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Should you incorporate your business?

Should you incorporate your business?

Deciding whether to incorporate your business in the UK involves evaluating several key factors:

Limited Liability Protection

Incorporating as a limited company creates a separate legal entity,

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Exploring National Insurance Credits

Exploring National Insurance Credits

Even if you have never been employed, you might have been eligible for NI credits without realising it. For example, if you have been a carer for a sick or disabled person for more than 20 hours a

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Cut in interest rates

Cut in interest rates

The Bank of England’s Monetary Policy Committee (MPC) met on 5 February and in a 7-2 vote decided to reduce interest rates by 25 basis points to 4.5%. The two remaining members voted to reduce the

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Check or update company car tax details

Check or update company car tax details

If you use a company car for private travel, it’s taxed as a Benefit in Kind (BIK). The tax rate depends on the car’s list price and CO2 emissions—low-emission vehicles get tax breaks. Use

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Jointly owned property – no partnership

Jointly owned property – no partnership

Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default to a 50/50 split unless they notify HMRC of a different income

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Health services exempt from VAT

Health services exempt from VAT

Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines

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CIS monthly returns obligations

CIS monthly returns obligations

The Construction Industry Scheme (CIS) requires contractors to deduct tax from subcontractor payments and file monthly returns with HMRC. Even if no payments are made, nil returns must be submitted to

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Not all hurt feelings are uncapped & costly

Not all hurt feelings are uncapped & costly

The Employment Appeal Tribunal slashed a £10,000 award for injury to feeling by 80% after an original tribunal ruling was deemed not to be Meek compliant as it failed to provide adequate reasons for

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How umbrella companies work

How umbrella companies work

Umbrella companies offer an easy way for freelancers and contractors to get paid without running a limited company. They handle payroll and tax via PAYE, ensuring compliance and employment rights. But

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Tax on inherited private pension pots

Tax on inherited private pension pots

Private pensions can be a great way to pass on wealth, but tax implications depend on the age of the deceased and the type of pension. Some beneficiaries may receive funds tax-free, while others could

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When is a hobby a business

When is a hobby a business

Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help

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