SETTING UP A NEW BUSINESS AS A LIMITED COMPANY.

Setting up a business

Setting up a limited company in the UK,& things that you need to know. Starting something new can be very daunting process to anyone. The reason why most people are nervous about having a limited company is because of all the compliance issues involved. Also, most people have heard about daunting stories from penalties that […]

When should i inform HMRC about setting up a new business?

setting up a business

This is the question that is mostly asked by individuals that start a new business in the UK. If you set up as a limited company, your details would be passed to HMRC  during registration. The issues discussed in this blog relate to those that want to set up their business as a sole trader. […]

MORE TIME FOR STAMP DUTY TAX REFUNDS

stamp duty

Stamp duty on land and properties is the tax that is paid on properties that cost over £125,000 in the UK. This simply means that when an individual buys their first property that costs less than £125,000, they do not have to pay stamp duty. The rate of stamp duty paid on the land. The […]

7 FACTORS THAT COULD HELP TO CLASSIFY COMPLICATED EXPENDITURE

classifying expenditure,capital and revenue expenditure

Classifying your expenditure appropriately could help save your business money by claiming the appropriate tax relief. This could also help to save you from being investigated by the revenue in the future and paying penalties. These mistakes are easily done, so this blog post will help to highlight seven things that could help you. When […]

WOULD YOU LIKE TO CLAIM THE UNIVERSAL CREDIT?

Claiming universal credit

How to claim universal credit. Claiming universal credit might be the only option for a lot of taxpayers due to Convid-19. The Chancellor in his speech has stated that most of the support for self-employed individuals would most likely come through to taxpayers by June 2020. So, what happens if you really need the support […]

INCREASE IN EMPLOYMENT ALLOWANCE FROM 2020/21,

employment allowance

 Employment allowance has now been increased from £3,000 to £4,000. This is  Good news to some but not all business. These are some of the changes made by the newly appointed chancellor in the budget read a few days ago. This is good news for businesses that are eligible for employment allowance. THE BUSINESS THAT […]

7 THINGS YOU NEED TO KNOW NOW THAT YOU ARE UNDER 1R35 LEGISLATION

IR35 legislation,changes in the private sector from April 2020

NOW THAT YOU ARE CAUGHT UNDER IR35 LEGISLATION, WHAT NEXT? It is not news again that the IR35 legislation is changing from April 2020. If you would like to read about these changes you can click or watch a video kindly click In this blog post, I have explained 7 things that contractors that are […]

PRACTICING THE ACT OF PHOENIX: TARGETED ANTI AVOIDANCE RULE

phoenix

Some business owner’s practice the act of phoenix whilst trying to dispose of their business. An anti-avoidance rule was set up to put an end to this act when the business owners decided to sell their liquidate or sell their business. When this occurs, the taxpayer could be chargeable under capital gain tax or income […]

Why do I pay extra to HMRC, Payment on Account explained

Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment pay towards tax and national insurance for the next tax year. The amount of payment on account applied for the taxpayers is based on previous tax years due to the HMRC Illustration of Payment on Account. Jane […]

WHY SHOULD I PAY TAX ON CHILD BENEFIT I HAVE RECEIVED

Tax on child benefit

Why should I pay tax on the child benefit? This is a common question that is asked by taxpayers. You only pay tax if one of these conditions are met: The taxpayer must be entitled to Child benefit. Or if the taxable income received by either partner is over £50,000. Types of partners that can […]