What is the Construction Industry Scheme (CIS)? The Construction Industry Scheme (CIS) is where contractor withholds an amount of payment from their subcontractors as tax, which is then paid to HM Revenue and Customs (HMRC). It is similar to when an employer deducts income tax from an employee’s wages on their behalf. How does the…
Automatic Enrolement is a system that requires all UK employers to provide a workplace pension scheme to all of their employees. If you are an employer it is likely that you have received a letter from the Pension Regulator about it. Unfortunately, AE can be a complicated system that you are advised to begin preparing for…
If you run a small business and hire freelancers or contractors, you’ve probably heard the term IR35. But what does it actually mean for you? To help you understand how IR35 can impact your business, we’ve put together this guide for you. What is IR35? IR35 is a piece of UK tax legislation designed to prevent…
If you work in construction and hire the services of other construction businesses you need to be aware of the Construction Industry Scheme (CIS). The scheme is where contractors deduct tax on the behalf of their sub-contractors and then pay this tax to HM Revenue and Customs (HMRC). First, you would register as an employer…
Sometimes in business you need to use a car to get around, whether directly part of the job or for going out and meeting your customers. If you have a limited company it is possible for the company to own a car you can use for company business. How does a company car affect a limited…
As your business grows and becomes more successful, you will find a point where it would be beneficial to have some regular help. Most commonly this would involve employing someone to work for you. Aside from the obvious factors such as what you want the employee to do, there are seven points you must address when…
If you have a limited company, but it is not trading then it may be classed as dormant. A dormant company is a company that is not active. What does Active Mean for a Company? HMRC define a company as active when it is engaging in activities that generate an income. This includes carrying on business…
When you fall ill and cannot work you are entitled to what is called Statutory Sick Pay (SSP). SSP is a social security benefit that is paid by employers to any and all employees who are off sick from work for three consecutive workdays or three non-consecutive workdays or more in an eight week period….
One of the best parts of running a small business It’s always great to see that your business is growing and your turnover for each year is increasing. You must be careful however, once the total turnover over a period of twelve months reaches £82,000 you will need to register for VAT. You’ll also need…
If you have just registered for VAT then you will likely have been requested by HMRC to file a VAT return. Normally these returns are completed every three months but can be monthly if you expect regular VAT rebates or annual if you use the Annual Accounting method for VAT. What is the purpose of…