. Understanding Key Terminology
Setting Up Your Business
  1. Setting Up A Sole Trader or Partnership
  2. Setting Up A Limited Company
  3. Setting Up A Limited Liability Partnership
Basic Financial Statements
  1. Profit or Loss Statement
  2. Balance Sheet Statement
Fundamentals of UK Taxation
  1. Taxation for Sole Traders, Partnerships and LLPs
  2. Expenses for Sole Traders, Partnerships and LLPs
  3. Allowances for Self-Assessment Taxpayers
  4. Taxation for Limited Companies
  5. Expenses for Limited Companies
  6. Fundamentals of Capital Allowances

About The Provider

We are a cloud-based accountancy practice providing accountancy services nationwide. We specialise in Dentistry, Property and SMEs, offering tailored advice and...

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