Unicorn Accountants

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About Unicorn Accountants

Unicorn Accountants London is a distinguished accountancy firm offering a comprehensive suite of services tailored to meet the needs of small and medium-sized businesses. Located at the heart of central London, the company leverages advanced technology and a team of highly skilled and dedicated accountants to fulfil its mission. The company's primary focus is catering to the unique requirements of businesses, establishing their firm as the premier destination for all accountancy, bookkeeping, and tax planning needs. Their team of experienced chartered accountants excels at handling your financial concerns with utmost precision and professionalism. Get in touch with Unicorn Accountants today and experience the excellence of their services firsthand.

Do I have to Complete a Self Assessment Tax Return?

Unicorn Accountants20 Mar, 2024Finance

If you are self-employed, a freelancer, or have more than one source of income, you must file your yearly self assessment tax return with HMRC. This is true even for employed individuals, where HMRC may require you to file a tax return to ensure your tax affairs are in order. Doing a self assessment for the first time might feel a little daunting at first. Even when done annually, you may find certain elements of the filing process difficult. All it takes is a little preparation and understanding of the process to make things quicker, easier, and less of a chore. With the right knowledge of tools available to you, you can easily file your self assessment tax return online and ensure your tax obligations with HMRC are square.

What Is the 40% Tax Bracket?

Unicorn Accountants19 Mar, 2024Finance

In the United Kingdom, tax rates are based on income and are divided into different brackets. The 40% tax bracket is one of the highest tax brackets in the UK, with a high tax rate for individuals earning more than £50,270 as of 2023. In this blog we will analyse the fundamentals of the 40% tax bracket, implications for taxpayers and effective strategies for lowering your tax liability.

What is the OT Tax Code? HMRC’s Tax Alarm Explained

Unicorn Accountants18 Mar, 2024Business

The OT tax code is a default tax code used by HMRC in the event you do not have any personal allowance remaining or when you start a new job. In the latter, if your new employer does not have details of your tax code, they will assign the OT tax code. The OT tax code implies that you do not have any personal allowance remaining i.e., your total income will be taxed. The income tax rate applicable will not exclude the personal allowance which is generally tax free.

Tax Code 1257L - What Does It Mean?

Unicorn Accountants18 Mar, 2024Business

Taxation can be complex and confusing. Comprehending tax codes and their implications on your finances is undoubtedly a pain, but is crucial to your financial well-being. For individuals working single jobs, Tax code 1257L has been the most common code during tax year 2023/24. This tax code signifies the tax-free personal allowance of £12570, which is allowed before you pay income tax.

Tax Rates 2023/2024 - Thresholds and Allowances for Self-Employed People and Employers

Unicorn Accountants12 Mar, 2024Business

Understanding all of the rules and regulations of UK tax can be challenging because of its vastness. You might feel confused with so many different tax types, each with its own tax bands and thresholds, allowances, rates, and relief schemes! The structure of a business also influences its tax reporting requirements and deadlines, adding to the already confusing situation. Thus depending on your business structure— whether it's sole proprietorship, limited company, partnership, or other — you pay taxes differently.

Correcting VAT Returns with the Help of a Tax Accountant, London

Unicorn Accountants11 Mar, 2024Business

Everyone makes mistakes from time to time, and if errors appear in your data, even significant documents like your VAT return may be impacted. It is your duty as a VAT-registered company to fix any errors, even if they weren’t your fault. Fortunately, changing your VAT return is not too difficult to accomplish. A tax accountant London, can help you understand the VAT rules better, minimise deductions, save money, and ensure effective financial management.

What Tax Do I Pay On Dividends?

Unicorn Accountants07 Mar, 2024Business

Companies pay dividends for several reasons, such as attracting and retaining investors. A dividend is a payment of profit from a limited company to its shareholders. This is the amount of money the business still has after it has covered all of its liabilities and operating costs, as well as any unpaid taxes (such as corporation tax and VAT). While dividends are a great way to generate a regular income, like any other income you earn, you have to pay tax on dividends. So, let's understand what dividends are and how they are taxed.

A Guide on Tax Reference Number

Unicorn Accountants07 Mar, 2024Finance

Every employer and pension provider has a distinct reference number that serves as a means of identifying their HMRC tax records. You may be asked to verify this tax reference number if you need to get in touch with HMRC regarding taxes. Your tax reference, which can be found on your payslip or in correspondence from HMRC, identifies the company you work for. Despite their similarity in pronunciation, a tax reference number, UK, and a unique taxpayer reference are not the same thing. They are separate numbers relating to different things.

Ecommerce Accountants: How to Choose the Right One?

Unicorn Accountants06 Mar, 2024Finance

If you have been a relatively small ecommerce business making modest earnings up till now, you need an accountant to get you to that next step. Since you are paying for their professional guidance, your accountant needs to be doing more than just managing your finances. They should also be actively offering advice to help you achieve. Considering confidentiality, trusting your finances to outside accountants London, can be concerning, but you can be confident that doing so will ultimately save you money, time, and stress.

The Step-by-Step Guide to Dividend Tax in 2023/24

Unicorn Accountants22 Feb, 2024Business

UK business owners must know how much money their firm may pay out in dividends. Dividends are an important source of income; therefore (inevitably), you will need to pay tax on any that you receive. It may appear perplexing since the dividend tax rate differs from the income tax rate you may pay on other forms of earnings.