One of the most important decisions you will make when starting your business or when considering the legal structure of your existing business is: What is the best structure for my business? Your decision will impact the amount of tax you pay, the control you have on your business profit and how you plan to pay yourself a salary from your business. So it is very important to take the [...]
If you are a seasoned sole trader, then you will be well aware of payment on accounts, the forward paying tax for the existing tax year. If you are newly self-employed, then check out our guide on how best to prepare for payment on accounts. Basically, now that you have filed your tax return you are also due to pay your tax bill for the 18/19 tax year too. Top [...]
It's a new year and i'm having a clearout and selling my personal things at car boot sales and online via gumtree. I am also self-employed and complete a tax return, do I need to declare the income I receive from the sale of my personal goods on my return and be taxed for it? The question you need to ask yourself is this: Is this additional income regular trading [...]
Team Mirandus wishes you a prosperous and peaceful 202o! This is a good time of year to detox after the excessives of Christmas and New Year celebrations but also a great opportunity to detox your finances too, both personally and in your business. Are you happy with your finances? And if not, what positive changes can you make in 2020? Whether you want to achieve growth in your small business, [...]
Another year is almost over and hopefully some R&R in store for all small business owners but also a chance to get organised for 2020 and hit the ground running in January. To save you time, we have provided the small business essential accounting and tax calendar for 2020, an early Christmas present from Team Mirandus - you're most welcome! Some of the dates may change year-to-year but the deadlines [...]
3 top tax tips for the self employed and limited company directors in London and Edinburgh which may come as a surprise. You can save time and money if you file your tax return sooner rather than later. Getting ahead of the festive rush can only be a good thing!
Business entertaining when you are self-employed or a small business could very well be a major part of your business development, helping to establish and grow your business relationships to help your small business grow and thrive. Claiming tax relief on your entertainment is a complex and grey area, read on to find out more. […]
If you have to complete a Self Assessment tax return as a self-employed individual or sole trader, the deadline for the online submission of your tax return for the previous tax year is 31 January, and this is also the date you are required to pay any tax due. On 31 January, you may also be required to pay some tax in advance for the current tax, known as 'payment [...]
When completing your Self Assessment Tax Return (SA) there are other things you will need to consider in addition to your profits from self-employment, including other income such as a pension, employment or savings. There are also tax allowances and tax reliefs which you may be entitled to which could reduce your tax bill. Here are the main tax allowances you should consider when turning your attention to your [...]
Plans to remove the employment allowance from large employers could have an impact on small businesses too, according to research by the The Association of Taxation Technicians (ATT). From April 2020, the next tax year, the employment allowance, which currently gives employers a reduction in their National Insurance (NI) bill of £3,000 per annum, will no longer be available to large businesses. The change in tax legislation means that this [...]