Why Am I Paying Emergency Tax
Introduction When HMRC does not have accurate or adequate information about you, your income, or your tax data, emergency tax is triggered. Because they lack the information they need, the right tax code for you will be unavailable, and you will be assigned an emergency tax code. When you leave a job, you should be […]
Wrongful Trading: What It Is and How to Avoid It
Wrongful trading, often known as “trading irresponsibly,” is a civil wrong covered by Section 214 of the 1986 Insolvency Act. As a result, industry professionals frequently refer to it as simply “Section 214.” The premise of wrongful trading is that a director of a UK limited company becomes fully aware of their firm’s insolvency, but […]
VAT on Business Expenses – What You Need to Know
VAT on Business Expenses – What You Need to Know Expenses are one of the most perplexing aspects of VAT, so don’t worry if you’re finding it all a little overwhelming. In this piece, we’ll walk you through the minefield of VAT on expenses and highlight the types of issues you can face in real […]
Setting Up a Trust in the UK – A Complete Guide
The use of a trust to protect large sums of money and other financial assets is becoming increasingly common. The usage of trusts in the UK has risen steadily. Once thought to be the sole domain of affluent individuals seeking to dodge taxes, people from all walks of life are now taking advantage of the […]
Stamp Duty – What You Need to Know Now
When you buy a home in England or Northern Ireland, you will be subject to Stamp Duty Land Tax (SDLT). It is usually transferred by your conveyancer when you exchange contracts on your property, and it must be paid within 14 days of closing. Stamp Duty is only paid by persons who are purchasing property, […]
Simple Guide to CIS Tax For Construction Pros
CIS isn’t a new tax law; it was enacted in 1971 to address what was considered to be a major tax evasion problem in the construction industry. Several adjustments have been made over the years, with the most current developments being announced by the UK government at the end of 2020 that took effect on […]
PayPal Working Capital UK: Is This a Loan That’s Right for Your Business?
New businesses and start-ups often need cash in a hurry. The same can actually be true of any business that is still in its early growth stages. Getting a traditional business loan from a High Street bank is increasingly difficult however, leaving businesses to look for a loan alternative that will a) provide them with […]
All About Companies House Late Filing Penalties
Limited companies, whether private or public, are required to file annual accounts with Companies House and HMRC. Companies House can and will impose a late filing penalty if you fail to file your accounts on time. Penalties for late filing were first imposed in 1992 in order to reduce the number of businesses that filed […]
Understanding – And Using – a Director’s Loan Account
Understanding – And Using – a Director’s Loan Account If you own a business, you’ve probably come across the term “directors loan account.” Directors loan accounts (DLA) are one of the many tax provisions that you should be familiar with when you start a business of your own. That’s especially true of DLAs, as, if […]
Shares, Share Capital and More Explained
Setting up a limited company can seem like a daunting and confusing undertaking, and, as many new company principals discover, for lots of different reasons. Take share capital for example. When setting up a limited company, you’ll discover that you are expected to issue at least one share. However, if you don’t quite understand what […]
