0800 140 4644
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Where Can I Find My National Insurance Number?
Everyone working or intending to work in the UK needs a National Insurance (NI) number. That you HMRC are able to deduct National Insurance contributions from your salary. Because of this you’ll find your NI number on your payslip, as well as your P60 (an annual summary of the Income Tax and NI you’ve paid).…
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Why Can’t My Directors Loan Account be Overdrawn?
When a director takes money out of a company and it is not classed as a salary or dividend, then it’s known as a director’s loan. The reason for this is that the money is viewed as a separate entity and not – unlike with a sole trader or partnership account – a straightforward action.…
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Budget 2022 – Detailed Summary
The Chancellor of the Exchequer, Rishi Sunak, today announced changes to income tax, fuel duty and National Insurance in his 2022 Spring Statement, with a backdrop of forecast growth of 3.8% this year, eroded by forecast inflation of 7.4% this year and spend of £83b on debt interest alone. And this is before the full…
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Budget 2022 – Key Headlines
With a backdrop of forecast growth of 3.8% this year, eroded by forecast inflation of 7.4% this year and spend of £83b on debt interest alone, The Chancellor of the Exchequer, Rishi Sunak, today announced changes to income tax, fuel duty and National Insurance in his 2022 Spring Statement. However, many may find themselves somewhat…
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MTD 2022 update
Making Tax Digital (‘MTD’) is an HMRC initiative attempting to transform the UK tax system, with more regular and detailed submissions of information and payments of tax to HMRC electronically. Whilst it has been delayed several times, it aims to make tax administration more effective, efficient, and easier for taxpayers through the implementation of a…
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Pre-Year End Tax Planning Opportunities 2022
We appreciate 2021 has been another challenging year as we have been putting one foot in front of the other, so putting money aside or looking to reduce your tax probably couldn’t have been further from your mind. However, as the 5th April 2022 approaches, we don’t want you to miss out on the relevant…
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How much interest do HMRC charge?
HMRC expect everything you owe them to be paid on time and in full – but you already know that! Less well known though is they’re willing to help both personal and corporate tax payers if they’re unable to meet their obligations by the date due but, and this is important, you first must apply…
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What is HMRC Time to Pay (TTP)?
In the ten years and more since the financial crisis of 2008-2009, HM Revenue & Customs (HMRC) have agreed many more late payment plans to help out individuals and companies who temporarily do not have the money needed to settle their forthcoming tax bills in full. Self-employed individuals and directors can spread the cost of…
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Cash versus accrual accounting
Cash vs accrual accounting – which should you choose for your business? Before you can answer that properly, you’ll need to know exactly what the accrual accounting method and the cash method of accounting are and what the advantages and disadvantages are of the two different approaches to financial recordkeeping.
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How to register as a Sole Trader
Welcome to the next stage of your career – welcome to the world of the self-employed. One of the first things anyone becoming self-employed on their own has to do is to tell HM Revenue and Customs and, in this article, we’ll tell you everything you need to know about how to register as a…