Registering for Self-employment
Registering for Self-employment Once you have made the step of deciding to go self-employed once of the first things you need to do is to register with HM Revenue & Customs. Registering for tax is an essential step in becoming a sole trader. It ensures that you are compliant with the law and can accurately…
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Attracting the Talent in your Company
Recruiting new employees is tough just now so be different! For example, some employers are now offering “Wellbeing leave” in addition to the usual holiday package. If you want to recruit more, you have to get serious about the process and be on it 24/7, 365! There are several actions you can take to make…
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Payroll
Payroll If you are running a limited company, partnership or a sole reader employing people is the same process and principles. When you need to employee a person you will need to register this first with HM Revenue & Customs (https://www.gov.uk) and then once set up HM Revenue & Customs will send you’re the payroll…
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Autumn Tax Update
RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time…
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Payments on Account
Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…
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Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can be offered…
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Directors Loan Account
What is a director’s loan account, in its simplest form it is withdrawals or deposits it makes to the business that are outside salary, dividends and an expenses repayment. This can be a credit balance where a director lends the company money or an overdrawn amount where this is a negative amount where is has…
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Goal Setting
Goal Setting How often do you set goals? How often do you revisit your list? We all know that setting goals is important, but we often don’t realize how important they are as we continue to move through life. Goal setting does not have to be boring. There are many benefits and advantages to having…
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