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?
A detailed guide on cashflow forecasting by FreeAgent that can help you:
- plan out how much you expect to make in sales this year
- plan how much you expect to spend in costs
- understand when cash will come into your bank account and leave it
This consultation is about reforming the intermediaries legislation to improve its effectiveness in the public sector. It seeks views on the impacts of this change and design details of the policy, including a new process to help determine whether an intermediary is in scope of the rules. The consultation asks for opinions on: the scope… Read more »
Nobody to put into a pension scheme? You still have duties. Businesses who employ only one member of staff (who is employed on a temporary basis, who earns under the qualifying earnings threshold of £10,000 and who does not need to be automatically enrolled into a pension scheme) will still have automatic enrolment duties. The… Read more »
The Pension regulator has stated: (They are obviously bound by the regulations but continue to highlight the 4th paragraph). Where a contract of employment exists – whether written or implied – then automatic enrolment duties will apply. The key point for an employer here is to understand what elements would constitute a contract of employment,… Read more »
When you’re busy trying to run your business, it’s hard to keep track of what business costs and expenses are eligible for tax relief – and that might mean that you end up paying too much tax! In these guides FreeAgent’s Chief Accountant Emily Coltman lists some common business costs and expenses, and walks you… Read more »
Find all the key points from the Chancellor of the Exchequer’s Budget to Parliament on Wednesday 16 March 2016 in our handy 5-page PDF guide.