We explain the tax rates that apply for the 2020/21 tax year, affecting income taxpayers resident in Scotland and how to see if you're affected.
A handy side-effect of the entrepreneurial zeal sweeping the country is that there are now many schemes in place specifically to help small businesses.
Contractors registered under the Construction Industry Scheme (CIS) are required to deduct tax from their payments to subcontractors. These deductions are paid by the contractor to HMRC as an advance towards the subcontractor’s tax liabilities.
To claim tax relief on your mobile phone or landline expenses, a contract needs to be set up between your limited company and the service provider.
We take a look at Income Protection Insurance and how it can be beneficial for the self-employed in the event of unforeseen circumstances.
Although changes to IR35 have been delayed until April 2021, contractors working through a personal service company still need to have business insurance.
Some businesses include a company car as part of the overall remuneration package for their employees. However, HMRC considers the private use of a company car to be a Benefit in Kind and is, therefore, taxed as part of the employee’s overall income from employment.