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 £238 during the 2018/19 tax year.

Almost every consumer in Britain pays it, and it’s a staple talking point during the Chancellor’s annual budget. But what exactly is VAT and do you need to register your limited company for it?

Beneficial to entrepreneurs who employ others, the Employment Allowance could be worth up to £3,000 each year against your limited company’s Employers’ National Insurance bill.

The Flat Rate VAT scheme (FRS) is designed to make it easier for small businesses to fulfil their value-added tax (VAT) obligations.

While council tax is charged on residential properties, the vast majority of non-residential properties have a non-domestic equivalent levied on them.

When you set up your own limited company, one of the most important things to consider if you also have employees is to set up your company’s payroll – to pay salaries, and account for income tax and NIC liabilities.

How Class 1 National Insurance is applied to the salaries of limited company directors and employees, including the current rates for employers and employees.

The Self Assessment system is in place to collect income tax from individuals who have earnings which can’t be taxed in this way – such as the self-employed and company directors.

In a nutshell, the patent box regime is a corporation tax relief which provides a reduction in the rate of tax (10%) on any income that is earned through the commercial exploitation of a patent. Unfortunately, it is closed to new entrants.