VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them.
All self-employed AAT members offering bookkeeping or accountancy services to clients must hold a valid AAT licence.
A tax year refers to the 12-month period that a tax return covers. Individuals are subject to a calendar tax year beginning Jan. 1 and ending Dec. 31.
Tax Rates and Allowances
The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on.