National Insurance and the self-employed
The National Insurance increases that came into effect from April 2022 have been reversed. How does this affect you if you are self-employed?
HMRC
Mileage allowance payments
To save work, employers can pay employees a mileage allowance if they use their own car for business journeys. The Government have recently cleared up confusion as to what can be paid tax-free, confirming the maximum tax-free amount. Mileage allowance payments The approved mileage allowance payments system is a simplified system that allows employers to … Read more
Cycle to work tax-free
Find out how to make use of the tax exemption for employer-provided cycles to enjoy a tax-free commute to work.
Help if you are struggling to meet your tax bills
Inflation is at a ten-year high and the ensuing cost of living crisis means that many people may be struggling to pay the tax that they owe. If this is you, what can you do about it? While it may be tempting to bury your head in the sand and hope that the bill will … Read more
Are you trading?
HMRC use badges of trade to ascertain if a trade exists. Find out what the badges are and how to determine if you are carrying out a trade.
The pros and cons of the VAT flat rate scheme
The VAT flat rate scheme can save you work, but it may cost you money. This article explains why it is not always a good idea.
Tax-free savings income
There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature of the savings and the saver’s other earnings and marginal rate of tax. Savings Allowance Basic and higher rate taxpayers are entitled to a savings allowance. The allowance is set … Read more
Changes to National Insurance for the self-employed
If their profits are high enough, the self-employed pay two classes of National Insurance contribution – Class 2 and Class 4. Class 2 contributions are flat rate contributions of £3.15 per week for 2022/23. It is the payment of Class 2 contributions that enables a self-employed earner to build up entitlement to the state pension … Read more
Is paying mileage allowance at the approved rate still a good idea?
Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as the allowance does not exceed that payable at the approved rate, payment of the allowance is tax-free. Employers can instead reimburse the employee’s actual costs associated with using their own … Read more
Companies – claim your extended loss relief online
To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-back rules, the claim can be made online rather than waiting until the company tax return is filed. Extended … Read more