Myth busting: Do high-income earners pay more or less tax? It’s a question that has split people’s opinion: do the highest earners pay enough in tax? Some argue that their extra contributions could fund greater changes in our communities, while others believe they shouldn’t be taxed more simply because they earn more. And some would [...]
Starting PAYE for new employees We hire employees from all walks of life in our small business. That way, we pack our workforce with views, opinions, and creativity inspired by varied experiences. But when an employee arrives without a P45, you must get them to complete a starter checklist so you can get the relevant [...]
Attention all business owners: how should you pay yourself? Setting up a business isn’t the easiest task, but you’ve got it under control. You’ve got the right premises, hired the right staff, set up your IT infrastructure, and you’ve already got a few clients lined up. Soon, you’ll be making mountains of cash, just like [...]
So, you think you’re paying too much tax through PAYE? Paying our taxes means we contribute to keeping our institutions and infrastructure running. The money we pay in income tax and National Insurance contributions goes towards funding vital services like the NHS, the police, education, the welfare system, and public projects like roads, rail, and [...]
Should you be on PAYE as a business owner? Often, we set up a business hoping it will be successful enough to pay us back for all our hard work financially. This can’t come fast enough, but when it does, do you know the best way to pay yourself? Well, you don’t have to pay [...]
Tax is going digital - are you ready? You may have already heard the news. The government is ‘Making Tax Digital’ from 1st April 2019. This is nothing to worry about. If anything, it can be a great way to help your business become more organised and efficient with less paperwork to do. To put [...]
Changes to PAYE in 2019 Making sure you stick to PAYE tax procedures is incredibly important if you own a business. This means staying up to date with any changes in the system. PAYE tax can already be a stress point without you having to worry about missing new rules and finding yourself with hefty [...]
An employer’s guide to payroll tax So you have accomplished your dream and are now the proud owner of a limited company. You are your own boss, and you may well already be somebody else’s. With that comes a host of responsibilities, from insurance to wages. You are not only responsible for paying your own [...]