If you’re self-employed, you’re responsible for paying tax and National Insurance on your income. In order to work out how much you need you pay, you need to have kept good records throughout the tax year.
The autumn budget was announced today (22 November) with a number of announcements that will affect businesses and first time home buyers. Here are a few key points:
Accountancy can be a great career choice with many benefits. An accountant’s main role is to prepare a business’ accounts, which can then be used to give an overview of their financial status.
Bookkeeping and accounting can be an overwhelming task even for experienced business owners; however there are a couple of straightforward strategies that can keep your finances in working order.
For those applying for mortgages, remember as from the 4th September 2017 HMRC will not be issuing a paper copy of SA302.
Choosing the right accountant is a very important decision to make for a small business. If chosen correctly you could save time and it will help your business grow.
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.
The government has now delayed making tax digital by “at least” two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019
Those below the VAT threshold of £85,000 will now be exempt from requirements to quarterly report until the government can reassess the plans
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.