When your income exceeds £100,000 for income tax purposes your entitlement to a personal allowance (£11,850 for 2018-19) is reduced by £1 for every £2 that your income exceeds this threshold.
Which means, when your income reaches £123,700, you no longer qualify for a personal allowance.
The effect on the income tax rate you pay in this...
The Supreme Court has ruled in favour of Gary Smith, a self-employed contractor with Pimlico Plumbers, who considered he was due worker’s rights and has now had his assertion rubber stamped by the highest court in the land.
There are no win-win outcomes following this case, in fact the status of all sides in the so-called...
There are advantages for tax purposes if the vehicle you buy for your business is considered to be a van as opposed to a car.
If you are VAT registered, you can claim back the VAT added to the purchase price (as long as there is no private use in which case you will have to...
Next month, those of us who are still self-employed will be digging deep to pay our second payment on account for the tax year 2017-18. The deadline to avoid late payment interest and penalties is 31 July 2018.
For most of us, these payments on account (January and July 2018) for 2017-18 are based on agreed...
Women who find that they are not eligible to claim Statutory Maternity Pay may nevertheless, still qualify for the Maternity Allowance (MA).
The amount of MA you get will depend on eligibility.
You might get Maternity Allowance for 39 weeks if one of the following applies:
Government are considering an extension of the VAT reverse charge to include the construction sector. The reverse charge process places the responsibility for paying VAT on the customer instead of the supplier. In their explanatory notes on this topic HMRC said:
What is being done and why
7.1 This instrument, with effect from the 1st October 2019,...
There are a number of obligations that business owners should be aware, that involve them informing HMRC of changes to their business circumstances. In some cases, failure to comply may result in fines.
We have paraphrased some of occasions when you will need to advise HMRC:
1 June 2018 - Due date for Corporation Tax due for the year ended 31 August 2017.
19 June 2018 - PAYE and NIC deductions due for month ended 5 June 2018. (If you pay your tax electronically the due date is 22 June 2018)
19 June 2018 - Filing deadline for the CIS300 monthly return for...
HMRC will consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.
If you can’t pay before the deadline, call the Business Payment Support Service. Anyone can use this service, not just businesses.
The following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay.
Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of statutory annual leave.
Most workers who work a 5-day...