Can You Be Employed and Self-Employed at the Same Time?
Confused about whether or not you can be employed and self-employed at the same time? In this blog, we look at the legality and logistics of such a working scenario. At Russell Smith Chartered Accountants, we get asked this question a lot: can I be employed and...
The 6 things you need to know about the 2016 budget
I’m writing this after the 2016 budget given by George Osborne, the chancellor of the Exchequer and I’m still surprised by how many new announcements there were that were relevant to small business. My overall view is that it was a great budget for small business....
It’s budget day again!!!! YES!!!! Join me on Twitter at 12.30 for live updates….
It’s budget day…..AGAIN! This is the 4th budget in 12 months, it literally doesn’t get any better than this!!! I’ve got: my slippers on, popcorn in a bowl, hot cup of cocoa chocolate biscuits and I’m ready in anticipation to see what our...
Very very important new Russell Smith video – Beware of the new dividend tax
Very very important message….. In the last budget, you may have noticed that most of the papers were talking mostly about tax credits. But behind the scenes something huge was happening that would affect small limited companies everywhere. A £3,000 tax had been...
Are you going to lose £406 by losing your employment allowance?
The employment allowance was introduced to effectively save employers National Insurance on their employees wages. It was a pretty decent saving. At the moment, if you claim employment allowance, you can save a whopping £2,000 on Employers National Insurance. The...
How will HMRC collect tax in a few years?
HMRC have taken a bit of a battering over the last year on it’s dealing with ordinary taxpayers and in contrast with some of the technological giants like Amazon and Google. The truth is that HMRC have been cost cutting for a number of years now and shedding...
How to get the biggest tax saving of all part 2
Yesterday, I talked about how the 10% tax on a business sale and accumulated profits may end up being taxed at a much higher rate. So if you have £200,000 in the bank and sell your business for £700,000. The £700,000 could be taxed at 10% whilst the £200,000 would...
How to get the biggest tax saving of all part 1
Since the introduction of Entrepreneur’s relief, the absolute best way of saving the most tax is to: – Start a business – Grow a business – Take out up to £38,000 tax free (after paying 20% corporation tax) – Sell the business –...
aaaaaaaaarrrgh – the horror that is HMRC’s RTI payroll tax system part 3
So I’ve blogged twice before on the horrors of the RTI payroll tax system. Here is the third thing that is tricky about the system (and perhaps the worst). The point of RTI (Real Time Information) was that it is supposed to give HMRC and us real time...
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