Important deadlines for 2022 The deadline for filing self-assessment tax returns online is fast approaching. This includes those who are self-employed and want to claim expenses. For example, if you run a small business and use it to generate income, you must declare how much you earned and what you spent on running it. You’ll…
How dividends are taxed You may get a dividend payment from a company if it pays one out. If you hold shares in the company, you may receive a payout. Dividends are paid out of profits made by companies. Some companies give shareholders a dividend every year; others might only pay out once a year….
This guide is designed for people looking to start a business but don’t want to spend thousands of pounds on expensive startup costs. It’s for those who want to run a successful business, but don’t have much cash to spare. If you’re thinking about starting a business, but aren’t sure where to begin, this guide…
There are many things to consider when deciding whether to expand your workforce. You want to make sure you’re hiring the best candidates possible, but you don’t want to waste money on training someone who won’t stick around. Here are some tips to help you decide what to look for in a potential employee. 1….
Tax codes There are four main tax bands – basic rate, higher rate, additional rate and zero rating. These are the rates that apply to different income levels. You don’t pay any tax on earnings up to £10,000. If you earn over £50,000, you’ll start paying HMRC at the higher rate. This is the same…
National Insurance numbers A National Insurance number is required in order to work in the UK. You can apply for it online. To do so, you’ll need to provide proof of your identity and address. In order to obtain a National Insurances number you will need to prove that you are eligible to work in…
Employee rights vary depending on the kind of work you do. Some employees are entitled to overtime pay while others aren’t. Others are guaranteed certain hours off each week. Still others receive paid vacation days. And some workers even have the right to unionize. 1. Overtime pay If you work 40 hours a week, employers…
Your tax return needs records. The Australian Tax Office (ATO) has launched a new online tool called MyTaxFile.com.au to help people prepare their personal tax returns. The site allows taxpayers to store records such as receipts, invoices, bills and statements online. This makes it easier to organise and access the data needed for preparing their…
There are many factors that go into determining how much money you could potentially make selling your business. These include the amount of work it takes to run the business, the location of the business, the market demand for the product/service, and the competition within the industry. The value of a business varies depending on…
The UK tax year runs for twelve months beginning on the 6th April each year. You must file a self assessment tax return for the previous tax year by the 31st January following the end of the tax period. If you fail to do this, HM Revenue & Customs (HMRC) will send you a reminder…