Pay As You Earn (or PAYE for short) is the process used by employers to collect Income Tax and National Insurance on behalf of HMRC. Employers make tax deductions from the wages they pay to employees, and then pay the deductions to HMRC. What makes it a bit confusing is that not all employers need…
Taxes can be tricky to navigate, canโt they? As a self-employed business, keeping track of all your tax reporting deadlines is just one of the many crucial things you need to remember. No matter how busy you are though, missing the deadline to submit your tax return and pay the bill is best avoided (along…
Many of us are swapping central heating for a hot water bottle at the moment as the cost of living and price of energy continues to climb. The crisis doesnโt just apply to life at home though, itโs also affecting businesses across the country who are having to cut back and compromise in order to…
Running one business is plenty of work by itself, but itโs not unheard of for some people to run multiple businesses at the same time. These might be sole trader enterprises, limited companies, or a combination. There arenโt any rules to say that you canโt run more than one business, but doing so can sometimes…
Being a company director means you can take a more flexible approach to how and when you pay yourself. In most cases this means taking a tax-efficient โsplitโ income, where part of the money you pay yourself from the company comes from a salary, and the other part comes from dividends. The road to tax-efficient…