Even if you have never been employed, you might have been eligible for NI credits without realising it. For example, if you have been a carer for a sick or disabled person for more than 20 hours a week, you could have claimed Carer's Credit.
Deciding whether to incorporate your business in the UK involves evaluating several key factors: Limited Liability Protection Incorporating as a limited company creates a separate legal entity, safeguarding your personal assets from business debts
If you use a company car for private travel, it's taxed as a Benefit in Kind (BIK). The tax rate depends on the car’s list price and CO2 emissions—low-emission vehicles get tax breaks. Use HMRC’s online tool to check and update your company car
Separation and divorce can create tax implications, particularly Capital Gains Tax (CGT) on asset transfers. New rules from April 2023 extend the ‘no gain/no loss’ period, helping spouses manage tax efficiently. Private Residence Relief may also
The Construction Industry Scheme (CIS) requires contractors to deduct tax from subcontractor payments and file monthly returns with HMRC. Even if no payments are made, nil returns must be submitted to avoid penalties. The CIS is a specialised set of
The Bank of England’s Monetary Policy Committee (MPC) met on 5 February and in a 7-2 vote decided to reduce interest rates by 25 basis points to 4.5%. The two remaining members voted to reduce the rate further to 4.25%. This was the third interest
Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default to a 50/50 split unless they notify HMRC of a different income allocation based on actual ownership proportions. When
Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and
Stopping future payments from being made on your debit or credit card is crucial for avoiding unwanted charges and managing your finances effectively. Here’s how you can do it: The first step is to contact the company taking the payments. Request
Before extending credit to new customers, it’s essential to assess their financial reliability. Checking their creditworthiness helps protect your business from potential losses and late payments. Here’s how to do it: Start by requesting basic
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