All posts in Tax

In just over a month’s time, changes to IR35 tax rules for contractors will occur. However, many contractors are still confused as to what the IR35 changes will mean for their business and what is required prior to the implementation date of 6th April. From 6th April, if you work as a contractor and your […]

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Are you the director of your Limited Company? If so, then you must pay employers’ as well as employees’ National Insurance Contributions on salaries that your company pays out (which are above the NI threshold).  National Insurance Contributions are only payable on salaries, not dividends, so there are significant tax benefits to company directors taking […]

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How to pay yourself as an employee of your limited company Through your Limited Company, in most cases, you will pay yourself via a combination of salary, dividends and perhaps through contributing to a pension too. The most important thing to keep in mind when paying yourself is to plan for tax well in advance, […]

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When starting up your own business, the alternative to setting up a limited company is to register as a sole trader or become a member of a partnership. If you decide to trade as a sole trader then you will be classed as ‘self-employed”. The following guide advises how to register as a sole trader […]

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The Basics of Limited Company Tax As a new business owner of a limited company, understanding Limited Company Tax plus any tax obligations is critical to your daily operations. When setting up your limited company you will encounter various types of tax, however don’t let dealing with these deter you. Owning your own company can […]

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The Budget yesterday had all the potential to be a fairy tale, but no! The annual forecasts are set to rise, more people are forecast to be in jobs by 2022, meaning the tax receipt projections are up, making more spending possible! For Business Philip Hammond put the focus on building business in the 2018 […]

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How to stay on top of your business finances One of the biggest headaches that many business owners come across is managing to keep on top of their finances. Business owners can find it extremely stressful managing the company finances, as their financial position, really can be the making or breaking point for many small […]

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Another self assessment year finished on 31 January (final online submission date for the 2016/17 tax year) and HMRC has released its figures. 11,433,349 tax returns were due to be filed by midnight on 31 January and 10,637,761 (93.0%) were filed in time. There are around 745,588 self assessment tax returns still outstanding and if […]

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Scottish Budget 2017 Finance Secretary Derek Mackay delivered the 2018/19 Scottish Draft Budget on Thursday 14 December 2017 setting out the Scottish Government’s financial and tax plans. The announcement had been timed to take place after Chancellor of the Exchequer Philip Hammond delivered the UK Budget on 22 November 2017 in order to avoid ‘fiscal […]

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Are you part of a limited company distributing dividends to shareholders?  If so, there may come a time when one or more shareholders choose to wave their rights to their share.  Although this is perfectly acceptable, there are steps to follow so that HMRC does not view the waiver as tax avoidance. How does a […]

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