- Posted 20th November 2015
National Insurance for Self-Employed
When you work for yourself, you are called a self-employed and are required to pay tax and National Insurance contributions from your income.
As soon as you become self-employed, either as a sole trader or partnership, you must tell HMRC immediately. And, you need to register online for paying taxes. You must do so by October 5 after the end of the tax year because failing to do so will only result in penalties. Moreover, you will also need a National Insurance number to make contributions wh...
- Posted 19th November 2015
Is Tax Avoidance Scheme Beneficial?
When it comes to taxes, even a slight mistake can cost you a whole lot of money. This is why you need to very careful when dealing with taxes to avoid errors as much as possible.
If you want to minimise your tax bill in a legal manner, you can go ahead and use tax avoidance schemes. Basically, they are legal arrangements that help to mitigate tax charges.
Alternatively, if you deliberately conceal your income from HMRC, you will be considered evading tax, which is a crime and even face con...
- Posted 18th November 2015
FAQs: Lifetime Allowance
With the recent announcement of the Lifetime Allowance (LTA), you may have several questions regarding it. So, to help you know how these changes will affect you, here is a list of FAQs about lifetime allowance.
What is the standard Lifetime Allowance?
Introduced on 6 April 2006, the standard Lifetime Allowance is the maximum amount of pension you can save without a tax charge over your lifetime. The LTA applies to your entire pension saving except the State pension.
How much is the stand...
- Posted 15th November 2015
Is Industrial Injuries Disablement Benefit Taxable?
If you want to know what industrial injuries disablement benefits are, this blog has all the details for you.
Industrial Injuries Disablement Benefit (IIDB) is a benefit that is entitled for the individuals who are disabled due to an accident at work. It is also available for the individuals who are disabled by certain diseases caused by their work. If you suffer from diseases like asthma, chronic bronchitis or emphysema, deafness, and pneumoconiosis (including silicosis and asbestosis) and m...
- Posted 10th November 2015
Child Tax Credit Changes
Generally, tax credits are designed to help people with lower incomes and improve their living standard. Child tax credit is one of the tax credits which is available for families with lower income.
If you have children and live in the UK, you are eligible for child tax credits to help you cover the costs of raising your child. Such benefit is available if you are responsible to raise your child who is under 16 or under 20 and in full-time education or training. However, the amount you get wi...
- Posted 9th November 2015
Top Four Things to Consider When Outsourcing Payroll
When running a business, managing your payroll can be a painful task. And, if you do not give enough attention and care to this matter, your business will be affected immensely. This is why it is important for you to consider outsourcing payroll to reliable payroll service providers.
They can take care of your payroll and ensure you can focus mainly on running your business. However, you shouldn’t make the decision of outsourcing without considering some factors.
Outsourcing vs. In house p...
- Posted 6th November 2015
What our Accountants Offer Pharmacist?
Broadly speaking, pharmacists not only dispense medicines to the people, but they also contribute a lot in promoting health awareness in a community. And, just like every other business, pharmacy tend to suffer from different financial management, accounting, and taxation problems. Such problems can harm business in great amount which is why taking assistance from professional accountants specialising in pharmacy becomes very essential.
At Phoneix Tax Accountants, we have accountants specialise...
- Posted 5th November 2015
Best Ways to Save for Christmas
With Christmas being just more than a month away, it might be little too late for you to save for this year’s festive season. However, here is a list of ways which you can carry out to save for next year.
Christmas Clubs
Christmas clubs are considered one of the popular ways to save for Christmas. In this type of savings scheme, you should start saving early in the year and pay a regular amount each month then on. As you will get access to this money until a few weeks before Christmas,...
- Posted 2nd November 2015
What Should You Know About ISAs?
If you are wondering where to put your savings in, then Individual Savings Accounts (ISAs) are just what you need because ISAs is one of the most tax-efficient ways to save and invest for your future. However, before you open ISAs, there are lists of things you should be aware of.
What is ISA allowance?
Each tax year, you get a new ISA allowance that sets a maximum amount you can save. For 2015-2016, the ISA allowance for this tax year is £15,240.
What types of ISAs are available?
There are...
- Posted 30th October 2015
Top Three Tax Efficient Investments
If you haven’t started making investments, you better hurry and make investments in right areas. For this, it is best to start with a research first and then discuss about your investment options with a financial adviser.
Individual Savings Account (ISAs)
In ISAs, profits made from investments and interest earned on bonds is tax free. Due to such benefits, your savings and investments have the chance to grow even faster.
With the two types of ISAs available, you either have option of ca...