by ClearwaysAccountants | Aug 27, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Real Time Information, Retained Reserves and Resolutions Real Time Information (RTI) HMRC introduced RTI payroll reporting on 6 April 2013. All companies were originally required to report their payroll numbers on-line to HMRC on or before paying their employees. ...
by ClearwaysAccountants | Aug 23, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Quarterly Reporting, Quick Ratio, Quick Assets Quarterly reporting VAT is generally reported quarterly with different companies allocated to different staggers. The staggers are: January, April, July and October February, May, August and November March, June,...
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...
