by ClearwaysAccountants | Mar 1, 2013 | Business tax, Contractor, Freelancer, Self Employment, Small business advice, Tax Tips, VAT
The Flat Rate Scheme was developed to make VAT administration easier and can also save your business money especially if you are trading as a contractor or freelancer. Most contractors will pay 14.5% of their VAT inclusive turnover to HMRC with a special rate of 13.5%...
by ClearwaysAccountants | Feb 23, 2013 | Business tax, Contractor, Freelancer, Self Employment, Small business advice, Tax Tips
What are dividends? Dividends are another way of taking money out of your company (the other ways you can take money out of the company are: salary, reimbursement of expenses and a company loan). Who can receive a dividend? Dividends are paid to the owners of the...
by ClearwaysAccountants | Feb 7, 2013 | Business tax, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice, Tax Tips
Company car or private purchase? This question comes up quite a lot and as you would expect when considering tax, the answer is – it depends. Second to a house, buying a car is the biggest purchase we make. Just choosing the type of car based on personal...
by ClearwaysAccountants | Jan 2, 2013 | Business tax, Contractor, Freelancer, Personal tax, Self Employment, Small business advice, Tax planning, Tax Tips
All your information has been collected so lets get online! At this point you should be registered with HMRC and have received your online login ID and password. You have gathered together your income and allowable expenses – steps 1, 2 and 3 of this blog...
by ClearwaysAccountants | Dec 24, 2012 | Business tax, Contractor, Freelancer, Self Employment, Small business advice, Tax planning, Tax Tips
Reducing your tax payment Once you have included all your income on your tax return you can turn to the payments that you have made that can be deducted against tax. Pension payments Payments made by you personally to your pension plan is deductible against tax. The...
by ClearwaysAccountants | Dec 17, 2012 | Business tax, Contractor, Freelancer, Personal tax, Self Employment, Small business advice, Tax planning, Tax Tips
You still have time to complete your self assessment tax return by the 31 January 2013 but there is work to be done! You will need to declare all your income on your tax return. Here is a list of the most common sources of income: Self-employed profits You will need...
