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Combining Employment and Self Employment Confused about whether you can be employed and self-employed at the same time? This is a question we get asked a lot. In the modern world it is an issue for many people. The simple answer is “Yes”, however both types of employment come with numerous complexities and tax obligations….
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Year End Guide for Limited Companies A company’s year end brings certain obligations to carry out for limited company directors. We have set out below some key responsibilities and deadline dates by when tasks are required to be completed. Firstly, the year end date is the date to which the company will prepare its accounts….
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A limited company is a type of business structure that has been incorporated at Companies House as a legal ‘person’. It is completely separate from its owners, it can enter into contracts in its own name and is responsible for its own actions, finances and liabilities. Advantages of a limited company structure The most significant…
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Tax on Property Investment Investment in property has been and continues to be a popular form of investment by many people. It is seen as a route by which: relatively secure capital gains can be made on an eventual sale income returns can be generated throughout the period of ownership mortgage finance is covered in…
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The Government’s plan to introduce “Making Tax Digital” has been hit with a further delay, with most businesses now not being affected until 2020 at the earliest. The new timeline for Making Tax Digital (MTD) means only those businesses earning over the VAT threshold (currently £85,000) will need to file digitally starting in 2019 –…
Read MorePenalties: For the late filing of Company Accounts (CT600) If you miss filing or payment deadlines imposed by HMRC or Companies House you will face various penalties or tiered fines based on the degree of lateness. Companies House Ordinarily, the due date for accounts is 9 months after the accounting period end. You’ll have to…
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Cash Basis Accounting Unincorporated businesses are able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based on…
Read MoreAutumn Statement – 23/11/2016 There were quite a lot of changes announced in the Autumn Statement on 23rd November 2016 which will affect the small business and contractor community. We’ve summarised them here. Public Sector IR35 is happening (now called Off-Payroll Working) IR35 reform within the public sector is the key announcement impacting contractors and…
Read MoreThe Vat Flat Rate Scheme (FRS) has a beneficial advantage for many clients in that a financial gain can be made for very little effort. Here’s how it works: If you are mainly working for commercial customers you can register for VAT under Flat Rate Scheme voluntarily, even if your turnover is below the VAT…
Read MoreIf you let a property which was at any time your principle residence (even for a short period), letting relief can be claimed to help reduce the tax you pay on the eventual sale. Letting relief is given in addition to the normal tax exemptions you get; ie. from the periods when you have occupied…
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