Lets start with the good news, overpaying HMRC or paying them ahead of time will earn you interest of 4.25% from 22nd August 2023. Which in terms of interest rates available isn’t actually a bad one! There’s loads to consider with the timing of paying your tax bill, but if you do pay it early that […]
Paying HMRC late will cost you even more Read More »
Should you use a limited company to hold rental properties? As is so often the case with accounting and tax issues it depends, however with changes to the tax relief available on finance costs on buy to let properties it is a question more landlords are considering. The best option for you depends on a
Pros and cons of using a limited company for rental properties Read More »
EMPLOYMENT VS SELF-EMPLOYMENT Whether you are employed or self-employed makes a difference to how you pay income tax and national insurance and how much you have to pay. It is important to understand your employment status so that you can ensure you are meeting your tax obligations. SELF-EMPLOYED OR EMPLOYED? There is no clear law
Employment VS Self-Empowerment Read More »
For a number of reasons, you may reach the decision to shut down your limited company, you have decided to take a job elsewhere, your revenue has dramatically decreased, you want to convert back to a sole trader with the reduced paperwork and filing requirements. Either way, you need to know how to close down
How to close down a limited company Read More »
You may have opened your limited company for one of many reasons, but sometimes you may wish to stop operating under a limited company for a period of time. This can be for many reasons, maybe a return to PAYE work or a break from work altogether. For whatever reason, is it important to know
What does dormant company mean? Read More »
The pros of garden offices are pretty clear for a lot of home workers. Your own dedicated space to work and look out into the garden, less interruptions from family and a safe place to store all your work. But it can be quite an investment, and for a lot of people the advice regarding
Tax rules for a garden offices Read More »
The VAT flat rate scheme provides an alternative method of calculating VAT, whereas the annual accounting scheme provides a different way to report VAT. It is designed to help businesses reduce their admin by only filing one VAT return a year instead of four. VAT is still paid in installments. You can choose to either
VAT Annual Accounting Scheme Read More »
A lot of people hear VAT, think 20% and stop there. However, there is an alternative way for small businesses to work out how much VAT they need to pay HMRC, and this is called the VAT flat rate scheme, its often shortened to VAT FRS. It is designed to help small businesses reduce their
VAT Flat Rate Scheme Basics Read More »
When your company year end comes around and its time to file your accounts it can be a very confusing time with directors often being unsure of the paperwork and information needed. This guide is intended to make the process a bit easier for the first time directors, and for those that have done it
What is the year end process for Limited Companies Read More »
Let’s be honest here, for a lot of people working from home is the dream. Laptop out, PJs on, sitting the sofa with the dog by your side while you send those emails is the ultimate fantasy for some of us! It also makes life much simpler for some parents and can really benefit those
Use of Home Expenses – Sole Traders Read More »