Typically, workers are paid using PAYE (Pay as you earn). When using PAYE, national insurance, loan repayments and income tax are taken into account before the employee is paid. However, if you are self-employed and are not using a PAYE system, you need to ensure that all income tax, national insurance and student loans are being paid in full, every year.
We understand completing a self-assessment can be a long and tedious thing. But when you hire our service, we do all of the work for you and make sure it is handed in on time.
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When a business owner receives a notice stating that their tax return or their business is going to be audited, the first thing they should do is seek professional tax advice. This is common for all types of people; when they receive collection letters, they should get professional tax advice. Many issues can arise as a result of a failed tax payment.
As a start-up it can be very difficult to get your business off of the ground. Many start-ups need a start-up business grant in order to get their ideas up and running. These are usually provided by private investors, or are government grants. Grants for small businesses can typically be hard to acquire, but recently the government has rolled out a new future fund.
With Covid-19 restrictions slowly winding down, many more businesses find themselves starting work up again. This, of course, rings true for those who are self-employed, too. With big companies it can be easy to get back into the swing of things, with many different employees able to handle the niche necessities of their business. Being […]
Self-assessment tax is an important type of return that you need to be aware of. Typically, tax is automatically deducted out of your wages, pension or savings. But, if you receive income from somewhere else (such as a business) you may need to file a return.
Permanent workers are usually paid via Pay As You Earn (PAYE). PAYE ensures that the employee’s income tax, national insurance, and student loan repayments have been deducted before the employee receiving their pay. However, self-employed individuals must pay to ensure that they have paid their taxes, national insurance contributions, and student loan repayments. If you are self-employed you must complete a self-assessment form to figure out what you owe and ensure that you have made payments before the deadline.
Anyone who received income that was not covered by PAYE in the year to 5th April 2014 needs to complete a tax self assessment by 31st January. The deadline for submitting paper tax returns passed on 31st October 2015 – so you will need to do it online.