Small Business Accountancy Advice
...Everything You Need To Grow Your Business
On the 1st of October, a new VAT system comes in for UK construction contractors. If you’re in the building trade, you might have heard some noise about the new “reverse VAT” system coming in. You’ve always had to know the rules to stay safe in the taxman’s world – and now you’re going to have to know them backwards. Here’s a breakdown of what’s happening.
P11D is a document that employers use to tell HMRC about the employment benefits they’re giving out. Getting the little details wrong can lead to huge headaches so read our handy guide.
The rates of the workplace pension are changing. Don’t get caught out. With the 2018/19 tax year shuddering to a halt on the 5th of April, it’s time to scan the road ahead and see what 2019/20’s going to bring. For one thing, if you’re putting people to work in your business, then the new tax year’s going to feature a bump to your workplace pension contributions.
National Insurance was originally introduced in 1911 as a contributory system of insurance for those who could not work due to illness and unemployment and later retirement pensions and other benefits were also covered.
If you operate your own UK limited company you will probably want to use the tax planning strategy of extracting money from your company through a combination of dividends and a low salary to ensure you optimise your tax.