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…
Import VAT is the tax you pay on all goods purchased from any country outside the UK. When running a business you may not want to limit yourself to just having customers in the UK, or maybe another country can provide services that work better for you. It is normal for a business to do…
With a new government, expecting a shake-up in the country’s finances is only natural. This means changes scheduled to how taxes work and potentially significant changes to your business. This blog will review the Autumn budget 2024, its tax implications, and how they may affect you. Capital Gains The changes to capital gains were immediate….
What is VAT? This post will explain everything you need to know about Value Added Tax in the UK.
Have you started a new business recently? Or began letting a property to increase your income? Then you will probably need to register with HRMC to submit your self-assessment tax return. Registering for self-assessment tells HMRC that you: This is compulsory and can lead to penalties and issues if you do not register for self-assessment…
There are two main methods to take income from a company you own: Dividends Wages Each of these methods have their own advantages and disadvantages. What are Dividends? Dividends are payments used to distribute a company’s profits between its shareholders. They are issued after tax and require a company to have a positive balance of…
In addition to income tax, individuals have another amount to pay on earnings known as National Insurance Contributions (NICs). NICs are similar to tax except that paying them allow you to qualify for certain benefits. Which benefits are linked to National Insurance Contributions? NICs mainly cover the state pension, as well as additional and new…