I AM SELF EMPLOYED AND AFFECTED BY COVID-19, HOW MUCH GRANT WOULD I BE RECEIVING?

Self employment income support scheme

The self-employed income support scheme was one of the last grants that were announced by the HMRC. The Chancellor confirmed that it was difficult to assess how the amount of grant that could be given to self-employed individuals in the UK due to the flexibility of their income. Who qualifies for the Self-employed income support […]

CLAIMING EXPENSES, REDUCING TAX AND NATIONAL INSURANCE!

Claiming Business Expenses

Claiming the right expenses are a crucial part of running a business. This is because claiming the right expenditure will result in tax relief claimed in the tax year. Therefore reducing the income tax, corporation tax and national insurance paid by the taxpayers. Why is claiming the right expenses important? The consequence of not claiming expenses or […]

THE SELF-ASSESSMENT SYSTEM IN THE UK

Self-assessment system in Uk

Self-assessment system is used by the HMRC to administer and collect tax from taxpayers in the UK. Most UK taxpayers’ tax is collected at the source, however, some taxpayer under this system have to administer their tax by themselves. If not administered well, they are given penalties and made to pay interest on unpaid tax. […]

INVESTING IN TRAINING

Training cost

Cost of training is usually exempt when it is work related. Exempted training cost Work-related training is the one you acquire to help you to improve or update the skills you have already acquired Misconceptions about training cost The most common misconceptions are that all cost can be deducted as an expense. However, some training […]

NEW YEAR, NEW YOU!

Starting a new business,taking on a new challenge!

Starting a new business, taking on a new challenge! As we start the New Year, we might feel that we need to start a new business. As a result, this decision might be you quitting your old job and starting a new business. What to do as you leave the old and start a new […]

ARE YOU AN EMPLOYEE OR SELF EMPLOYED?

Employed or Self Employed

Employment status key test. Who is an Employee? An employee is an individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. Often people mix this up as they are not sure what category they are on. I have been often […]

5 Ways Even Sole trader And Individuals Can Pay Lower Tax.

Sole traders

Sole traders and individuals in the UK can also save tax by having a good tax plan. In this blog, I have explained how this can be achieved. Main Tax Paid by Sole traders  A sole trader usually pays mainly three types of tax. Income tax for Sole traders  A sole trader would pay income tax […]