Tax / Accounting
How limited companies are taxed – including how to deal with Corporation Tax, VAT, Class 1 National Insurance, CGT, PAYE (Income Tax) and how to run your payroll.
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Limited company dividend tax calculator (21-22)
Use this Excel calculator to work out how much tax you will incur on any combination of salary and dividends.
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Self-assessment, payments on account (POA), and paying your tax bill during a pandemic
How payments on account work, and what if you’re unable to pay your self-assessment bill in full due to COVID-19?
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What does Self Assessment involve, and who pays it?
Who has to complete a self-asssessment return, how payments work, plus how you can pay your 2019/20 bill via instalments due to the COVID-19 outbreak.
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What is IR35, and will it affect my limited company?
The Intermediaries Legislation (IR35) has been a thorn in the side of limited companies who provide professional services since 2000. Here, we look at what IR35 is, and how to ensure that your company falls outside its scope.
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A guide to the Employment Allowance for company owners
The Employment Allowance could be worth up to £4,000 each year (£3,000 pre-April 2020) against your limited company’s Employers’ National Insurance bill.
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The role of a limited company accountant + how to choose one
Whether you have recently set up a limited company or you have been managing your finances independently until now, hiring an accountant may be the best thing you do during the early days of running your business.
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What is the dividend allowance?
In April 2016, a new ‘dividend allowance’ was created – a nil-rate tax band on the first £5,000 of dividend income. This allowance threshold was short-lived, however, and was cut to £2,000 from April 2018.
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How much limited company tax do I have to pay?
All companies are taxed on their profits. Directors and shareholders also pay tax on dividends and other income they receive. We also explore VAT and National Insurance.
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What is the Marriage Allowance and how do you claim it?
Introduced in 2015, the Marriage Allowance enables an individual to transfer a portion of their personal allowance to their spouse or civil partner. If you are eligible, you can claim £250 during the 2020/21 tax year.
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Limited company owners – how do HMRC tax codes work?
You are assigned a tax code by HMRC so the correct amount of tax can be deducted from your earnings by your employer. Tax codes are typically issued between January and March each year, but at other times as well if there’s a change in your circumstances.
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What is Corporation Tax, and how do you account for it?
Corporation tax is charged on the profits of all UK-based companies, such as limited companies and foreign companies with offices or branches in Britain.
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Paying into a pension from your limited company
If you run your own limited company, there are two ways you can pay into a pension fund, both of which offer significant tax advantages.