If you are a contractor or freelancer, or own a small business, you may be liable for VAT. If your income reaches the threshold of £83,000 in any given tax year then you are required by law to register. The VAT Flat Rate Scheme for small businesses often works out a good option, as you get to keep some of the VAT you charge to your customers, and limit the paperwork involved with VAT return filing.
Being a director of a company means that you are also an employee. This means that the same rules apply to you as would if you were working for any other employer. It just so happens that you are, broadly speaking, the employer and the employee. There are therefore non-cash benefits that you can receive as an employee and some of these are even tax-free. Here are 9 to consider.
As a UK tax payer, there are benefits of donating to registered charities and community amateur sports clubs (CASCs). For every £1 you donate, the charity can claim an extra 25 pence from the government, effectively increasing the donation by 25%. In addition certain taxpayers can get tax relief - how does it work?
Making Tax Digital (MTD) is a 5 year project for HMRC to make the tax reporting, filing and the management of UK tax, one of the most sophisticated and digitally-focused in the world. The plans are already underway and changes will be phased in between 2018 and 2020. How could this affect your tax?
In the technological world we now live, our expectations of communication and connectibility have increased signifiacntly. As you know, there are very few things that we are unable to access from anywhere in the world. All we need is a wi-fi connection and a mobile phone, tablet or laptop.
Inheritance Tax (IHT) planning can save your loved ones thousands of pounds in tax following your death. To be effective though, actions need to be taken in advance, so it is essential to keep up-to-date with the tax legislation surrounding IHT so you can ensure you are making savings. In 2015, a new tax relief for IHT on family homes was announced, to be available from 2017.
Brexit has been very much the topic of conversation for the past three months and whether you voted for the UK to Leave or Remain in the EU, is now water under the bridge. We are all now part of a waiting game to see how things unravel in the coming weeks, months and maybe even years.
The rates of Capital Gains Tax (CGT) were cut in the March 2016 Budget, opening up potential opportunities for investors to diversify how they invest their money, and save tax in the process. Read more about how to calculate Capital Gains Tax and what reliefs may be available to you.
For directors of limited companies it is important to calculate the most tax efficient way to take out money from the company for personal use. Ensuring you have taken advice on the best mix of salary versus dividends, means more net take home pay for you.
The annual return is being replaced from June 2016 under the Small Business, Enterprise and Employment Act 2015. In its place a Confirmation Statement will need to be filed annually.