RS Accountants

Should you become a limited company if you are already a higher rate tax payer…

by Russell Smith | Aug 27, 2015 | Tax

This is an interesting question… You already earn over £43,000 employed income so you are a higher rate tax payer. You earn some private income that you know you need to declare but you are not sure whether to declare as a self employed individual or a limited...

Is It Still Worth Becoming a Limited Company With The New Dividend Tax Rates?

by Russell Smith | Aug 26, 2015 | Tax

In this post, RSA turns its attention to the world of dividends and limited companies, as we discuss whether or not you should become an LTD business, given the new dividend tax changes. The 2015 budget brought into effect some new dividend tax changes. The rate...

The new tax on dividends…..will George Osborne regret it.

by Russell Smith | Aug 24, 2015 | Tax

I remember Gordon Brown’s 21 March 2007 budget. This was when, to astonishment from pretty much everyone outside the treasury, he reduced income tax to 20% (it has remained this level for 9 years). I remember the front pages lauding him and praising his...

If you get something from HMRC that you don’t agree with – ask us!

by Russell Smith | Aug 21, 2015 | Tax

Because I deal with HMRC correspondence and paperwork every day, I never quite appreciate the nervous spine-tingling feeling that most people have when they open up a letter from HM Revenue & Customs. Furthermore, when most people read a letter from HMRC they...

How to make sure you get your state pension…

by Russell Smith | Aug 19, 2015 | Tax

You may not be old enough to be thinking about your state pension but here’s some useful info on getting one anyway. You will usually need 10 qualifying years on your National Insurance record. They don’t have to be 10 years on a row. So for these 10...

Estimate your tax as early as you can…

by Russell Smith | Aug 17, 2015 | Tax

You do actually get plenty of time between when your financial year comes to a close and when the tax is due (10 months for self-employment, 9 months for limited company – if you don’t think this is enough, it is actually very generous compared to other EU countries...

Update on dividends next tax year – what do you need to know…

by Russell Smith | Jul 21, 2015 | Tax

It was a big surprise that George Osborne proposed rule changes to the way that dividends are taxed in the budget a few weeks ago. HMRC haven’t published full details yet but here is what we know so far. Currently you can take out £28,606 dividends tax free (on...

Update on IR35 – what you need to look out for…

by Russell Smith | Jul 20, 2015 | Tax

If you are a one person limited company and you only do work for one customer, it is possible that you will be caught by the IR35 rules. These rules were introduced to eradicate the tax benefits of an employee setting up as a limited company and then working for the...

The big problem with being self employed and wanting a mortgage….

by Russell Smith | Jul 19, 2015 | Tax

Pre 2008, getting a mortgage was one of the easiest things in the world. Since the financial crash of 2008, it has been increasingly difficult for anybody to get a mortgage but if you are self-employed, a freelancer or a contractor it can be even harder. If you are...

13 days to go to your tax payment of account – 31 July is the deadline!

by Russell Smith | Jul 18, 2015 | Tax

If your tax bill was over £1,000 when you submitted your 5 April 2014 tax return, then it is likely that you will owe a payment of account for the 5 April 2015 tax year. The deadline is 31 July and it is usually 50% of what the tax bill is. However, HMRC have only...