Should you leave the Flat Rate Scheme? I am an IT freelancer trading through my own company and am VAT registered currently on the flat rate scheme. I spend about £3,000 per year on business costs that have UK VAT included – would I be better off leaving the flat rate scheme? My income per… Read More

Sole Trader or Limited Company 2018/19 What are the differences between a sole trader and a limited company? Making the decision as to which structure your business operates as is very important, whether that be in terms of tax savings, perception to the outside world, keeping things simple or future plans you may have. In this… Read More

How to reduce the impact of the high income child benefit tax charge I provide business consulting services through my own limited company and I am the only director and shareholder. To date I have restricted myself to salary and dividends to maximise my basic tax band even though I could have taken out a… Read More

What is adjusted profit for corporation tax? I run my own small limited company and I have just received my draft accounts and corporation tax return from my accountant for the year ended 31 Dec 2017. I have noticed that my corporation tax doesn’t seem to be working out at 19% of my profits, why… Read More

How to correct VAT errors I have a question about VAT errors – I recently filed my own VAT return but I have realised I made an error on it and have underpaid VAT by £250. How do I correct this and are there penalties?     Answer, March 2018 We all make mistakes from… Read More