Nationwide, it is becoming more and more difficult be granted an appropriate-sized mortgage. The number of people going self-employed within the UK is increasing every year, with self-employed workers now accounting for 15% of the working population (Jones, 2018).
There are a number of problems currently associated with being self-employed, i.e. the pension crisis and getting a mortgage. This article focuses on how to get a mortgage as a self-employed individual. Research has shown that 30% of self-employed homeowners feel that the mortgage process is biased (McDowell, 2018). Read More
As a self-employed consultant you are likely to have several running costs and expenses. Theses costs and expenses should be taken away from your business income to work out your profits. Not all expenses are allowable for tax purposes, it is therefore important to be aware of you what you are and aren’t allowed in order to save money against tax and avoid a HMRC enquiry. Read More
Chancellor Phillip Hammond’s release of the 2018 Autumn Budget revealed a number of changes for small business owners. Below is a brief summary of some of the changes small business owners should be aware of.
If you have stopped trading as a sole trade or you’re ending/leaving a business partnership then you must notify the HMRC. This will trigger the cancellation of your Class 2 National Insurance. Read More
Currently there are over 2,200 families on the waiting list for Kensington and Chelsea social housing. Which compared to the 11,000 houses currently available, presents a huge issue for councils finding the families accommodation. The council has already spent its entire reserves of £230m on new housing for the Grenfell tower survivors, whom all fall into their borough. Read More
Stamp duty is an area of much dispute and change in UK tax. Currently, you usually pay Stamp Duty Land Tax (SDLT) on increasing portions of your property’s price above £125,000 (for residential properties, like a house of flat).
The amount of Stamp Duty you owe can vary depending on whether or not the property is your first home and the purchase is £500,000.
Statutory accounts (commonly known as annual accounts) are financial reports that must be prepared and filed at the end of each financial year. For UK private limited companies statutory accounts are a compulsory part of the tax year. Read More
As a business owner it is important to be aware of your companies tax obligations and liabilities. There are a number of taxes that small businesses are required to pay. Below is our breakdown of the taxes you should know about as a business owner: Read More
The October 15th US tax deadline is just around the corner. Below we have put together a brief outline of how to get started and avoid the harsh penalties of the IRS’s long arm:
Inspired off of the Jean Royère’s furniture designs we went to see yesterday (pictured above) in the spirit of London Design Week, we have put together a brief guide for our clients on some of the expenses you can claim as a furniture designer.
There are generally much expenses incurred while working as a furniture designer than other freelance professionals. For instance, the cost of raw materials and machinery. Raw materials and any equipment required to assemble the furniture are all claimable against tax, assuming that you are buying both. Read More
If you are based in the UK and your employees are working abroad there are slightly rule surrounding PAYE and NIC depending on where your employees are working and how long you expect them to work there. Read More
A confirmation statement is a form that was introduced to replace the annual return (AR01) in June 2016. The purpose of a annual confirmation statement is to verify important company data registered on Companies House to ensure it is correct and up to date. Read More
As a business owner, you are responsible for ensuring your business is compliant and reaches relevant accounting deadlines. Your business accounting period for Corporation tax is covered by your Company Tax Return. Read More
We have worked with thousands of self-employed Marketing Consultants on their tax returns over the years. Through our years of experience, we have developed an in-depth, expert knowledge of the claimable tax expenses and deductions available to Marketing Consultants. Read More
The HMRC have released figure as a result of a Freedom of Information request that shows a double in reports to the HMRC tax evasion hotline for the 2017-18 tax year.
For the 2017-18 year, a total of 40m695 tax evasion reports can be counted on the hotline. This is a rise by more than double, with tax evasion hotline reports sitting at 20,200 for the previous year. Read More
To celebrate the 100-year monument of women winning the vote, the BBC have introduced the Hear Her campaign. The campaign showcases women’s voices through a mixture of TV, radio and online to mark 100 years since suffrage and the centenary anniversary of women being able to vote in the UK. Read More
If you are married or in a civil partnership you may be able to claim an allowance of £900 against tax as a marriage tax allowance. This is a widely under claimed allowance.
Marriage tax allowance allows couples to transfer up to 10% of their earning between them tax-free. Read More
Payroll is a huge part of running a business. PAYE is the typical method used by employers for payroll.
What is PAYE?
PAYE is the HMRC’s system to collect Income Tax and National Insurance from employment. You are not required to register for PAYE if none of your employees earn over £116 per week, get expenses and benefits, have another job or get a pension. Read More
The HMRC’s Making Tax Digital movement for VAT is scheduled to come into play during April 2019. From April 2019, fundamental changes to the processes of submitting a VAT return should be expected.
In order to ensure our clients are fully informed about all of the Making Tax Digital Movements, we will be running a series on our blog that includes all of the latest announcements and changes. Read More
If you are in the process of going through a divorce there are several routes you may take when it comes to your money and property. Read More