Uber drivers in the UK have to face the challenge of paying taxes if their incomes go beyond the threshold of £1000. Some full-time Uber drivers can earn more than this threshold. However, the part-time Uber drivers have to really struggle to find the HMRC rules to enjoy the tax allowances and reclaim their tax
How Do Uber Drivers Pay Taxes in the UK? Read More »
If you have an eCommerce store and deliver goods online in the United Kingdom, you might have come across VAT on shipping. Many business owners with online stores suffered this problem during the pandemic as their business skyrocketed and they were worried about the rules of VAT on their shipping. However, every country drew their
Understanding VAT on Delivery Charges in the UK Read More »
Are you self-employed and have no idea what is IR35? Self-employed or sole traders having their own limited company and Personal Service Company (PSC) may get into trouble with the HMRC. According to one estimate, more than 4 million people in the United Kingdom are self-employed or sole traders. The self-employed persons enjoy the tax
What is IR35? A Guide for the Self-employed Read More »
What is an annual return? This refers to a statement of the company’s information submitted each year to the Companies House. However, it has been replaced with the Confirmation Statement with minute changes, Annual Returns and Confirmation Statement can be used interchangeably. Annual return is legally binding upon the company’s directors and secretaries to provide
What is An Annual Return? A Comprehensive Guide Read More »
What is SWOT Analysis and why it is used? These questions might worry you if you want to analyse the position of your business in the market or in a specific industry. SWOT analysis is conducted with the market analysis while setting up a new business or launching a new product or strategy. However, SWOT
How to Do a SWOT Analysis for Your Small Business? Read More »
Curtailing fraud in the payment of VAT in the construction industry, the HMRC introduced legislation of VAT reverse charge construction. New Vat charges reverse the Vat from the end user to the contractors and pay the invoices to the HMRC. In a normal VAT system, the end user pays the taxes at each point of
VAT Domestic Reverse Charge for Construction: 7 Things You Need to Know Read More »
If you are a contractor and want to work as an independent person, you have to associate either with a PAYE agency or an Umbrella Company. A private limited company or a self-employed person are not required to go to the PAYE or Umbrella Company. If you are wondering about the difference between PAYE vs.
PAYE vs. Umbrella Company: What’s the difference? Read More »
If you are managing a private limited company or you are self-employed, you might have heard about capital allowance and you also wish to reduce your tax liabilities. Are you wondering what is capital allowance and how it works? Capital allowance is popular among businesses and yet it confuses many people in the United Kingdom.
What is Capital Allowance And How Does it Work? Read More »
Sole trader advantages and disadvantages often confuse many newbies or fledgling business executives who are struggling to initiate their entrepreneurship journey. Therefore, if you are also looking at the options to step into the business ventures, you might have come across different options of being a sole trader, partnership or a private limited company. If
What are the Sole Trader Advantages and Disadvantages? Read More »
There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature of the savings and the saver’s other earnings and marginal rate of tax. Savings Allowance Basic and higher rate taxpayers are entitled to a savings allowance. The allowance is
Tax-Free Savings Income Read More »
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