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When do you need to register for VAT and how do you do it?

A form showing someone registering for VAT

If you are running a business, regardless of whether you operate as a sole trader, in partnership or the business is run as a limited company, you will need to register for VAT if your total taxable turnover in the previous 12 months exceeds the VAT registration threshold of £90,000 or if you expect your … Read more

Employ a worker on a small salary to access the Employment Allowance

Employer’s National Insurance rose considerably from 6 April 2025. Not only did the rate increase from 13.8% to 15%, but the secondary threshold also fell from £9,100 to £5,000. This is the amount that an employer can pay before a liability to secondary Class 1 National Insurance contributions arises. For 2025/26, the secondary threshold is … Read more

Five tax-free health and welfare benefits

hands holding people representing health and welfare

Employers are able to provide employees with a range of health and welfare benefits without giving rise to a tax charge under the benefits in kind legislation. Employees can benefit from one health screening assessment or medical check-up each tax year free of tax. A health screening assessment is an assessment to identify employees who … Read more

Official rate of interest

Percentage symbol representing rate of interest

The official rate of interest is a rate set by HMRC which is used to calculate the benefit in kind tax charge on cheap employment-related loans, and also the amount charged to tax in respect of the provision of employer-provided living accommodation where the cost of that accommodation is more than £75,000. Employment-related loans The … Read more

Should we pay a dividend before the end of the tax year?

Should we pay a dividend before the end of the tax year?

If you are the owner of a personal or family company, it is prudent to review your dividend strategy before the 2024/25 tax year comes to an end as assessing whether paying a dividend before 6 April 2025 would be beneficial. Sufficient retained profits The first point to note is that dividends are payable from … Read more

Starting a business as a sole trader

A lady who has just started a business as a sole trader holding a sign saying 'open'

When starting a business, there are various decisions to make and tasks to perform. One of the first questions to address is whether to run the business as a sole trader, whether to set up a partnership with others or whether to form a company. The way in which a business is operated will determine … Read more

Is it worth paying voluntary Class 3 NICs?

Man looking pondering a question about whether to pay voluntary Class 3 NICs

The payment of National Insurance contributions is linked to entitlement to the state pension. If sufficient National Insurance contributions of the right type are paid for a tax year, that year counts as a qualifying year for state pension and benefit purposes. A person may also secure a qualifying year if they are awarded National … Read more