Accounting blogs
Get your self-assessment done now or face the consequences
The deadline for your self-assessment tax return is fast approaching. Here’s why you should get yours done now and how to submit it.
Budget 2021
Please note that the main points from the 2021 budget were ; April 2022 onwards the National Minimum Wage for 23 years of age and upwards rises to £9.50 New reduced hospitality business rates from April 2022, when the lower 12.5% vat rate is due to cease Individuals...
New National Insurance rate
To help pay for the NHS and social care from April 2022 1.25% will be added to all National Insurance rates – employee, employer and dividend tax. From April 2023 this will show as a seperate item on your payslip or tax return.
Furlough and Company Accounts
All companies that have received furlough payments MUST file company accounts for these relevant years. HMRC will be checking payments have been made to active companies and that the relevant accounts for the period have been filed.
Limited companies, Tax, dividends, National Insurance
The best way to pay yourself is through your own Limited company. You go on your own payroll which reduces company tax and then top up your personal income each month with a dividend paid from profits. This dividend is free of National Insurance (NI) and taxed at a...
Paying tax online
Go to www.tax.service.gov.uk/pay – pick what tax you wish to pay, do not sign in, insert your reference for that particular tax and then pay by card or bank transfer. If you wish to still pay by cheque you can forward an HMRC payable cheque via your Accountant. If you...
Furlough – beginning of the end
From 1st July the furlough scheme begins to unwind.
Work from home tax allowance
If anyone has had to work from home during the 20/21 tax year for even one day, HMRC are allowing you to claim £6 per week for every week as an allowable expense, saving the basic rate tax payer £62 in tax.
Directors Loans
Directors Loans – If a director takes non PAYE wages from a Limited company either as a loan or if the profits are not there to pay a Dividend, then the Director has received a loan.