When you are self-employed, you can claim back any expenses you make in order to carry out your work and set these against your profits. This helps reduce the amount of tax you pay. What is less well known is the fact that employees can also claim some expenses that are paid out as…
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We have previously covered employee entitlement regarding holidays and illness, however, there is another form of employee entitlement we have yet to cover; maternity pay. Statutory Maternity Leave (SML) When you have a baby you are entitled to take some time off work known as SML. The amount of SML you can have is fifty-two…
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After covering the basics of Capital Gains Tax (CGT) in a previous blog, I thought it may be useful to discuss the specific rules surrounding the selling of company shares. Calculating the gain from selling shares As with other assets, the gain on selling shares is calculated from taking the proceeds and subtracting the original…
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In a previous article, Drawing money from your Company: Wages, we covered the advantages and disadvantages of adding yourself to the payroll of your limited company. In this aricle, we will be covering the alternative method, which is paying yourself a dividend. Advantages The main advantage of drawing a dividend is that they are taxed at…
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If you own a property that you let out for someone else to live in, the income received may need to be declared on a self-assessment tax return, along with your self-employed or other income that is liable to income tax. This will be when your earnings from letting the property reach £2,500 for the year,…
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In addition to the usual method of accounting for VAT, where you add 20% onto sales, pay this to HM Revenue and Customs (HMRC) and claim back the VAT on your purchases, there are other methods you can use. There are three main methods for calculating VAT; the flat rate scheme, the cash accounting scheme…
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We have previously looked into what deadlines and penalties there are for areas such as self-assessment and VAT, however we have not looked into the obligations of a limited company. As limited companies rise in popularity, it is important to know what you need to do to be compliant with Companies House and HM…
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This guest blog has been provided by the kind people at Portico. If you want to invest wisely post Brexit, you need to think location, location, location. New builds’ locations have been specifically chosen with today’s tenant in mind, so they’re usually based near a great transport link in a desirable or up-and-coming area. In…
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The following blog has been kindly provided for us by Jerime Attah of St Jame’s Place Wealth Management. Are you a company director? Do you have life insurance in place to protect your family? If so, you could be paying an unnecessary tax penalty. If you pay for this cover from your own bank account…
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This guest blog has kindly been provided by Joe Thomas of All Green PR. Expanding your Business: The real cost of taking on your first employee There comes a time in the growth cycle of any start-up when it becomes more pressing to move on from handling every aspect of the business yourself. At this…
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