Our comprehensive analysis of the Chancellor's Spring 2023 budget covers R&D tax relief, the seed enterprise investment scheme, free childcare, pension allowances, pension savings, corporation tax and capital allowances.
Continue ReadingPosted in the Self Employed Income Category
Announcements
VAT for Quarter Ending 30th September
If your last VAT quarter ends on 30th September the filing deadline is 31st October and payment is due by 7th November.
The UK tax system is under attack from fraudsters who attempt to register numerous people for self assessment then submit false repayment claims.
Continue ReadingMaking tax digital for income tax self assessment (MTD ITSA) will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships.
Continue ReadingThe tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6.4.22. Higher rate taxpayers will pay 33.75% on dividends and additional rate taxpayers must budget for dividend tax of 39.35%. These rates will apply to all dividends taken from all companies where the total dividend income exceeds the dividend allowance which has been held at £2,000 for 2022-23.
Continue ReadingThe national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1.4.22 along with the other national minimum wage rates (see table). Since 6.4.21 the NLW rate has applied to workers aged 23 and over.
Continue ReadingA fundamental change to VAT charged within the construction industry came into effect on 1 March 2021.
Continue ReadingThe IR35 rules have been around for over 20 years but those rules have been redrawn and renamed 'off-payroll working'.
Continue ReadingSelf-employed individuals will be able to apply for the fourth SEISS grant from late April if they submitted their tax return for 2019-20 by midnight on 2 March 2021 (it was due by 31 January 2021).
Continue ReadingAs the owner and director of your own company you decide how much salary to take each year. Paying yourself a small salary can be a good way to maintain your national insurance record to build up state benefit entitlements.
Continue ReadingAs a self-employed individual you may have been able to claim up to three grants under the self-employed income support scheme (SEISS) since the start of the pandemic.
Continue ReadingIncome tax and national insurance contribution rates have been frozen for 2021-22 and are likely to remain frozen until the end of this Parliament in 2024.
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