With this blog we’d like to share with you some ideas to help reduce your tax bill and/or maximise your money. Claim all valid business expenses in your company, such as: Use of home when doing billable work from home (you can ask us about the calculation if you’re...
New or existing childcare vouchers? The question on whether the new Tax-Free Childcare will be more beneficial to your family than the existing Childcare Vouchers is not an easy one. It depends on the number of children you have and the savings you currently make as a...
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 2% on...
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);...