An overview of Class 2 National Insurance, as it applies to self-employed sole traders. Details of the Small Earnings Exception, and other exemptions.
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Archive for the ‘Income tax’ Category
The approximate tax refund that can be expected when the 2008/09 tax return is prepared for a typical CIS (Construction Industry Scheme) subcontractor.
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Usually asserted to an accountant in an attempt to justify a claim for tax relief on a dubious expense, in most cases the statement is either wrong or misleading. Here are some possible explanations.
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At this time of the year, many owners of small limited companies want to know the maximum amount that they can pay themselves in dividends in the current tax year, before having to pay any higher rate tax.
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“I have a full-time job, but I have started doing some self-employed work in my spare time. What do I need to do about my taxes, how much tax will I have to pay, and when?”
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What with mortgage interest, repairs and empty periods to deal with, most buy-to-let property investors sometimes make a rental loss on their property. They then want to know whether they can claim any sort of tax refund or tax relief on that loss.
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As investing in buy-to-let rental properties has become more popular, we are often asked whether it is better to own such properties personally or through a limited company.
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The approximate tax refund that can be expected when the 2007/08 tax return is prepared for a typical CIS (Construction Industry Scheme) subcontractor.
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This month sees self assessment tax returns arriving through letterboxes across the country, and this year there are some changes to the return. Here are the main things to watch out for.
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We would like to remind all clients that self-assessment tax returns for the year ended 5 April 2007 are due to be filed by 31 January 2008.