Construction Industry Scheme (CIS) If you work in construction, whether you are a builder, carpenter, plumber, plasterer, painter etc AND you use the services from time to time of other workers in the construction industry you will need to comply with a special set of tax rules collectively known as the Construction Industry Scheme (CIS). The…
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Missing a Company Filing Deadline The normal deadline for filing private limited company accounts is 9 months after the company’s financial year end, known as the accounting reference date. For example, many companies have a year-end date of 31 March and are therefore required to file their accounts by 31 December. For public companies, the time limit…
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Company Confirmation Statement As well as filing accounts with Companies House, there is a further requirement to check that the information Companies House holds about your company is correct every year. This is done by the filing of an annual company confirmation statement which replaced the anual return a few years ago. A confirmation statement must…
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Selling your business – A short guide If you are selling your business, there are some important actions you must take. I have listed below some of the main steps you need to take if closing your business. Please note that this is not an exhaustive list and it is important to check what else may…
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Starting a new Employee Payroll – how to deal with new starters From a payroll perspective, there are various tasks that an employer has to perform when they take on a new starter. For 2019/20 an employer needs to operate PAYE where the employee earns more than £118 per week (the lower earnings limit for…
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National Insurance and the Self Employed The self-employed pay two classes of National Insurance contributions – Class 2 and Class 4. Class 2 National Insurance contributions Class 2 contributions are weekly flat rate contributions which provide the mechanism by which the self-employed build up their entitlement to the state pension and certain contributory benefits. By…
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Dying without a will Dying without making a will – who gets what The best way to ensure that your estate is passed on in accordance with your wishes is to make a will. However, even with the best of intentions, it may happen that someone dies without making a will, particularly where the death…
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What is an EORI number and who needs one? An economic operator registration and identification (EORI) number will be needed for UK businesses to be able to continue to trade with the EU after the UK leaves the EU. If there is a no-deal Brexit In the event that the UK leaves the EU without…
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Buying a property to let – the importance of keeping records from day one For tax purposes, good record keeping is essential. Without complete and accurate records, it will not be possible to provide correct details of taxable income or to benefit from allowable deductions. Aside from the risk of paying more tax than is…
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