If you have employees then its essential that you keep up to date with the changes to the National Minimum Wage and the National Living Wage. National Living Wage Based on recommendations from the Low Pay Commission the National Living Wage will increase by 4.9% from...
Cash flow is king
Business that fail tend to fail because of cash flow problems. Good cash flow management means ensuring that you do everything within your power to ensure that money flows into your business as quickly as possible and also that it exits your business as slowly as...
Do I need a business bank account?
As business bank accounts typically have charges, it can make sense to try to avoid these costs and using a personal account is an easy way to do this, however there are reasons you may want to opening an account. Do I need a business bank account if I trade through a...
National Minimum Wage from 1 Oct 2015
1st October 2015 sees the new national minimum wage and worth noting that it’s the largest increase to the national minimum wage since 2007. The NMW charges are as follows:- Adult aged 21 and over increased by 20 pence to £6.70 per hour 18 to 20 year olds increased by...
7.5% Dividend Tax
In the summer budget the government announced new rules to come into effect from 6 April 2016. These rules included a tax on dividends at a rate of 7.5% however they also include a Dividend tax allowance of £5000 per year. This will likely mean a increase in tax for...
FYA for low emission cars extended
Cars don’t usually qualify for the annual investment allowance. For several years though it has been possible to claim a 100% first year allowance (FYA) on low CO2 emission cars. This tax break was due to end on 31 March 2015 but on 17 February 2015 new legislation...
Tax Deadlines in September 2014
These are some of the important dates for September: 1 September 2014 – Corporation Tax due for 30 November 2013 year ends. 7 September 2014 – VAT due for VAT quarters ended 31 July 2014. 19 September 2014 – PAYE and NIC deductions due for payroll month 2 (ended 5...
Flat Rate VAT guide
The Flat rate VAT scheme was provided to try to help simplify tax for small business owners. Basically it means that whilst you charge VAT to your customers at 20% you actually pay the money over to HM Revenue and customs at a lower rate. (The actual rate is...
Tax Deadlines in August 2014
The important dates this month are: 1 August 2014 – Corporation Tax due for 31 October 2013 year ends. 7 August 2014 – VAT due for VAT quarters ended 30 June 2014. 19 August 2014 – PAYE and NIC deductions due for payroll month 2 (ended 5 August 2014). (22 August 2014...
FREE Online tutorials for Landlords courtesy of HMRC
UK landlords can access online training to help them understand how to pay tax on properties that they let out. The computer based tutorials are aimed at people renting out residential property. HMRC are hoping that the online tutorials will provide an easy to access...
