by ClearwaysAccountants | Aug 22, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Payroll (PAYE), Profits and P11D Payroll (PAYE) If you trade through your own Limited company you will probably be an employee of your own company. Since 6 April 2013 payroll reporting to HMRC should be completed each month as part of the Real-Time Information...
by ClearwaysAccountants | Aug 21, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Outputs and Overnight Expenses Outputs Part of the terminology relating to VAT. Outputs are your sales and inputs are your purchases. When you complete your VAT return your sales will be included in box 6 (excluding VAT) the VAT on your sales will be included in box...
by ClearwaysAccountants | Aug 20, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
National Insurance Contributions If you are aged between 16 and 65 you will pay National Insurance (NIC) on your earnings or business profits. There are four classes of National Insurance and you will pay different NIC depending on whether you are an employee of your...
by ClearwaysAccountants | Aug 19, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Motor Expenses and Mobile Phones Motor expenses As en employee your employer can pay 45p per mile for the first 10,000 business miles per year. For mileage in excess of 10,000 the current reclaim rate is 25p. If your employer refunds your mileage at a lower rate you...
by ClearwaysAccountants | Aug 16, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Liabilities and Losses Liabilities Liabilities are amounts your business owes to other people or businesses. Liabilities can include bank loans, amounts owed to suppliers and, of course, amounts owed to H. M Revenue & Customs. Liabilities will also include...
by ClearwaysAccountants | Aug 15, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Know Your Client and K Code Know Your Client (KYC) Something for your accountant to think about and depending on your business for you as well. The Money Laudering rules are the reason we have to formally identify our clients through your driver’s licence,...
by ClearwaysAccountants | Aug 14, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Jointly Owned Property Income owned jointly will be taxed 50/50 on both of the owners. Bank accounts and other jointly owned property If a bank account is held by one person and at a subsequent date the account becomes a joint account then the income will be split...
by ClearwaysAccountants | Aug 13, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Income, Income Tax and IR35 Income Income includes all your employment earnings, dividend, interest, property rental and business profits. All of this income is subject to tax if you are resident in the UK. Different rules will apply if you are not resident in the...
by ClearwaysAccountants | Aug 12, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
H.M. Revenue & Customs, Household Expenses and High Income Child Benefit Charge H. M. Revenue & Customs HMRC is the tax raising and collection organisation of the UK. All tax returns are submitted to HMRC and some will be selected for review each year. In...
by ClearwaysAccountants | Aug 9, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
GAAP, Goodwill and Gifts GAAP An acronym standing for Generally Accepted Accounting Practice. Accounts (see A is for…) must be prepared under acceptable accounting standards, HM Revenue & Customs require that your company or your self-employed accounts are...
