Sole Trader vs Limited Company: Tax Differences & Savings (2023/24) Sole Trader vs Limited Company: Which is right for you? It is common question for startups. What are the key differences in running a business as a sole trader compared to as a company? This handy guide is designed to help you decide what route is best for you and
Tax scams: HMRC offers tips on avoiding Self Assessment scams HMRC is giving information to taxpayers to help them avoid scams ahead of the Self Assessment deadline. HMRC is warning millions of Self Assessment taxpayers to be aware of fraudsters in the run up to the 31 January deadline. Over the last year, HMRC received almost 900,000 reports from
Distribution of assets: Insolvency hierarchy changes From 6 April 2020, insolvency legislation will be amended to move HMRC up the creditor hierarchy for the distribution of assets in the event of insolvency by making HMRC a secondary preferential creditor in respect of certain tax debts held by a business (this includes individuals and partnerships) on behalf of their customers and employees.
New measures to ensure SMEs get paid on time The government has announced a package of measures to ensure SMEs get paid on time. Under the proposals large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures. The measures include: proposed new powers for the Small Business Commissioner
Latest update for employers HMRC has issued Employer Bulletin (February 2019) which includes a number of interesting articles on: End of year reporting Reporting expenses and benefits Student Loan notices and a new type of Student Loan repayment that employers will need to be able to process via payroll (Post Graduate Loans) Updates to the Starter checklist – used
Minimum Wage increases The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. The
HMRC countdown: file your tax return With less than 100 days until the self assessment tax return deadline of 31 January 2019, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. The deadline for submitting 2017/18 self assessment tax returns online is 31 January 2019. An automatic penalty of £100
For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2017/18 return is 31 October 2018. Self assessment tax returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid
Tax diary: All the main tax events for March / April 2018 Welcome to this month’s Tax Diary, providing you with all the main tax events for the next couple of months including key deadlines and what’s likely to be due. These deadlines are intended to be used as a guideline and are based on the general requirements of
It’s more important than ever to do your Tax Return in good time The tax year is already well underway and most clients have got their information to us by 30 September so that we can advise them in good time of their liabilities. Planning for upcoming liabilities and avoiding a big surprise in January is by far the
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