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PAYE stands for “Pay As You Earn” and is essentially a government system of paying income tax and national insurance contributions (NIC) across the country. The employer will tally up how much tax and NIC an employee needs to pay and deduct it before paying the wages or pension. These contributions are included in the […]
Every contractor has two rather tricky choices in front of him/her when it comes to how they operate – as a part of a PAYE Umbrella or as an independent Limited Company. Choosing to go for a Limited Company or a PAYE Umbrella both come with their fair share of advantages and disadvantages. It all […]
With every passing day of January, all the self-employed people are nearing their self-assessment tax return deadline which is 31 January 2019. For locums, this is the time of added work of getting the paper work sorted and finances managed. So, to make the process smoother, you can go through these 10 tips for your […]
While finance might not be one of your strong skills, an accountant is certainly a pro at it which is why more than half of the UK taxpayers trust their accountant with numbers. The complex rules of taxation and the minute details that need attention in the process can be a bit overwhelming especially if […]
The new HMRC rules permit small companies to claim expenses towards costs incurred for offering trivial benefits to employees and directors. There is an upper cap on the amount that can be spent for each individual employee and for each individual director, in addition to the restrictions on where the expenses can be claimed. The […]
Sole traders, also called sole proprietors, are individuals who have set up their own business. Sole traders own the business and are solely responsible for growing the business. The ultimate onus of the success or failure of the business also lies with them. They may hire other people but are the sole beneficiaries of the […]
Businesses in the UK are bound to pay the corporation tax if they function and garner profit as any one of the entities mentioned in the list below: A limited company A foreign company with a branch or office in the UK A club, cooperative or any other unincorporated company (social groups and games clubs) […]
Post the 2017 budget, as there was a redemption on tax for interest on BTL (Buy-to-Let) mortgages, there has been a tremendous increase in landlords purchasing Buy-To-Let (BTL) investments under the name of the limited company rather than their personal name. This also changed the cut-off of the net rental income on which the mortgage […]
Reports say, 14% of the world working population is self-employed. A UK data of 2016 confirms 4.75 Million people working in UK as self-employed. People working on an hourly basis or not as a permanent employee share a big portion of self-employed people in the UK. Preferred because of lack of certain skilled resources, contract […]
All businesses are required to report their annual accounts to the government for tax purposes at the end of the financial year. The annual accounting statements are also used by enterprise owners to evaluate the success of their business operations. Moreover, the Her Majesty Revenue and Customs (HMRC) regularly checks the company accounts to assess […]
