VAT Registration: a small business guide, everything you need to know about registering for VAT. All About VAT Value Added Tax, or VAT as it is more commonly known, is a sales tax charged on the same of most goods and services in the UK. When you make a business sale, you don’t charge your […]
Payment on account is the means by which individuals completing a self-assessment tax return pay their tax. The Payment On Account system does not apply to all individuals, you will only need to make payments if less than 80% of your income has been taxed at source and your liability is more than £1,000. Tax […]
Whilst the majority of office staff spent the last six months working at kitchen tables, dining rooms and bedrooms there has been a boom in the garden office market for those intending to make the switch to home working more permanently. The recent announcement by the government that office workers are likely to be at […]
Estimating how much you need to save for your end of year tax bill can be tough, especially if your business has quite a few expenses. If your freelance business provides a service like tutoring or marketing, you may have limited expenses and you will take home a large part of what you turnover. However, […]
In 2016 the regulations for trivial benefits changed. Before the change employers could provide tea and coffee and perhaps a small seasonal gift to their employees without having to disclose the cost on a P11D or within a PAYE settlement agreement. Under the new rules there is more flexibility and provide you stick to the […]
National Insurance is pretty complicated with all the different classes so below is a brief summary of the current NIC regime. All the rates mentioned below are for the 2020/21 tax year. What is National Insurance? NIC is a tax on earned income, it is divided into different classes. Class 1 is paid on employment […]
What is the difference between marriage allowance or married couples allowance? Although these allowances sound similar, the eligibility requirements are quite different. What is Marriage Allowance? Marriage allowance is a tax relief that allows a UK tax payer to transfer 10% of their personal allowance to their spouse or civil partner, in 2019/20 this is […]
Advisory Fuel Rates – VAT element If you are a VAT registered business, you can use HMRC’s advisory fuel rates to calculate the amount of VAT you can reclaim on the fuel element of business mileage. Advisory fuel rates are used to calculate: The amount of VAT your business can reclaim on business mileage […]
The majority of students leaving university will do so with an outstanding student loan. The media is full of information on the repayment threshold, interest rates and details of how it is repaid through your salary, but what happens if you are self-employed? As a contractor, freelancer or business owner your student loan payments will […]
If you are self-employed or you receive an income from dividends, property or investments you will need to complete a self-assessment tax return. A self-assessment tax return is prepared annually and must be submitted by 31 January following the end of the tax year (which ends of 5 April). Unlike an employee who pays tax […]
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