A client just emailed to query his payments on account “I am a little confused as to the payment on account bit…I thought I was due the tax payment now and 50% of this payment in advance of next years tax by july? Am I having to pay 2 lots of advance payments being 100% of my tax figure…I’m sure I have missed something here..” read more
With the passing of the old tax year we are presented with returns to file and tax to pay. Some memorable dates are listed below, with a few more interesting ones too:
- 19 April – PAYE must be paid for the period up to 5 April (usually just the March payroll) – and monthly on 19th for each subsequent month read more
Whether you have just started up a business or have been going a number of years there are a few factors which will influence what year end you choose:
- Date registered at Companies House: The default date chosen is the end of the month one year from incorporation, so if you incorporated on 4 February 2010, your year end would automatically be 28 February 2011. You can however change this.
- If you did not start trading through the business until May, you may want to change the year end to April so it represents a full years trade read more
My finance presentation to Mumpreneurs, in association with Buss Murton solicitors, highlighted the interest there is in the possibility of going limited. While many small businesses have started off as sole traders they have evolved and grown to the extent that they should be considering whether this is the best structure for them. I have recently been approached by a prospective client turning over £500k+ read more
So you are thinking about setting up your own company or wondering whether you are trading through the best sort of company. There are basically three types of company you can trade through and they all have their pro’s and cons.
This is the simplest way to work for yourself and there has been much discussion in recent months about people reverting back to sole trader status, or setting up as a sole trader in preference due to increasing company tax rates of which more later. read more