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What is national insurance? National Insurance contributions (NICs) are the payments made by you and your employees to the UK’s social security system. It is a kind of tax that is paid on income be it employment income or self-employed profits. To be...
What is HMRC self assessment tax return Normally, taxes come out of our pay or pension automatically. However, to collect taxes from individuals, sole traders, self employed and property landlords who are engaged in business activities or have sources of income other...
What is self assessment Self assessment is a system devised by HMRC for individuals to assess the amount of tax they need to pay. Essentially it is a system through which the government collects Income Tax. In Self assessment, individuals are required to provide...
What is VAT? In simplest terms, VAT is the Value Added Tax that a consumer or buyer needs to pay for the services and products they buy. VAT affects everyone, be they a business, a high street buyer, or an online buyer. For consumers in the UK, VAT is an indirect tax....
The answer to this question depends upon different factors involving your financial situation and importantly whether the car is going to be used for private traveling as well. Every decision made by a limited company needs to consider the tax implications to adopt...
What is a salary sacrifice scheme? Salary sacrifice scheme work as a kind of employee benefit by allowing employees to receive non-cash benefits in exchange for giving up a part of their salary. Salary sacrifice is defined by HM Revenue and Customs...
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