Tax Needn’t Be Taxing:
Sole Trader Tax Help
Britain has the most complex tax system in the world, proving too much to handle for some self-employed individuals and entrepreneurs. Discover how to manage your sole trader tax right here!
Sole trader tax can be a tough nut to crack.
While businesses and corporations often find support from finance experts and in-house account management teams, those running their own single-person operations tend to be left to their own devices when it comes to tax.
Ever since the July 2015 budget, in which George Osborne attacked the limited company status by increasing dividend tax, many sole traders have avoided establishing as an LTD. Our chartered accountants believe there are plenty of reasons to remain a sole trader, but...read more
Have a big business idea but don’t know when to start working on it? Our small business accountants from Leeds have some advice for you. I remember when I first had the idea for my specialised small business accountants firm in Leeds. I was wondering down the...read more
From 6 April 2016, there will be a significant tax increase on dividends taken from limited companies. Whilst it will still mean that limited companies are more tax efficient than being self employed (as long as your profits are over £40,000), the gap has now...read more
There were rumours that the rules around Entrepreneurial relief may change in the Autumn statement. Entrepreneurial relief is selling a business for a tax rate of 10% as opposed to 18% or 28%. You can do this multiple times in a lifetime up to sale proceeds of £10...read more
In the March 2015 budget, George Osborne announced that he was abolishing tax returns as we know it and bringing in a new digital tax return. We now know that small businesses will receive their digital identities by 2017. However, this could increase the workload of...read more
IR35 is the tax legislation that seeks to tax limited companies working for one customer like employees rather than a company. This is because HMRC does not like employees leaving employment to set up limited companies to work for the same employer (this is done...read more
Here's a run down of the tax changes from 5 April 2016 following the summer budget and the Autumn statement: Corporation tax Still 20%. 19% from 6 April 2017. 18% from 6 April 2010. Income tax All the same - 20% basic rate, 40% higher rate, 45% top rate Personal...read more
George Osborne gave his Autumn statement today, a mini-budget, the third this year. You can read about the tax credits and whether or not austerity is over in the national newspapers, here is my assessment of the 5 most important points in the Autumn statement for...read more
Today is the day where George Osborne will give his Autumn statement. Most of it will not hold any relevance for small business but there is a possibility that he will go after 1 person limited companies (sometimes called personal service companies) especially the...read more
In 2011 HMRC brought out the business records checks which meant that HMRC could look into bookkeeping records to see if any mistakes had been made. It wasn't popular because it appeared to be a way for HMRC to formally starting tax investigations. HMRC have now...read more