“How do I know if my tax code is correct?” Your tax code is used by your employer to calculate how much tax needs to be deducted from your pay. HMRC tells your employer which code to use to collect the right amount of tax from you. You can check your income tax online to… Continue reading Why has my tax code changed?
Applying for a mortgage always sounds like a tricky task, especially if you’re self-employed as you do not have a set and secure amount of income every year. Previously, you could apply for a self-certified mortgage – this allowed you to disclose to your lender how much you were earning without actually providing any evidence.… Continue reading I’m self-employed, what do I need for my mortgage?
The following Tax Events are due on 19th April 2018: Business Tax Events PAYE quarterly payments are due for small employers for the pay periods 6th January 2018 to 5th April 2018. This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions… Continue reading The following Tax Events are due on 19th April 2018.
When starting up a business, you may be considering whether it would be a good idea to begin trading under a franchise name and thus becoming a ‘franchisee’. Below are some pros and cons which will hopefully aid you in your final decision of what route to take. Pros Brand Name You will be trading… Continue reading Franchising – Pros & Cons
What is CIS? The Construction Industry Scheme is a method of deducting tax from subcontractors in the building sector. Contractors deduct a percentage of the money owed on their payments to subcontractors and pass it over directly to HMRC. The amounts are effectively taxed at source as the sub-contractor does not get the money. The… Continue reading How do you complete a Monthly CIS Return?
With effect from 6 April 2018, all PILONs will be chargeable to Income Tax and Class 1 National Insurance Contributions (NICs), whether or not they are contractual payments. Payments or benefits paid in connection with the termination of a person’s employment will be split into two elements. The first element, post-employment notice pay (PENP) received… Continue reading With effect from 6 April 2018, all PILONs will be chargeable to Income Tax and Class 1 National Insurance Contributions (NICs)
If you wear a uniform or protective clothing at work and you have to wash it yourself you may be due a tax refund from HMRC, and if you don't claim it, you'll lose it after 4 years. This typically applies to: Retail staff Hospitality & catering Nurses, doctors, dentists and other healthcare workers Police… Continue reading Are You Washing Away Your Potential Tax Refund?
Businesses in the United Kingdom (UK) that store any goods imported from outside the European Union (EU) that are owned by, or on behalf of, someone established outside the EU, will need to apply for approval by HMRC if those goods are offered for sale in the UK. The deadline for applications from existing fulfilment… Continue reading From 1 April 2018, the Fulfilment House Due Diligence Scheme is open for online applications.