What Is Terminal Tax? Terminal tax is the final tax payment for a financial year. It’s the amount you still owe after subtracting any tax you’ve already paid, like provisional tax or PAYE. Here are some key points to remember: It’s based on your actual income for the year. If you didn’t pay enough tax during the year, you’ll need to pay the balance as terminal tax. If you paid too much, you’ll get a refund. Due Date : The terminal tax is usually due on 7 April following the

Forecasting - taking the guesswork out of your finance strategy

Are you making any of these accounting mistakes>? We've outlined the top 5 accounting pitfalls that small business owners trip over, so you don't have to make the same mistakes: Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management. Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And even with today’s helpful cloud a

Does your business use both employees and contractors? It’s important to distinguish between them as they are paid and taxed differently. Despite what you may call the individual concerned, that description is not definitive. If the status of the worker is questioned in the Employment Court or Employment Relations Authority, for example, the Employment Relations Act 2000 requires a consideration of the ‘real nature of the relationship’. Common law tests assist in determining