As a limited company owner, you’ll most likely pay yourself using a combination of salary and dividends. While it’s often the most tax-efficient way to withdraw money, be careful! Dividends have different tax rules compared to a normal salary. Don’t worry – we’re going to walk through what they mean for your business and how
Tag Archives: Tax
As an ambitious entrepreneur, you often feel like there aren’t enough hours in the week. You’re busy with running the day-to-day operations, managing team members and, well, life. It means you’re left with little time to stop and consider how you can save on tax. Yes, tax can be an absolute minefield if you’re unprepared,
What is MTD we hear you ask? No, it’s not “Month to Date”, “Metric Tonnes per Day” or even “Marine Technology Directorate”! We’re talking about Making Tax Digital. The scheme was originally announced by HMRC in 2017, but it’s been years in the making (a bit like Avatar 2!). What’s changing? MTD will require
Making a claim for Working from Home Can I claim tax relief for my goldfish, Bubbles, who keeps me company when I’m working from home? We have been asked some odd questions over the years, especially when it comes to claiming expenses of having a home office. Making a claim to your business for working
Although the end of January is still a few weeks away, did you realise that filing your tax return sooner rather than later has a number of advantages? The one positive aspect of the tax return deadline is that it is always the same – January 31st. This means that with a little planning and
The simplicity of starting and operating your own business is one of the key advantages of working for yourself. Even when working for someone else, you might apply to become a sole trader, which is another word for self-employed, to see if you like it. Here are 5 things you must do when you decide
Corporation Tax MUST be paid on the earnings of a limited company, Corporation Tax is not billed to you. To work out, pay, and submit your taxes, you must do certain things. In last year’s budget announcements (March and October 2021), the Chancellor announced a variety of company tax reforms, some of which are already
If you are a sole trader, you can simply take money from your business bank account to pay yourself as a sole trader (we strongly recommend that you use a separate business bank account for your sole trader finances). And you need to make sure that you keep a record of these drawings, along with
Although not everyone is required to file a self-assessment tax return, there are a few circumstances in which you may be compelled to do so, even if you are an employee who has tax taken at source from your salary. It’s crucial to be aware of scenarios where a tax return is required because HM
When you decide to form a limited company you are creating a separate legal entity with its own legal framework and accountabilities. Any profits or losses incurred belong to the company. So, when you’re managing the company you need to treat it as a separate entity. Even if you’re the sole director and sole shareholder,
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