If you decide to become self-employed, either on your own (as a sole trader), or with other people (as a partnership), you will be responsible for working out and paying your tax liabilities to HMRC.
national insurance contributions
If you are a limited company director, you are liable to pay both employers’ and employees’ National Insurance Contributions on any salaries you pay above the current threshold.
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Whether you are self-employed or are running a business on the side, you will have a personal tax account which you should be checking. However, research finds that nearly half of UK workers don’t check their account.
With Brexit and the uncertainty at No. 10, it’s becoming increasingly hard to predict what upcoming legislation will be enforced and when – leaving businesses, landlords and the self-employed all striving for clarity.
Here are some tax and finance tips which could help you save money as a limited company owner, based on our experience of running limited companies, and dealing with accountants and tax advisors over the past 15 years.
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In the most recent Small Business Index carried out for the third quarter (Q3) of 2018, it was found that small businesses are lacking confidence. The research carried out by the Federation of Small Businesses (FSB) on a quarterly basis has seen the confidence of small business plummet for the third time since the Brexit vote. The confidence of the self-employed has also taken a big hit due to the government unfulfilling its promises.
Here are the main small business tax rates and allowances for the tax year of 2018/19.
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Here are the main tax rates and allowances for 2017/18, that are most relevant to small businesses.
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