Your VAT return is due one calendar month and seven days after the end of each accounting period. It must be filed through MTD-compatible software,
Most limited company owners know you need enough distributable reserves to pay dividends. But how can it happen that your company shows a healthy net
A business can show a healthy profit on paper and still run out of money. Profit is calculated when work is done, while cash only
Your taxable profit is not the same number as your net profit: it’s arrived at by adding back non-allowable expenses and subtracting capital allowances, and
PAYE deducts income tax and National Insurance from your wages before you receive them: your tax code controls how much is taken, and if it’s
A sole trader is a self-employed individual who owns and runs their business personally, with no legal separation between the owner and the business. Key
Taxable profit is the figure HMRC uses to calculate your tax bill. It’s almost never the same as the profit showing in your accounts. Key
National Insurance is one of those taxes that most people pay automatically: it’s a tax on earnings to fund benefits and State Pension. Try our
Outside IR35, a limited company typically puts extra money in your pocket each year; inside IR35, an umbrella company is usually the smarter, simpler choice.
An umbrella company is a UK PAYE employer that pays contractors and freelancers on temporary assignments, usually arranged through a recruitment agency. Key Takeaways 1.
