When you have your own limited company, you could get significant tax benefits through your company making contributions to your personal pension, as well as increasing your pension pot for future retirement.
It is estimated that more than 3 million people in the UK currently own a cryptocurrency. Since 2008, over 9 million Brits were engaged in purchasing crypto coins. As...
It is quite common to assume that Capital Gains Tax (CGT) only affects professional investors or large corporations but that isn't really the case.CGT will normally be...
January 2022 Update As in previous year, HMRC announced last week that the Self-Assessment late filing penalty for the 2020-21 returns will be extended to 28th February...
We’re always looking at ways to help make our clients’ lives easier. Therefore, we are pleased to announce that we now offer bank feeds via Open Banking and, what’s more, making it free of charge for our clients. This means you can now have safe and secure automated bank feeds that integrate directly into our accounting app.
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 a last-minute panic.
If your personal tax bill for the year ended 5th April 2019 exceeded £1,000, you will likely be required to make a payment on account of the year ended 5th April 2020. This would have been made up of half your tax bill upfront in January 2020, and another half in July 2020. This means that by the 31st July 2020, you should be paid HMRC the equivalent tax for the year ended 5th April 2020, as you did for the year ended 5th April 2019.
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 available within the business. However, there are certain rules that will dictate when a dividend can be...
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.