The Government has announced that it will no longer accept retrospectively withdrawn regional National Insurance contributions (NICs). This means that employers who withdrew their NICs during the 2016/17 tax year will not be able to reclaim those payments. If you are eligible for a refund, you will receive it within 12 months of submitting your…
The government has announced changes to the way it calculates national insurance contributions (NICs). The changes mean that people earning less than £16,250 each year will pay less NICs than under current rules. This applies to both employees and self-employed workers. There are three main NIC classes: Class 1 – Earnings up to £8,060 per…
If you’re running payroll – Payroll Software Will Calculate NI Contributions Automatically Payroll software will automatically calculate National Insurance contributions (NI) based on your employees’ salaries. This saves you time and money, and ensures that you pay the correct amount of tax each month. There are 2 ways to calculate NI contributions: Automatic and Manual….
What does it mean for a company to be “limited”? A limited company is a separate company from its owners, which makes it easier to raise finance and make investments without having to pay tax. This is because the company itself pays taxes rather than individual shareholders. They are also known for offering better benefits…
Can training costs be deducted from taxes when starting a new business as a limited company? HM Revenue & Customs (HMRC) consider training expenses incurred in setting-up a new trade to be related to employment. This means that you may claim tax relief for training costs if the training is work-related. The rules around what…
Switching accountants can be an easier process if you choose the correct firm. If you are looking for someone to handle your finances, it is important to find out what type of experience they have had with clients similar to yours. You should also ask about how many accounts they have worked with over the…
A general business partnership is a legal structure used to minimize taxes. There are different types of partnerships, including general partnerships and limited partnerships. In a general partnership, each partner owns an equal share of the profits and losses. Each partner must pay tax on his/her share of income, regardless of how much he/she earns….
HMRC investigations are expensive and often take months to complete. If you are involved in one, you will want to ensure that you protect yourself against any potential financial losses or damages. Tax investigation insurance policies provide cover for such situations. These policies pay out up to £10 million per claim, so it pays to…
The United Kingdom Inheritance Tax (IHT) is charged on estates over £325,000 ($500,000). This includes properties, cash, investments, pensions, shares, and life insurance policies. If there is no one left to inherit the property, it goes into a trust fund where it cannot be taxed again. However, if someone inherits the asset, they must pay…
Inheritance tax is one of those things you hope never happens to you. But it does. And once it does, it could cost you thousands of pounds. So how do you avoid paying it? Here we look at some of the best ways to minimise the impact of inheritance tax on your family. The main…