The wide range of work covered by the Construction Industry Scheme (CIS) includes things like installing conservatories. The rules say, if you pay your friends as employees, (deducting PAYE and National Insurance) you don’t need to register for the CIS scheme. But, if...
Generally, for small Companies, dividends are still more tax efficient than salary because, despite incurring dividend tax, they avoid 15% Employer’s National Insurance plus, possibly, 8% Employee’s National Insurance. So usually it’s better to vote, and pay dividends...
If you have income from more than one job, or from both self-employed and employment, you could be paying National Insurance (NI) on both. In such a case, for 2025/26, you can complete form CA72A at www.gov.uk/defer-national-insurance and send it to HMRC before 14th...
Most importantly, it depends on the deal. So, get your calculator out! But do watch out for excessive mileage penalties in lease agreements. Tax treatment varies depending on the method used to acquire a car – but it is often not tax efficient for a Company to...
Many director/shareholders borrow money from their Companies but, as long as they pay it back within 9 months of the following accounting year end date, there are no great tax implications. If it is not paid back by that deadline, a law called s.455, says the Company...
You need to submit an Income Tax return (for 2024/25) if HMRC send you a Tax Return to complete, or if any of the following apply and you owe income tax or capital gains tax: Your income from self-employment exceeded £1,000; You are a Partner in a business...
