How does a limited company’s payroll work?
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.
What do a limited company’s Annual Accounts consist of?
Every year in the UK, all registered companies must prepare annual accounts and file them with Companies House and HMRC. Businesses must accurately report on their financial activity during the tax year just gone. The preparation of these accounts will establish how much profit has been made during the financial year, and therefore the amount […]
What is National Insurance, and what are Class 1 NICs?
How Class 1 National Insurance is applied to the salaries of limited company directors and employees, including the current rates for employers and employees.
What does Self Assessment involve, and who pays it?
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.