There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.
Class 2 NICs are paid by all self-employed
Class 2 and 4 NIC for the self-employed
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Do you need to submit a Self-Assessment tax return?
There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This includes if you are self-employed, have an annual income over £100,000 and / or have
The best and worst of British banks
Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of
Access to cash to be protected
Recognising the need to maintain access to cash withdrawal facilities, the government is stepping in to set out a new access standard in the UK.
The vast majority of people and businesses are set to
Tax and duty on goods sent from abroad
There are special rules to help ensure that goods sent from abroad are taxed appropriately. The aim is to not disadvantage UK businesses supplying goods in the UK, for example, by having to compete
Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any
Claiming tax relief on employment expenses
If you are an employee that needs to buy substantial equipment to use as part of your employment you may be able to claim tax relief. In most cases you can claim tax relief on the full cost of this
Overview of private pension contributions
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was
VAT recovery when leasing vehicles
The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses.
We have covered below some important points to be aware of concerning the recovery of input tax
Capital Gains Tax and trusts
A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets – such as land, money and shares – held by the trust. The person who places assets into a trust is
Landlords’ obligation to repair property
Landlords have a legal obligation to keep their rented property in good condition, and any gas or electrical systems must meet specified safety standards.
There are different rules for making repairs
Tax Diary September/October 2023
1 September 2023 – Due date for corporation tax due for the year ended 30 November 2022.
19 September 2023 – PAYE and NIC deductions due for month ended 5 September 2023. (If you pay your tax
Who is your ideal customer?
If there is a particular type of customer that is ideally placed to benefit from the goods or services you sell it makes sense to target any marketing activity in their direction, rather than adopting
HMRC increases interest rates again
The Bank of England’s Monetary Policy Committee (MPC) met on 2 August 2023 and voted 6-3 in favour of raising interest rates by 25 basis points to 5.25% in a move to further contain inflation. One
Searching for details about property
There are a number of online tools available to help find information about a property in England or Wales, even if you do not own it. The service is available on GOV.UK and allows users to search for
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