This post is for the self-employed – not Limited companies (which operate under Corporation Tax rather than Personal Income Tax) A recurring issue for the self-employed is the question of how much tax to put aside for their ‘tax pot’. What you do not want to happen is to get hit with an unexpected tax… Read More

When you are self-employed you can charge your business for it’s use of your home, providing the costs are justifiable of course. We will do a post on how to calculate this in the future, but for now we want to let you know how you can charge your own Limited company rent as this… Read More

UPDATE – Please read our article Sole Trader vs Limited Company 2016/17 which is more up to date than the article below     One of the most popular questions we get asked is ‘how much tax can I save by trading as a Limited Company‘ – as people’s businesses grow they want to know if they should… Read More

Receiving dividends from your limited company is a very tax efficient way of getting cash out of your company however there are some pitfalls that need to be avoided. If you get this area wrong you’re likely to run into trouble with our friends over at HMRC. One of the key pitfalls is making sure… Read More

With the mainstream use of smartphones, mobile phone expenses are now an everyday expense for businesses. But how should they be treated in your tax return and accounts? This depends on whether you are trading as a Sole Trader or Limited Company. Sole Trader You can either have two phone contracts with one phone specifically… Read More