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...
by ClearwaysAccountants | Aug 16, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Liabilities and Losses Liabilities Liabilities are amounts your business owes to other people or businesses. Liabilities can include bank loans, amounts owed to suppliers and, of course, amounts owed to H. M Revenue & Customs. Liabilities will also include...
by ClearwaysAccountants | Aug 15, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Know Your Client and K Code Know Your Client (KYC) Something for your accountant to think about and depending on your business for you as well. The Money Laudering rules are the reason we have to formally identify our clients through your driver’s licence,...
by ClearwaysAccountants | Aug 14, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Jointly Owned Property Income owned jointly will be taxed 50/50 on both of the owners. Bank accounts and other jointly owned property If a bank account is held by one person and at a subsequent date the account becomes a joint account then the income will be split...
