Making Tax Digital Part 2 – Updated HMRC Timeline

How to prepare for digital taxMaking Tax Digital, or MTD is a radical change coming to HMRC, which will see them become the most digitally advanced tax administration in the world. There is an estimated investment of £1.3 billion going into software and infrastructure developments to make the change possible.

Whilst HMRC has remained committed to MTD, they have recognised that the originally planned start date of April 2018 for the first businesses may be unachievable. For this reason, the HMRC have amended the timeline for MTD for business and extended the pilot programmes.

Find out more about what MTD is and how it affects your business, the new changes to MTD timelines and how you can make sure you’re prepared.

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New Employer? Your Auto-Enrolment Duties As Of 1st October 2017  

Pension savings auto enrolment Auto-enrolment has been rolling out to employers across the UK since 2012, with the aim of ensuring more people have a pension in place when they finish working.

Auto-enrolment duties started with the largest employers and have since moved through to smaller and medium-sized businesses.

Find out more about the latest changes to auto-enrolment, and your duties as a new employer from 1st October 2017. Continue reading

Taking On A Second Job? – Here’s What You Need To Know

what to consider when taking on a second job Taking on a second job is a great way to earn extra money and many people now find this necessary to make ends meet. It also improves your skill set and looks impressive on a CV, providing better job prospects in the future.

But working two jobs comes with many considerations for both employee and employer. In this blog, we’ll look at the benefits and pitfalls of working two jobs including legal restrictions and tax guidance for both parties.
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How To Take Time Off When You’re Self-Employed

how to take a holiday if you're self employedWith no legal entitlement to holiday pay, taking time off can be a challenge for the 4.8 million self-employed people working in the UK. Often when not working for clients, there is a lot of administration and accounting work that needs to be fulfilled. However, with careful planning and organisation of accounting duties, taking time off shouldn’t be difficult.

In this blog, we’ll cover ways you can take valuable time off whilst self-employed without sacrificing client satisfaction or revenue.

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VAT For Businesses Explained

What rate of VAT do businesses need to payVAT (Value Added Tax) is a tax added to almost everything we buy. If a business has an annual taxable turnover exceeding £85,000, they must become VAT registered. Once registered, the business is responsible for charging the correct rate of VAT on their products and services as well as recording the VAT paid by the business.

Find out more about VAT for your business; do you need to be registered? What are the different VAT rates and schemes available for businesses?

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What Is National Insurance And Why Do I Pay It?

Working out your NIC'sIf you’re a worker or employee over 16 and earning above £157 per week, or are self-employed and generating a taxable profit in excess of £6,025 per year – you will pay National Insurance. The amount you pay depends on your employment status and how much you earn.

Find out more about National Insurance contributions, why you pay it and how much you pay.

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Making Tax Digital For Business Is Coming- Are You Ready?

How to prepare for digital tax If you are a business owner, you should be aware of the huge changes coming to the tax system.

HMRC are aiming for a completely digital tax system by 2020, with the first businesses having to comply with MTD legislation from April 2018.

Find out more about what digital tax is, who it affects and how you can ensure you are prepared for the change.

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Understanding Your Pay Slip – Tax Codes Explained

Money from a payslipIf you are an employee or worker, you will be on a PAYE (pay as you earn) tax system, meaning tax is deducted straight from your salary – unlike the self-employed, who have to calculate and pay their own tax.

For many, this ease of use means that tax codes and deducted earning are rarely checked, which could result in over taxation.

In this blog post, we’ll cover how to find your tax code, what it means and what to do if you think you are being over taxed.

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New Employment Status and Rights In The UK

freelancers working round a coffee tableA key employment case against taxi app company ‘Uber’ has resulted in their claims of their drivers being ‘self-employed’ being rejected, with Uber drivers now being classed as ‘workers’ as opposed to self-employed.

But what does this new employment status mean, what are rights are workers entitled to and what is the so-called ‘gig economy’ – find out in our blog, with a handy infographic showing the rights of employees, workers and the self-employed in the UK.

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