Things that a director should know

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Starting up a limited company is an exciting time – it’s a big step for you and your business. It is easy to get carried away in the excitement and not take in all of the things you are required to do to be compliant with all the company and tax laws, and it is possible you might miss opportunities … Read More

Accounting issues for driving instructors

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Where we have many clients in one sector, I’ve tried to write blogs tailored to their specific situation. If you’re not a driving instructor, this may be of minimal interest to you! Self-employment Most driving instructors will be self-employed. I have written about self-employment in general here which I can recommend reading. This blog then picks up on specifics that … Read More

How to get proof of your income

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Sometimes it may be necessary to prove your earnings. The most common reasons for this will be applying for a mortgage or loan, of if you have suffered loss of earnings. Obviously the exact requirements may vary depending on your situation, but hopefully the information below will help to provide a guide for you. Employment income If all of your … Read More

VAT Basics: Part 3

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In part 1 of this series, we discussed the mechanics of who pays VAT. Part 2 discussed when you need to register, whether you might choose to do so voluntarily and the different rates of VAT. In the final part, we are going to discuss your obligations, record keeping and how to process VAT returns. Invoices The first thing to … Read More

Understanding National Insurance

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National Insurance is collected by HMRC to provide state support for the sick, the unemployed and the retired. One of the main reasons you may want to ensure that you have made enough National Insurance contributions is to ensure that you qualify for, or to maximise your State Pension. It is possible to get National Insurance credits so that if … Read More

What to do when you become self-employed

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People can become self-employed for many reasons. Sometimes it is a long-term career plan that they have accomplished, sometimes it happens by chance – such as a redundancy forcing you to make alternative plans, and sometimes it is an accident – for example applying for a job and realising they want to take you on as self-employed rather than through … Read More

How to pay your Corporation Tax bill

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Any company that makes a trading profit will need to pay Corporation Tax. The current rate is 19% of profits and is due 9 months and 1 day after the end of the company’s financial year. The tax return deadline is a day earlier than this. If you make profits of over £1.5m you need to pay in instalments, however … Read More

How to pay your personal tax bill

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The end of January marks both the deadline for filing your personal tax return as well as the expected payment date. We are often asked how to pay the tax bill. Previously it used to be quite complicated, however HMRC improvements have made it much easier to follow online, as well as offering many more payment methods. If you go … Read More