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 7, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Expenses and Exempt Supplies Expenses Your business expenses can be deducted from your sales income before you calculate the tax that is due, either as income tax on the self-employed or corporation tax on companies. Most business expenses are deductible in this...
by ClearwaysAccountants | Aug 5, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Companies House, Capital Allowances and Childcare Vouchers Companies House This is the central register for companies and Limited liability partnerships. Whether you are a large multinational or trading as a single person Limited company you will have to file...
by ClearwaysAccountants | Aug 2, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Benefits-in-kind, Bookkeeping and Budgeting Benefits-in-kind If you are an employee you can receive benefits that are paid for by your employer. Your employer can be a large company, like BT, your own limited company or a sole trader. Most benefits paid for by your...
by ClearwaysAccountants | May 5, 2013 | Business tax, Pay, Expenses & Benefits, Small business advice
If you pay benefits to your yourself as a director/employee of your own limited company or to employees you may need to complete a P11D at the end of the tax year. What is a ‘benefit’? Common benefits given to employees are medical cover, company cars and...
by ClearwaysAccountants | Mar 7, 2013 | Contractor, Freelancer, Pay, Expenses & Benefits, Personal tax, Self Employment, Small business advice
Cars provided by employers to their employees are taxable benefits-in-kind. This is true whether you are an employee of a FTSE100 company or a director/employee of your own single person limited company. A reminder – how is the company car benefit calculated?...
