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.
Many self-employed individuals and businesses opt to use an agent to deal with HMRC on their behalf. This could be for several reasons from wanting to focus solely on their business, to needing an extra pair of eyes to ensure their taxes are accurate. Before an agent can act on your behalf, you’ll need to…
If you’re a subcontractor in the construction industry, then the contractor you work for will normally take CIS deductions from your pay each month, and pay these towards your income tax and National Insurance. In some cases you can opt to handle your taxes independently without the contractor making CIS deductions, but only if you…
The simplicity of running a business this way means it’s no surprise that setting up as a sole trader is one of the most popular business structures in the UK. But where do sole traders stand when it comes to paying taxes? We’ll take a look at what you need to pay as a sole…
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. …
