The lockdown in the UK due to the Coronavirus pandemic has pushed self-employed workers into an incredibly trying period. The government had previously unveiled plans for government-backed loans to keep small and big businesses afloat during this period. Now, the Self-Employed Income Support Scheme is going to help workers that are members of a partnership
When compared to other sectors, subcontractors pay tax differently. This peculiarity is because of the construction Industry Scheme (CIS). It enables them to pay their tax in advance and sometimes they end up paying more than they ought to. CIS allows construction workers to collect what they are owed. Let us explain how this system
You may want a new accountant to handle your business for numerous reasons. Here are some of the most common ones: They Do Not Understand the Needs of Your Business An accountant will be unable to perform optimally if they don’t understand everything about your business and the sector you operate in. Without this knowledge,
Before April 2017, private landlords could benefit from a considerable tax relief which allowed them to offset mortgage payments. The new regulations in April of 2017 meant that some of these landlords would pay more tax than before on all their income received from rents. Prior to 2017 (April) Landlords that had a mortgage on
A limited company is a business structure with its distinct legal entity, separate from its owners (shareholders) and directors. The entity of the business is separate from the owner even if the business is being run by a person acting as shareholder and director. A limited company is one of the most popular business structures
Sole trading is the simplest form of business structure. Not only is it relatively easy but it requires a low cost to set up. Being a sole trader, you must have in-depth knowledge of what you can claim as expenses. This will help you avoid a large tax bill when tax payments are due. One
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