How to set up and run a small business

Leaderboard – News

Leaderboard – Business Plans

Leaderboard – Start Ups

Leaderboard – Company (Ltd)

Leaderboard – Company (S/E)

Leaderboard – Run – Freelancers

Leaderboard – Run – Legal

Leaderboard – Run – People

Leaderboard – Run – Premises

Leaderboard – Run – Sales

Leaderboard – Run – Technology

Leaderboard – Tax

Leaderboard – Banking

Leaderboard – Finance

Leaderboard – Insurance

You are here: Home » Archives for income tax

income tax

Changes are coming to the way benefits in kind are taxed – employers and employees should prepare themselves for the future.

Millions of British employees receive ‘perks’ from their employers: ‘benefits in kind’ (BiK) which include anything from childcare vouchers and mobile phones, to medical insurance and company cars.

Whether administered in addition to an employee’s cash remuneration, or as part of a salary sacrifice arrangement, these benefits may or may not be taxed, and may exempt employers from their National Insurance Contribution obligations.

By saving on income tax and NIC for employees (and NIC for employers), salary sacrifice schemes have, until now, represented a ‘win-win’ arrangement for British businesses. However, things are about to change. Continue…

{ 0 comments }

To help small business owners and company directors stay up to date with all the various tax rates, thresholds and allowances that might be needed for tax calculations, here is ByteStart’s summary of the main tax rates, tax bands, and tax allowances for the tax year from 6 April 2015 to 5 April 2016.
Continue…

{ 0 comments }

Many tax rates and allowances changed on 6th April 2013, as the new personal tax year began. This year, the RTI (Real Time Information) payroll rules also came into effect.
Continue…

{ 0 comments }

With the tax year end on the horizon once again, and significant changes to tax rates taking effect from April 2013, we examine how individuals can make the most of the currently available tax reliefs.
Continue…

{ 0 comments }

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.
Continue…

{ 0 comments }

One of the most annoying parts of running a business is having to hand over a large chunk of your profits to HMRC. Of course, this is a fact of life, and taxation is one area of running a business you really must understand.
Continue…

{ 0 comments }

If you become self-employed or a director of a limited company, you will need to complete a self assessment tax return every year.

The first step is to register with HMRC. It’s best to do this as soon as you start your business, but at the very latest, you must register by 5 October of the end of the tax year for which you need to complete a tax return.
Continue…

{ 0 comments }

When you start up as a sole trader, or partnership, you will be liable for a series of business-related taxes, as well as the ones you will have been used to as a normal employee.
Continue…

{ 0 comments }

Here are the 2011/12 tables for income tax, taxable bands, personal allowances, and dividend tax rates:
Continue…

{ 0 comments }