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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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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…
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What is a Sole Trader? Your guide to becoming self-employed and what it means for you
What is a sole trader? There are many different types of business structures available for entrepreneurs to choose from in the UK and is being a sole trader the right business structure for your business?
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Budget 2021 – Quick Summary
With the economy shrinking by 10% in 2020 with it forecast to rebound in 2021 by 4% and 7% in 2022. 700,000 people have lost their jobs during the pandemic, despite all the Coronavirus Support Schemes and unemployment is expected to hit 7.3% next year, although this is significantly less than the previous 11.9% predicted.…
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The Black and White Guide to: HR Accounting and Tax: Payslips, Payroll and Pensions
Whether you’re a business owner, head of department, self employed worker or just starting out, there is a whole world of national insurance, tax and employment legislation to navigate. We’ve put together a guide to some of the recent changes and latest practices to follow when employing, rewarding and retaining staff.
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The Ultimate Guide to Accountancy for Start Ups
At the beginning a new venture, you’ve probably already spent copious hours working out how you’re going to make money – but have you considered how you’re going to manage it? Making sure your books are balanced certainly won’t bring you as much joy as your first deal, but it’s essential for keeping your start…