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Category Archives for Tax

Is Interest On An ISA Tax Free?

Today I want to talk to you about tax free ISA interest on your tax return. What is an ISA? Do you need to declare ISA interest? Is interest on an ISA tax free? And if you believe video needs to be perfect, this week’s video has a buzz on the sound and some wonky […]

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Leaving The EU: What It Means For EU VAT

  Leaving the EU so far has been a lot like Madonna’s song, Hung Up. As Mads says: time goes by so slowly… every little thing that you say or do… I’m hung up on you. It can feel hard to tear ourselves from the news and what on earth is going to happen next? I […]

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The New Dividend Tax For Limited Companies

Do you have a limited company? There is a new dividend tax which changes how much tax you pay as a shareholder/director when you are paid by dividends. It’s one of the biggest tax changes for business owners in years. What are dividends? What is the new dividend tax? How might the new dividend tax affect […]

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What Is Class 1 National Insurance?

  National Insurance is one of the most confusing tax subjects when you start a business – and even a lot later! National Insurance (NI) is the tax that isn’t called a tax and it comes in many flavours. Even the government gets its knickers in a twist about Class 1 National Insurance. This article […]

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What is Payment On Account?

Payment on account. It’s the bit they don’t tell you about. So I am. Because I like you having lovely surprises and not big tax bills you didn’t expect. What Is Payment On Account? Payment on account is HMRC trying to help you spread the cost of your tax bill. Yes they are trying to […]

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What Is A Personal Income Tax Allowance?

Let’s start with simple. My personal allowance for cake is 1 small slice per sitting. Now for you, your personal cake allowance may become 3 slices if you haven’t had cake for 2 days. HMRC have a stricter policy and you only have one personal tax allowance per year, no negotiations. In fact, when you make […]

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EU VAT Changes 2015 – What You Can Do

REFERENDUM UPDATE: Leaving The EU: What It Means For Your Business Leaving The EU: What It Means For EU VAT  I am co-founder of EU VAT Action, the primary campaigner for a threshold for EU VAT for microbusiness. REFERENDUM UPDATE: Leaving The EU: What It Means For Your Business Leaving The EU: What It Means […]

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What Is A Tax Year & Using It To Reduce Your Tax Bill

A tax year is the period of time when you are assessed for tax. What Are The Tax Year Dates? The first day of the UK tax year is 6th April. The last day is 5th April the following year. Sole traders are assessed for tax through the self assessment tax return system. Your sole trader […]

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Can I Do My Own Tax Return?

Yes! (usually) You’re a one man band, you freelance, you’re a micro business owner. Can you do your own self assessment tax return? Let’s break it down into limited company directors and sole traders (click here if you aren’t sure which you are).   Doing Your Tax Return As A Director Easy to do your […]

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