The childcare voucher scheme allows your employer to pay for childcare out of your pre-tax salary under certain circumstances. This can result in £1,000+ in annual savings on tax and NI in some families but there are requirements that need to be met and limits to what can be paid for. This current scheme has… Read more »
Figuring out if you need to file a P11D or how to avoid needing one can be a fairly difficult task for small businesses but last year HMRC brought in some new legislation regarding ‘trivial’ benefits in kind that makes the decision a little easier. This change in legislation basically means that employees and directors… Read more »
The Lifetime ISA or LISA is a new savings product designed to encourage young people to save money long-term. From April, eligible savers can benefit from government bonuses by putting money into a LISA. While the LISA is quite flexible in terms of how you could input money, it has two main options when it… Read more »
While the budget has been all over news and social media, the changes that grab the headlines are rarely the ones that really affect us in our day to day lives and are often skewed by political views. We have condensed the 68-page budget into a few brief points that could potentially have an impact… Read more »
HMRC are making fundamental changes to IR35 from April 2017 that could see people who have operated outside of IR35 in the public sector for years suddenly fall under its rules and take home considerably less income as a result. The major change is that HMRC is moving the responsibility of deciding if a contractor… Read more »
Whether you’re a seasoned FreeAgent user, new to the software or about to get started with FreeAgent, it’s likely that you’re not utilising its full potential. We’ve worked closely with FreeAgent for over 3 years so we know the system back to front and we’ve found the 3 most under-utilised features that could help you… Read more »
Flat Rate VAT has been an asset to many small businesses by simplifying their administration and usually turning a small profit on the VAT charged to customers. However, HMRC have decided that the scheme is being ‘aggressively abused’ and they’ve put their foot down to try to stop this abuse by bringing in new legislation… Read more »
The easiest and fastest way to pay your self assessment tax is using the HMRC online payment portal. All you will need is: The value that you need to pay – This should have been given to you when you signed off your tax return; Your debit/credit card – There is a small fee for… Read more »
From the moment the Chancellor mentioned “rising incorporation and self-employment eroding tax collection” in the early part of his debut Autumn Statement speech, Free Agent suspected that there may be some bad news for small businesses lurking in the full report – and it appears they were not wrong.
Here are the new National Minimum Wage rates for pay periods starting on or after 1 October 2016: £6.95 per hour 21-24 years old £5.55 per hour 18-20 years old £4 per hour 16-17 years old £3.40 per hour Apprentices under 19 and all apprentices in the first year of their apprenticeship The National Living… Read more »
FreeAgent’s Emily Coltman takes a look at the advantages and disadvantages of trading through a limited company, including taxation, limited liability, paperwork, legal duties and privacy.
Making Tax Digital is a government initiative that sets out a bold vision for ‘a transformed tax system and the end of the tax return’ by 2020. Not sure what it means for you?