*Just a quick disclaimer before I begin. This information is very basic. To be able to make it easy to understand, I'm not going to go into every possible scenario. That's your accountant's job. I'm just going to give you a very basic overview of the most common...
With a fourth specialist team tasked solely with tackling IR35 enquiries, we are expected to see an increase in enquiries over the coming years. With this in mind, it is important for contractors to ensure they fully understand the legislation and are taking every...
When to Register for PAYE? Any company or employer who has one or more employees needs to register for a PAYE (Pay As You Earn) scheme with the HMRC if any of the following applies to any one of their employees: * Earn at or above the PAYE threshold (above £9,440 for...
There are three tax 'types' payable on salary payments (salary payments include sick leave, maternity or paternity pay and adoption pay) and they all work on a sliding scale. The more you earn, the more tax you pay. * PAYE Tax: Employers deduct Pay As You Earn tax...
Banks and building societies are required by law to deduct income tax at 20% from interest before they pay it to you. This does not include your ISA (Individual Savings Account) as you don’t pay tax on interest earned from an ISA. It is tax free. Interest received...