The tax year runs from 6 April to 5 April to following year. You will need to complete a Self Assessment tax return if, in the last tax year any of the following applied to you: You were self-employed; You received more than £2,500 in untaxed income, for example from renting out a property or […]
Does your business have employees? Are you paying them enough? Not knowing the difference between the Living Wage, the National Living Wage and the National Minimum Wage could result in large penalties for failing to pay employees correctly. To help clarify, here is a summary of the three main terms relating to wages: National […]
HMRC defines a director’s loan as when you (or other close family members) get money from your company that isn’t: A salary, dividend or expense related repayment Money you’ve previously paid into or loaned the company A director’s loan account is a record of any money you borrow or pay into the company. […]
The deadline for submitting your self-assessment paper tax return for the 2015/16 tax year is 31 October 2016. You need to complete form SA100, with details of any of the following sources of income: Income from self-employment Employment income Dividends Income/expenses from rental property Gains/losses made from selling assets. There are also additional sections for […]
Shared parental leave was implemented just over a year ago, but new figures show a conflicting picture. Depending on what statistics you look at take-up has been quoted at anything between 1% and 30%. One thing that is clear, is that there is still a lack of knowledge, both from the employer and the employees […]
When you need to set up a PAYE scheme may seem confusing, but here are three common scenarios where employers need to ensure they are complying with PAYE regulations: As an employer you do not need a PAYE scheme if you pay yourself or an employee under the Lower Earnings Limit (LEL) (for Tax Year […]
Are you married or in a civil partnership? Is one of you a non-taxpayer? Is the other partner a basic rate tax payer? If the answer to all of these questions is yes, you may be entitled to claim the marriage tax allowance. The marriage tax allowance allows the non-tax paying partner to transfer […]
Whitesides has recruited two new members of staff for their growing Horsforth office. Adam Fox joined Whitesides as our new office manager from a large high street retailer where he spent 6 years working as a manager in their Finance and Operations section. Adam will be responsible for the smooth running of the office, ensuring […]
Last week I was asked twice about keeping records – which made me think perhaps it should be the next topic for my blog. So what records do individuals and businesses need to keep, and for how long? HMRC require all businesses (whether sole traders, partnerships or limited companies) to keep and retain […]
As accountants, we often get asked by our clients how to pay corporation tax. Reference To pay your corporation tax you will need your 17 character Corporation Tax payslip reference for the accounting period you are paying. The reference number can be found by logging into your company’s HMRC online account and going to “view […]
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