Running a Limited Company – What You Need to Know

Running a limited companyLimited companies are one of the most popular legal structures in the UK, you will find them across all different sectors and industries.

Limited Companies are treated as separate entities to the individuals that own them. This means that shareholders in the company are only liable up to the value of their shares, although directors have legal responsibilities in the way that they are expected to run the company, which means they may have some personal liability.

Find out more about the advantages of incorporating as a limited company, as well as some important things to consider before taking this legal route.

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National Minimum Wage and National Living Wage Rates from April 2018

Money from a payslipFrom 1st April 2018, the National Minimum Wage (NMW) and National Living Wage (NLW) increased for workers in the UK. The NMW and NLW are reviewed every year, and both increased last April 2017.

Find out more about the new rates of National Minimum Wage and National Living Wage and how you can ensure compliance as an employer through accurate payroll.

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Employer Supported Childcare Voucher Changes From 6th April 2018

As of 6th April 2018, the Childcare Voucher scheme will no longer be available to new parents wanting to join the scheme.

Parents will instead have the option of tax-free childcare (TFC), an initiative that was launched in April 2017.

The new scheme is not as favourable for all parents, so it may be more beneficial to opt in for the existing childcare voucher scheme before the deadline.

Find out more about the changes and if you could be better off applying for childcare vouchers before the scheme closes below.

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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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