Tax might be inevitable, but it’s also pretty confusing at times. Find out how and when you need to pay tax in your business, what tax relief and allowances are available, and discover tips and advice to help you keep good financial records quickly and easily.
If you’re a contractor or subcontractor, you’re likely to have some involvement with the Construction Industry Scheme. While it may seem straightforward when you look at the likes of CIS statements, there’s a heap of record-keeping behind the scenes! Let’s explore the kind of records you should maintain, based on where you stand in the…
If you work in the construction industry and you’re self-employed, you’ve probably encountered the Construction Industry Scheme (CIS for short). The scheme is HMRC’s way of collecting income tax from subcontractors who work in the construction industry. We’ll discuss exactly who is expected to register, how it works, and where you can sign up. …
Embarking on a new business venture is exciting, especially if you’ve decided to start with a friend or a group of experienced individuals. While this process can feel extremely overwhelming at times, you’ll never be in it alone! Your first major business decision will be choosing which business structure to go for. If you don’t…
Taxes can be tricky to navigate, can’t they? As a self-employed business, keeping track of all your tax reporting deadlines is just one of the many crucial things you need to remember. No matter how busy you are though, missing the deadline to submit your tax return and pay the bill is best avoided (along…
IR35 is definitely a tricky one to get your head around, and if you’re a freelancer or contractor who regularly works closely with the same clients, you’re probably wondering if it affects you. At a very basic level, the trick is to ask yourself, am I an ‘employee in disguise’? Not in the literal sense…
