by ClearwaysAccountants | Apr 11, 2012 | Business tax, Contractor, Setting up a Business, Small business advice, Tax Tips
What is your tax status? Employee or self-employed? This matters if you are a sole trader or if you operate through your own company. Freelancers or contractors working as self-employed sole traders can deduct business expenses from income; this reduces their tax...
by ClearwaysAccountants | Mar 28, 2012 | Capital taxes, Tax Tips
Inheritance tax planning is usually something that we put off but if you die without a will the rules of intestacy will apply to your estate. Year-end tax planning tip 1 – make a will You can use the forms available from good stationers but if you have a...
by ClearwaysAccountants | Mar 26, 2012 | Capital taxes, Tax Tips
Not everyone thinks of capital tax planning but a little bit of tax planning can save you a lot of tax over the years. Capital tax planning is especially important if you are thinking of incorporating your business. Year-end tax planning tip 1 – annual exempt...
by ClearwaysAccountants | Mar 21, 2012 | Budgets and Autumn statements, Business tax, Personal tax
Was this a budget for small businesses? The budget did a lot of tinkering at the edges but with the country’s finances still in such a bad state the Chancellor had very little space to manoeuvre in. Overall the budget is probably neutral for small businesses, the tax...
by ClearwaysAccountants | Mar 19, 2012 | Business tax, Tax Tips
Some year-end tax planning could save you a considerable amount of tax. Year-end tax planning tip 1 – Sole trader and partnership year end dates The choice of the accounting date affects the delay between earning the profits and paying the tax. If your profits...
by ClearwaysAccountants | Mar 13, 2012 | Personal tax, Tax Tips
Year-end tax planning is important especially if you run your own business or you are a top rate tax payer. Here are our simple year-end tax planning tips for personal tax. Year-end tax planning tip 1 : Personal tax allowance The personal allowance for the 2011-12 tax...
by ClearwaysAccountants | Feb 1, 2012 | Business tax, Pay, Expenses & Benefits, Tax Tips
A selection of tables on: expenses that are most commonly deducted in calculating company or self-employment profits for tax; and deductible property expenses. Expense Company self-employed wages and salaries of staff you employ Y Y wages of yourself (you are...
by ClearwaysAccountants | Feb 1, 2012 | Business tax, Self Employment, Setting up a Business, Small business advice, Tax Tips
There are basically four ways to trade: as a sole trader; as a limited company; as a partnership (if you are setting up a business with at least one other person); or a limited liability partnership. The key characteristics are outlined below and on our calculators...
by ClearwaysAccountants | Feb 1, 2012 | Business tax, Small business advice
Tax Sole traders/partnerships Companies Income tax Yes No Corporation tax No Yes National Insurance Class 1 (employees) No No Class 1 (employers) Yes Yes Class 2 Yes No Class 3 Yes No Class 4 Yes No VAT Yes Yes Rates Yes Yes Council...
by ClearwaysAccountants | Feb 1, 2012 | Business tax, Self Employment, Setting up a Business, Small business advice, Tax Tips
Here is an article I wrote for Equine Touchin’ UK magazine on getting started in business. Equine Touch UK is UK based equine bodywork group. In the last edition of Equine Touchin’ UK there were five top tips for marketing your ET skills. So you have started to...
