Business start-ups

Chancellor to offer one-year employer NIC holiday

The emergency Budget is to give new businesses a one-year break from paying employers’ national insurance contributions on the first ten staff they employ.

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Going into the construction industry

There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers in the sector whether they are employed or self employed.

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The tax system for the self employed

If you start working for yourself, you must register with HMRC within the first 3 full months of self employment in order to avoid a penalty for failure notification.

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The tax system for the self-employed

If you start working for yourself, you must register with HMRC.

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Employed or self employed?

The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but HMRC emphasise that this is not the case.

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Business deductions

In order to attract a deduction in computing the profits of a trade or business, any expenses must be incurred wholly and exclusively for the purpose of the trade.

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The construction industry

There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers in the sector whether they are employed or self employed.

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Claiming expenses

The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

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Choosing your accounting date

You are free to select your choice of accounting date. Under the current year basis, the taxable profit for a particular tax year is determined by the accounts that end in that year.

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