There are many reasons why individuals in self employment or partnerships choose to incorporate their business but one cannot fail to notice the financial saving presented by incorporation. Provided an individual is not caught by IR35 or other complex legislation then taking a low wage with dividends can result in an annual saving of £4,210 …
Further to my earlier article where I considered the combined percentage rate of income tax and national insurance contributions for the tax years 2008/09 and 2009/10, I now include the relevant percentage and income ranges for the tax years 2010/11 and 2011/12. This is a basic illustration showing the position for those under 65 years …
Please note the significant changes to the penalty regime on late filed tax returns for previously the cost of filing a tax return late would be only a couple of hundred pounds. However, from 6th April 2011 the amount of any penalty is no longer reduced by reason of an individual owing no tax or …
Beware the late filing tax return penalty of £1,600+ Read More »
Class 2 NIC changes in 2011/12
The article considers how to delay by one year any accountancy fees on the introduction of the new online filing for clubs, community groups and members associations.
This article looks at the reduction is corporation tax rates and explains their possible link with the introduction of new employer’s pension contribution rules commencing 1 October 2012
I have just received my first domain name ‘scam email’ and so I thought I would highlight this issue and including details of known HM Revenue & Customs email scams.
This article considers why it may be better to wind up your unwanted company before Spring 2010
This article considers the common partnership and personal tax return late filing penalties and explained how late payments surcharges are calculated
The article includes two easy ways of estimating a CIS repayment or tax liability for the tax year 2009/10
This article looks at the old and new Co2 car tax rules and illustrates the cash flow loss under new HP owned cars.
This article illustrates the cash flow advantage of paying a dividend over a bonus to a tax payer.
This article considers the proposed changes to CIS rules.
This article highlights the combined tax and NIC rate on gross income in 2008/09 and 2009/10.
This article highlights the shift towards online payroll filing at HM Revenue & Customs and questions whether small businesses should investigate the free software available for less than ten person payrolls
This article considers which tax years a sole trader can offset a 2008/09 loss
This article lists the keyboard short cuts (hotkeys) that I have been using while writing tax articles – very useful.
The article considers whether extending a company accounting period by 6 months has any cash flow benefits.
This article asks what is the worth of 544 million articles on franchising if nobody can tell the truth
A review of the recent changes to the filing and penalty regime at Companies House
The article highlights the increase in electronic filing in the tax system and considers the route of future changes
Guide to self employed individuals making a claim from home business expenses
This article considers the payroll ‘end of year’ penalties along with late P11D(b) and P11D penalties.
This article considers montly CIS300 tax penalties and late payment surcharges