If you are unable to make payment of your Self-Assessment Tax Liability, you may be able to apply for a payment plan. HMRC have created and launched an instalment mechanism that you can access directly from your HMRC account. Here is the complete guide.
With the deadline for submitting your Self-Assessment Tax Return just around the corner, it’s a good idea to start getting your finances in order so that you don’t have...
This article was updated on 30 July 2020. Deferring your payment on account due to COVID-19 If you're straggling to make the second half of your Payment on Account tax...
Dividends are usually a great, tax-efficient way of withdrawing money from a company by the owners. A company can declare a dividend if it has sufficient profits...
Click here for the 2020/21 UK Dividend tax rates and thresholds. As the end of the current financial tax year is fast approaching, it’s a good idea to think about whether you have fully maximised the amount you can withdraw from the company tax free and at the basic...
From April 2020, the company car benefit system will be changing significantly and as a result, zero and low emission vehicles might become very attractive. The changes – designed to support the use of ultra-low emission vehicles (ULEVs) and to support the UK’s ULEV market, should also help address the issues around poor air quality and reduce the effects of global warming. The Government’s aim is to have us all driving zero-emission vehicles by 2040.
All things come to an end eventually and contracting is no exception. Whether it was your decision or not, you might eventually decide to close down your company and move on to new projects.
If you have been contracting for a while, you may find that you have surplus reserves left in the company.
Let’s face it, retirement planning isn’t the sexiest subject in the world and for a lot of people, it’s perceived as something that isn’t a priority in their life right now.
However, pension planning is a fantastic way of saving tax whilst helping you invest in your future.
Everything must come to an end eventually, even a limited company. Whether you have accepted employment or your contract has simply finished, it’s likely you will need to consider your options regarding your unwanted company.
Getting a student loan, for most, is an essential part of getting through university. Whether for course fees, accommodation or simply entertaining, it can be an expensive business studying. Furthermore, the thought of actually paying back the loan is something that usually is less of a consideration.
However, once graduated and you start earning above a certain threshold, your loan repayments will start.
Contracting can be a great idea; you can choose when and where you work, enjoy a flexible lifestyle and can switch between contracts to suit your needs. However, when it comes to getting a mortgage, the very idea of flexibility and potential lack of structure will...
With Christmas and New Year becoming a distant memory, the accountants at Clever Accounts quickly turn their attention to the looming self assessment tax deadline. As with every year, the deadline to file a self assessment tax return is 31st January otherwise a...
Is your company required to have an auto enrolment pension scheme? We are writing to you to make you aware of the potential need for your company to have an auto enrolment pension scheme. Auto enrolment requires an employer to consider whether its ‘workers’ are...
As you may be aware, dividend taxation rates are changing from 6th April 2016. In order to help with your tax planning, we have set out below how these changes may affect you. What are the current rules? Currently, if you are a basic rate tax payer you do not pay any...