Business Tax

Guide to National Insurance and NICs for small businesses
National Insurance guide for self employed people and limited company directors. Includes overview of the NIC classes, and current rates. [June 1, 2009]

PAYE - Overview of Pay as You Earn scheme
An overview of PAYE (Pay as You Earn) - the familiar scheme operated by HM Revenue & Customs to take income tax from employees as they earn it [June 1, 2009]

Corporation Tax - What it is and how it applies to your company
Corporation Tax is essentially a tax on your company’s profits. You have to work out your own tax liability, pay that tax, and ensure you deliver all required information to HMRC on time. [May 21, 2009]

Guide to new HMRC tax penalties regime from April 2009
A new, tough, HMRC penalty regime came into play on 1st April 2009. Individuals and business owners can now face penalties of up to 100% for deliberately underpaying tax. An overview of how the new rules work, and what to expect if you get things wrong. [April 3, 2009]

P35 Employer Annual Return - file online and collect a £75 cash reward
HMRC is urging small business employers to file their 2008/9 Employer Annual Returns online this year, and is providing the incentive of a modest cash bonus. [April 1, 2009]

2009 tax planning check list if you're trading at a loss
If you are self employed and have recently experienced a profit drop, or are trading at a loss, you should carefully consider your current trading position and ensure you maintain a healthy cash flow. Some tax and accounting tips to help ensure a favourable tax position. [February 6, 2009]

Rewarding staff with bonus shares - Tax implications
With many small businesses struggling to meet existing commitments, many employers will be thinking of alternatives to paying out any cash bonuses to staff this year. This article looks at how gifting shares could be a sensible alternative, along with the legal and tax implications of doing so. [January 8, 2009]

Guide to the main HMRC payroll forms for small businesses
Our summary of some of the key HMRC forms companies will get to know after setting up a new business. Including Forms P45, P60, P11D, P35 and Self Assessment. [October 30, 2008]

Sole trader self assessment tax guide
A guide to sole trader taxation; what you have to pay tax on, how much tax you should pay, and how to make the self assessment process easier. [October 23, 2008]

Entrepreneurs' Relief - Business owners urged to plan carefully
Entrepreneurs banking on the concessionary 10% capital gains tax rate on business sale proceeds need to plan carefully and think well ahead, company owners have been told. [October 15, 2008]

Company Cars - are you better off using your own vehicle?
The Fixed Profit Mileage Scheme rates remain unchanged since 2002 - are you better off having a company car, or using your own vehicle? This guide should help you find out. [August 4, 2008]

Business Taxation - What are the main taxes?
Small businesses, and the individuals who run them, are subject to a wide array of taxes - from Corporation Tax to National Insurance. This is an overview of the main taxes you will encounter as a small business owner, together with links to our in-depth guides. [July 17, 2008]

The benefits of filing tax documents online
You can receive cash incentives by filing some tax documents online. There are also other benefits to filing VAT, Corporation Tax and your Annual Return via the web. [April 21, 2008]

End of tax year - small business checklist
A leading accountancy firm has urged small business owners to ensure they are making the most of available tax allowances prior to the end of the tax year on 5th April. [March 31, 2008]

Book-keeping basics every business owner must know
Being on top of your book-keeping will help you maintain a healthy cash flow within your business, and be able to spot trends early on - whether you're a sole trader of running a limited company. [March 25, 2008]

Capital Gains Tax Guide to Entrepreneurs' Relief
Entrepreneurs' Relief is a Capital Gains Tax concession on qualifying business disposals, providing a 10% CGT rate on business sales - up to a maximum lifetime allowance of £1m. A flat CGT rate of 18% applies in other cases, from 6th April 2008. [March 19, 2008]

Entrepreneurs' Relief - yet another anti-enterprise measure
An editor's note on how Entrepreneurs' Relief has been heralded by some as a sensible bit of legislation, whereas it is actually another anti-enterprise measure aimed squarely at small businesses. [March 3, 2008]

Entrepreneurs' Relief - Draft legislation released
The Government has released its draft legislation for the new "entrepreneurs' relief" scheme, which will replace the current Capital Gains Tax taper relief regime on 6th April 2008. [February 29, 2008]

Year end tax planning guide for individuals and businesses
Important year-end tax planning tips including CGT changes, Inheritance Tax, Income Shifting, Capital Allowances changes, and the new non-domiciled tax rules. [February 22, 2008]