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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
How is my wife’s state pension bigger than mine
Good question. It’s because we used to have two types of State Pension: the Basic State Pension and the Secondary State Pension (formerly SERPS). You probably didn’t receive a Secondary State Pension because, until April 2016 self-employed NI contributions didn’t...
What is Dividend Tax?
Dividend tax is the unpopular income tax that came into effect in April 2016. Before then tax wasn’t paid on dividends unless you were in the Higher Rate tax bracket. Now Basic Rate taxpayers have had to pay 7.5 pence on every £1 received...
Can I employ my children in my new business?
Yes - assuming they are adults, and provided the salaries, and any other benefits you pay them, are commercially justifiable. These benefits could include: A company car Medical insurance Making payments into a registered pension scheme However, HMRC may consider the...
Am I caught by IR35?
Four factors are usually used to decide whether you are caught by the IR35 rule (working like an employee vs self-employed person). You are not caught by IR35 if: CONTROL: You decide how you work and it is...
What are my options for being paid as a Contractor?
As a Contractor you can handle your income in 3 different ways. Go on an agency payroll – the simplest option but you will pay PAYE and NI on your earnings; use an Umbrella Company where you again pay PAYE and NI plus pay...
Which is best for VAT – Cash or Invoice based Accounting?
It depends. Cash accounting schemes – advantages for small/simple businesses: You only account for VAT on sales in the VAT quarter in which you are paid (rather than the VAT quarter you are invoiced) – because you pay your VAT to HMRC a bit later; If you have...
How to protect your business
As well as obvious things, such as: the physical, financial and data security, you should ensure that you have good IT and internet security; plus the necessary (including Cyber) insurance. It also makes sense to have a solid Business Continuity Plan. The structure...
A recent history of Corporation Tax Rates
In recent years, for small companies the Corporation Tax Rate has effectively increased from 20% to 25.07% (small UK business had a 6% rise in tax on profits - including dividend tax!). Whereas, from 2006/07 to 2017/18, the main Corporation Tax Rate (for more...
MTD and VAT registered businesses
https://youtu.be/48XUegsDtKA Making Tax Digital (MTD) is the biggest change in our tax system since Self-Assessment was introduced. From April 2020, all businesses and landlords with annual turnover over £10,000 will have to make online quarterly submissions of key...
Insurances that a Contractor should have
There are three main types of insurance that a Contractor should consider: Public liability insurance This covers physical damage or harm done by the contractor whilst representing their business. This is a legal requirement...
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