National Insurance Contributions for Self-employed individuals that pay the following: Class 2 NIC on earnings more than £6,025 per year – this is a fixed amount of £2.85 p/w; plus Class 4 NIC at 9% on profits between £8,164 and £45,000 p/y; plus Class 4 NIC at…
A director’s loan is when you take money from your company that isn’t a salary, dividend or expense repayment and you’ve taken more than you’ve put in. You and your company may have to pay tax on the loan. You must keep a record of any money you borrow from or pay…
Child benefit for the tax years 16/17 and 17/18 is £20.70 for the eldest/only child and £13.70 for the other children. But the benefit is reduced for any family in which anyone earns more than £50k, depending on the earnings above that level. The benefit will…
Limited Cost Trader The Autumn statement announced changes that may impact your business. Specifically, businesses using the Flat Rate VAT (FRV) Scheme, or thinking about using it, will need to assess whether they meet the definition of a Limited Cost Trader (LCT);…
Claiming flat rate meals, yes or no? We don’t advise clients to claim flat rates for the following reasons: You still need to evidence the amounts claimed, so you would need to be able to present all receipts; You need to prove to the HMRC that you have credible…
Thinking of buying investment property through your limited company? This might not be the best option for you. There are a few issues to take into consideration, some of which are: Your company does not get any CGT free allowance from selling assets; Your company…