The government have now scrapped plans to introduce quarterly tax returns, which has potentially saved people who are self-employed hundreds of pounds a year.
As of 2nd July 2017 HMRC launched the new system of dynamic coding. This means that under the new system potential underpayments are replaced with in year adjustments (IYAs) Tax codes are adjusted in-year to reflect changes in an employee’s circumstances as soon as HMRC becomes aware of the change.
Married couples were once viewed as a single taxable unit by the government resulting in you being taxed less after getting married. However this is not the case anymore, now you are mostly taxed individually meaning very few tax benefits.
When starting a new business it’s important to keep costs low in order to run a profitable business.