National insurance security contributions are paid from income from employment and self-employment earned above the NI limit. NI employees do not pay out their earned income when they reach retirement age, even if they continue to work. Self-employed persons who reach the state pension age and pay class 4 premiums will continue to do so …
Nobody wants to pay their bills, but at least HMRC wants to make paying a VAT invoice easier. There are several ways to pay for them. Can I Pay My VAT Bill Over the Phone? No, you cannot call HMRC and pay taxes over the phone, but you can use your bank’s telephone banking service. …
What if you could make money on your hobby? Good news! Numerous companies and side projects arise from simple hobbies and interests. You can also take advantage of the tax-free trade deduction. What is the Tax-Free Trade Deduction? Starting a side business from a hobby is a great way to test if entrepreneurship is right …
There are many decisions that need to be made when starting your own business. One is the use of cash accounting or traditional accounting. An accountant will recommend the best method for your business, but it can not hurt! Traditional Accounting Traditional accounting is sometimes referred to as accrual accounting or accrual. With this billing …
What is the Difference Between Cash Basis Accounting and Traditional Accounting? Read More »
This is your first time running your new business accounts or it could be the start of a new financial period. You’ve heard of what’s called an opening and closing balance, but aren’t sure what exactly it is or how and when to use it. In this article, we’ll talk about what opening and closing …
Well, yes it has. The government has extended the self-assessment tax returns deadline to 28th Feb. 2022. HMRC announced last week that it has extended the deadline for submitting self-assessment to February 28, 2022, in an effort to reduce pressure on accountants and officers who are unable to reach their full potential due to the …
Has the UK Government Extended the Self-Assessment Return Deadline? Read More »
The untimely death of an entrepreneur is just one of the things you don’t want to bring up, right? So, in this blog post, we will ask you the question and do our best to give you some information. It might be a bit of a morbid subject to touch on, but unfortunately, it is …
What Happens When a Business Owner Dies Unexpectedly? Read More »
Do you require a tax advisor in London? Well, if you have just been laid off from your job, the search for a new one is tricky. The number of laid-off employees is at an all-time high around the UK, and it looks like it will keep on rising. As many companies are now cutting …
Establishing a public limited company can sometimes be the most tax-efficient corporate structure for its directors and shareholders. There are several types of companies including: Company with limited liability A limited liability company Unlimited private company Most companies are limited to stocks. This means that the value of the shares owned will limit the shareholder’s …
The Benefits of Becoming a Public Limited Company Read More »
Many organizations are moving towards agile/hybrid work. However, before employers reimburse expenses and claims for employee benefits, they should consider the applicable income tax and reporting requirements. This article guides tax considerations when employing reimbursement of expenses. Broadband Connection If the employee already has broadband or is upgrading their plan, any reimbursed expenses would be …
What are the Employment Tax Issues That Non-Profit Organizations Need to Be Aware Of? Read More »
