Paying Class 4 NICs

If you are self-employed and your profits are above £12,570, you may need to pay Class 4 National Insurance, so it is important to understand how the rates and rules apply to you. Self-employed individuals are usually required to pay Class 4 National Insurance...

When you don’t need to make payments on account

If you file a Self-Assessment return you may need to pay your tax in three instalments, so it is useful to know when payments on account apply and when they can be reduced or removed. The first two payments on account are due by 31 January during the tax year and by...

Advantages of VAT Flat Rate Scheme

If your business has relatively low VATable expenses, the VAT Flat Rate Scheme can simplify your VAT reporting and may also improve cash flow. The VAT Flat Rate Scheme is designed to simplify VAT accounting for small businesses. Instead of calculating VAT on each sale...

Taxable benefits for use of company car

The tax you pay on the use of a company car depends largely on its CO2 emissions, so choosing a lower emission or electric vehicle can make a significant difference to your overall tax cost. The benefits in kind (BIK) tax on company cars can be quite significant, with...