A Director’s Loan Account, often shortened to DLA, records money moving between a limited company and its director that is not: Salary processed through payroll Dividends that have been properly de...
If you cannot pay your tax bill in full, it is important not to ignore it.HMRC charges penalties and interest for late payment, but they will often agree a payment plan if you contact them in time....
If you run a business, you can deduct allowable business expenses from your income before calculating tax.You pay tax on profit, not turnover. Claiming the correct expenses reduces your taxable pro...
Many tax surprises happen because profit and cash are not the same thing.Understanding the difference is essential for managing your business and planning for tax.What is profit?Profit is what is l...
This is one of the most common questions business owners ask.In most cases, a higher than expected tax bill is not a mistake. It is usually caused by one of the reasons below.1. Payments on account...
Payments on account are advance payments towards your next Self Assessment tax bill.They apply to most sole traders and individuals who complete a Self Assessment tax return.Many people are surpris...
One of the most common issues for business owners is not putting enough money aside for tax.The amount you should set aside depends on: Your business structure Your level of profit Whether you are ...
Statutory payments explainedStatutory payments are payments that employers are legally required to make to eligible employees in certain situations, such as sickness or maternity leave.These paymen...
What is NEST?NEST stands for National Employment Savings Trust.It is a workplace pension scheme set up by the government to help employers meet their auto enrolment duties.Many employers choose NES...
Auto enrolment is a legal requirement for employers in the UK.Under auto enrolment rules, employers must: Assess their staff Enrol eligible employees into a workplace pension scheme Make contributi...