Checking your payslip for errors
I always get told by people that they think ‘they are being taxed too much’ and the ‘employer is taking too much of their money’. It is the employers’ responsibility to pay HM Revenue & Customs the tax and National Insurance Contributions due by the employees. But it is the employees’ responsibility to inform HM […]
VAT – will your business benefit from the Flat Rate Scheme?
As an SME, whether you are self employed or a limited company, if your turnover becomes above £82,000 (£81,000 2015) then you are obliged to register for VAT. You are therefore obliged to charge VAT on your sales, at the going rate, currently 20%, and claim VAT on your expenses accordingly. At the end of […]
Self Assessment – Why do we Pay On Account?
Whether you are self employed or employed and receiving untaxed income, you would have had to, at some point, file a Self Assessment Tax Return, or atleast sign one that was prepared by your accountant. Within the UK, there are set deadlines for when you have to pay your taxes by to H M Revenue […]