There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 8.75% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...
From 1st April 2021, the maximum amount of payable R&D tax credit which an SME (a Small or Medium Enterprise – which is defined as no more than 500 employees and either turnover of no more than €100m, or balance sheet total of no more than €86m) can claim is...
I use my car for my self-employed business – it cost £5,000*. Can I claim tax relief? Yes – but it’s complicated – and it depends on the CO2 emissions of the car. For cars bought after 6th April 2021: Second-hand electric cars, and cars with CO2...
As it stands, we already know that, thanks to Rishi Sunak, Corporation Tax is increasing on businesses with profits above £50,000 from April 2023. The first £50,000 will still be taxed at the existing CT rate of 19%, but then the next £200,000 will be taxed at 26.5%,...
The most important things are: You must pay at least the National Minimum wage. Get Employers’ Liability insurance as soon as you become an employer. Send a written job description (including Terms & Conditions) to your employee. When employing someone for over 1...
No! You are causing more problems than you are solving. You and your Company are separate legal entities and you must keep your finances separate. There are bookkeeping complications, and huge tax issues. If your Company money isn’t in a Company account, HMRC will...
