Business expenses when costs have a private element
Self-employed people can deduct allowable business expenses when calculating their taxable profits. However, where a cost has both a business and private element, only the business proportion can
Could simplified expenses save you time and money?
Self-employed people can choose to use simplified expenses to calculate certain business costs using flat rates rather than working out their actual expenses.
The system can save time and make record
Are you paying your staff the correct minimum wage?
Employers must make sure their staff receive at least the National Minimum Wage or National Living Wage rate that applies to them. The correct rate depends on the worker’s age and, in some cases,
When is a company dormant for Corporation Tax?
A company does not have to be formally closed to become dormant for Corporation Tax. A company is usually considered dormant if it has stopped trading and has no other income, such as investment
When can a trading loss generate a tax refund
Making a trading loss whilst not ideal can sometimes generate a tax refund. If you are a self-employed individual or a member of a trading partnerships, a trading loss can potentially be set against
Is your company paying Corporation Tax at the right rate?
The rate of Corporation Tax payable depends mainly on the level of a company’s taxable profits. The main rate is 25% and applies where profits exceed £250,000. Companies with profits of £50,000 or