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Category Archives: Income Tax

Should I Hire an Accountant?

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When to Hire an Accountant If you’re running your own business, there are many occasions in which the aid of a professional accountant can make your life easier. Without the necessary understanding of business finance and legislation, it is common for business owners to get bogged down and confused by their financial figures. For this … Continue reading

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“Making Tax Digital” Explained

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In March 2015, the government announced an initiative to try and make tax returns simpler and more in line with modern business procedures – this scheme is called ‘Making Tax Digital’. The initiative aims to eventually do away with filing annual paper tax returns in favour of a more frequently updated digital tax system. The … Continue reading

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What does an Accountant do?

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What does an accountant do?  Everyone knows accountants work with numbers and deal with finances, but the role can be a lot more varied than most people expect. An accountant can be incredibly useful, giving you trustworthy guidance to help your business become more efficient, providing you with strategic advice and saving you money. In … Continue reading

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How is your tax spent?

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Often, individuals can feel frustrated by taxes because although they clearly see the figure coming out of their income, they don’t directly see the benefits of it being spent. In recent years, the government has tried to combat this dissatisfaction by sending out information on the breakdown of the tax you pay. However, more could … Continue reading

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Consequences of Failing to Pay Taxes

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We all know taxes are one of the two facts of life, but taxes aren’t always automatically deducted from your finances. Responsibility for ensuring your taxes are paid appropriately rests solely with you – failure to take initiative and arrange your taxes responsibly could result in consequences one would rather avoid. Therefore, this month we’ll … Continue reading

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How Does Payroll Software Work?

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Paying individuals in your company will see a monthly shift of large amounts of money out of your accounts, and it is crucial that this money goes securely to the right people in the right amounts and that the appropriate taxes are paid. To do so, you’ll need to go through professional channels to guarantee … Continue reading

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Getting Self-Assessments Right: A Walkthrough

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Whether you’re self employed or have staff working for you, all business owners must complete a self-assessment income tax return. Completing this documentation can be confusing and overwhelming, especially if you’re new to the process, so Murray & Lamb have put together this walkthrough to assist you in the procedure. Register for online services If … Continue reading

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Why Should I Use Payroll Software?

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Payroll software is a handy tool for businesses to keep track on their employees’ wages and taxes, and ensure that transactions run smoothly. The automated system does most of the work so you don’t have to, simplifying the process and allowing you to focus on other aspects of your business. There are many reasons why … Continue reading

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Where Does My Tax Go?

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In the UK, taxes are a necessary deduction from our wages in order to allow the country to run smoothly, and for us to have access to all the services we need to live comfortably and healthily. However, more and more people seem to be asking where exactly their hard earned money is being spent. … Continue reading

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