by ClearwaysAccountants | Apr 25, 2013 | Contractor, Freelancer, Self Employment, Small business advice, Tax Tips
Cash accounting for unincorporated businesses What does this mean? At present all accounts submitted to HMRC should be prepared under UK accounting standards even if you are self-employed. This means that your accountant will make changes to your basic figures to...
by ClearwaysAccountants | Apr 19, 2013 | Contractor, Freelancer, Self Employment, Small business advice, Tax Tips
Do you dread keeping your business records? Nothing is set-in-stone so you can keep your business records in the way that suits you best. If you want to use an accounts book and hand write your accounts that is just fine. Spreadsheets and accounting systems make life...
by ClearwaysAccountants | Apr 3, 2013 | Business tax, Self Employment, Small business advice, Tax Tips
From April 2013 a new system of reporting payroll data to HMRC will come into force. What is Real Time Reporting? If you run a payroll, either as an employee of your own small limited company or as a self-employed trader with staff then Real Time Reporting (RTI) will...
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 13, 2013 | Contractor, Personal tax, Small business advice, Tax Tips
Details of your new tax code During January, February and March this year, HM Revenue & Customs (HMRC) will be sending out new tax codes for 2013-14. You should never ignore post from HMRC and it is in your interest to check your new tax code. Your new tax code...
