If you are self-employed, you may be able to claim tax relief on certain business insurance costs as an allowable expense. This means the cost can be deducted when calculating your taxable profits, reducing the amount of tax you may need to pay.
The insurance must relate to your business activities
Small businesses have several VAT schemes available that can simplify VAT administration and may help with cash flow. However, as a business grows or its circumstances change, it is important to review whether the VAT scheme being used is still the best for your business.
The main VAT special
It is important to know if HMRC is holding money that belongs to you. For example, if you have paid too much tax to HMRC, you may be able to claim a tax refund (also known as a tax rebate). Overpayments can happen for a number of reasons, including changes in your employment, paying tax using the
If your personal details or circumstances change, you may need to tell HMRC as this could affect your tax position or entitlement to certain benefits.
You should notify HMRC if you get married or form a civil partnership, or if you divorce, separate or stop living with your husband, wife or
As a self-employed individual, whether a sole trader or partner, you must keep accurate records of your business income and expenses to back up your self-assessment tax return. You should also keep your personal income details up to date. Nominated partners will also need to keep partnership
If you are starting to employ staff or engaging subcontractors for construction work, you will generally need to register as an employer with HMRC. This obligation extends even to individuals who are the sole director of their own limited company, in other words, you must register even if you are
A recent ruling has cleared the path to uncapped financial compensation following a forced resignation. A longstanding social worker had complaints raised over her work by an interim service manager. The ensuing investigation, however, failed to inform her of the specific allegations, their source,
The Government has launched a consultation on proposals that could significantly change the way VAT is collected on goods sold through online marketplaces. Although the changes are not yet law, they could affect thousands of UK businesses that use online platforms to reach customers.
The
Many employees and business owners have welcomed higher earnings over the past few years. However, for a growing number of taxpayers, a larger salary does not necessarily mean significantly more money in their pocket.
The reason is a process known as fiscal drag.
Although tax rates have remained
Businesses must register for VAT if their taxable turnover exceeds the VAT registration threshold, or if they expect it to exceed the threshold in certain circumstances.
The VAT registration threshold is currently £90,000. The threshold applies to the value of taxable supplies made by a