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Sole Trader? Limited Company? Partnership? Jargon Much!
Sole Trader? Limited Company? Partnership? Jargon Much! This week I have had a lot of enquiries from clients who are looking to start new businesses and were wondering how to structure them. I thought I would try to give people a bit of understanding of the 3 main types of company structure. It’s a whole lot of jargon and can be quite confusing to someone new to... -
Mums. You Can Do It!
We Women are good at multi-tasking – we can easily iron a shirt, feed the kids and talk on the phone at same time. That’s why are perfectly capable of running a successful business and looking after the family. All we need to do is to take that first step.I always had a fancy job with decent salary, lot of travelling, bit of power, job security but no work... -
Can I have a company Car? Ferrari will be nice..
Working shareholders and directors will want the company to meet the costs of all expenses which could be said to have a business connection. An example is a company car. Most of the time as a women accountant/entrepreneur I can relate to business owners –as it makes total sense that an expensive car adds to your reputation like carrying a Michael Kors bag does it for me!!Although the... -
CIS – Are you due a refund from the Tax Man!
Are you a contractor in the construction industry? From April the 5th you are able to submit your CIS Tax return to the HMRC. But what does that mean? As a CIS contractor; 20% of the money that you earn is automatically deducted from your wages and sent to the Tax Man. Personal Tax allowances and valid expenses aren’t taken into account and that means most CIS contractors... -
Employers NIC – “The Jobs Tax”
For every employee you have on the payroll who earns over £7956; you and your business will have to pay 13.8% NationaI Insurance Contribution (just another name for tax) on any earnings over this amount. That’s why it’s nicknamed the jobs tax! However a recent initiative will help reduce this and could potentially save you up to £2000. Employers can reduce the amount of National Insurance contributions (NICs)... -
Not paid your Tax? HMRC can take it straight out of your account!
HMRC will soon have the power to take money straight out of your bank account. If the HMRC think you owe any back taxes or have been overpaid tax credits of more than £1000. The new system was announced in the budget by George Osborne. These are now going out to consultation but the Government is keen to be seen clamping down on people not paying taxes. Under the... -
HMRC Tax Returns dates
Important dates for the diary for your 2013-14 tax return! I thought it would be worth reminding people of a few key dates with regard to your self-assessment Tax Return. 31 October 2014 This is the deadline for filing a paper tax return, whether you choose to work out how much tax your owe yourself or want HMRC to do it. However, if you receive notice that you...