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National Insurance is a deduction from earnings, set up originally to fund various State benefits such as the NHS, the State pension and other welfare-related schemes.
In reality, it is just another tax. In fact, as standard income tax rates have remained constant for many years, NI rates have soared.
In this article we look at how NI works, and what your National Insurance Contributions (NICs) will be as a small business person.
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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 more in-depth guides.
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Following changes announced in Budget 2012, here are the main tax changes, rates and allowances for the 2012/13 tax year.
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If you are a limited company shareholder, you may have to pay personal tax on any dividend income you receive. This article outlines how company dividends are taxed.
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This guide looks at the types of Stamp Duty your business may be liable for; Stamp Duty Land Tax on property transactions, Stamp Duty Reserve Tax and Stamp Duty on share transactions.
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As the tax year draws to an end, self employed people and limited company owners should consider their tax saving strategies, to ensure that they do not have to pay the highest rate of tax on their hard-earned income.
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Just as you have to pay council tax on your home, so your business must cough up business rates for its premises. They can be a pain and an overlooked cost when you first start looking into premises. In some circumstatnces, you may even have to pay business rates if you run a business from home.
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Here (in no particular order) are some handy tips from the Bytestart team, based on our findings working with small businesses over the past decade, and our own personal experience.
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The end of the 2011-12 tax year is fast approaching – 5 April 2012. In this article, we look at some of the issues that you may like to consider while there is still time to act.
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If you are registered for VAT, have to file a VAT return in the near future, or are concerned about putting the wrong amounts on your VAT return, here are 5 VAT traps to watch out for.
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Are you a self-employed individual preparing your tax return to file by 31st January 2012? Do you regularly travel on business, and does that travel ever entail an overnight stay away from your home?
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HMRC has announced that it is to an impose a Capital Gains Tax ceiling on the amount of capital that can be distributed to shareholders when a limited company is wound up, before income tax is applied.
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It’s okay to have a hangover on New Year’s Day but don’t let the suffering continue into the year. January 31st has always been a key date in the small business calendar – it marks the deadline for submitting online tax returns.
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If you are organising a well-deserved works party this Christmas HFM Accountants have summarised the current tax reliefs available: Continue…
Are you tempted to duck under the bedclothes on the night of October 31st and try and shut out the “Ghosties and ghoulies and lang-legged beasties and things that go bump in the night”?
Is your business bookkeeping also something you try and hide away at the back of your mind and forget about?
Emily Coltman, ACA, Chief Accountant at online accounting provider, FreeAgent, gives her five top tips to help you lose your fear of bookkeeping.
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Form-filling and filing is an everyday part of running a small business, and unsurprisingly a large part of the time spent dealing with company administration involves filling in (or signing) a whole raft of HMRC forms.
With this in mind, here is our summary of some of the key documents companies will get to know after setting up a new business. In all likelihood, your accountant should deal with most of these forms on your behalf.
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Value Added Tax (VAT) is a tax on the final consumption of certain goods and services in the home market but is collected at every stage of production and distribution. Most business-related goods and services will therefore be subject to VAT.
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If you want to increase profits or cut costs, make sure you reclaim all the VAT you can.
It sounds obvious, doesn’t it? But even before the global economic slowdown began Ernst & Young surveys revealed “a surprising tolerance of failures to track, fully report and legitimately reclaim indirect taxes”. Businesses of all sizes are losing significant sums this way.
In this summary, we will focus only on the mountain of foreign EC VAT that goes unreclaimed.
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Alongside the standard VAT rules, some small businesses may be better off by operating within the flat rate VAT scheme which has been running since 2002.
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Your business should register for VAT if your “taxable supplies” over the past 12 months has exceeded the VAT registration threshold. The threshold is currently £77,000 (as of 1st April 2012. Previously it was £73,000). It is important to remember that VAT applies to the company’s turnover, not profit.
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