If you are self employed and trade as a sole trader (or a partnership), you may wonder why you should incorporate your business – i.e. transfer your business to a limited company. There obviously has to be some benefit. Well, there is. In broad terms, there are 3 main reasons why businesses choose to trade …
HM Revenue and Customs (HMRC) have announced the latest in a string of initiatives designed to collect more tax. This initiative, called the Electricians’ Tax Safe Plan, focuses on electricians who are not paying the right amount of tax and is similar to the 2011 initiative aimed at plumbers. The aim is to focus on people who …
If you are an employer, you may need to apply for a dispensation. Why? Because expenses reimbursed from an employer to employees – including directors – should be included as income on a personal tax return, with a corresponding claim of expenses for exactly the same amount. This amounts to a lot of work for …
Whether an individual is an employee or self-employed in a particular situation is a question of fact depending on the terms under which he or she works. When you engage someone to do work for you, you have to decide whether or not to apply the PAYE rules. It is up to you to get …