High income child benefit charge (HICBC)

  • January 4, 2017
  • Birka Bosman

Child benefit for the tax years 16/17 and 17/18 is £20.70 for the eldest/only child and £13.70 for the other children.


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Flat rate VAT Scheme changes

  • December 22, 2016
  • Stephanie Barsdorf

The Autumn statement announced changes that may impact your business. Specifically, businesses using the Flat Rate VAT (FRV) Scheme

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Claiming flat rates for subsistence and travelling (dispensation)

  • June 15, 2016
  • Birka Bosman

We don’t advise clients to claim flat rates for the following reasons:

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Contractors buying investment property through their limited company

  • June 09, 2016
  • Stephanie Barsdorf

If you are thinking of buying a property in your contractor limited company, this might not be the best option for you. There are a few issues to take into consideration.

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Workplace Pensions and Auto Enrolment

  • April 27, 2016
  • Stephanie Barsdorf

There are new pension reforms underway. They seek to address the growing pressure faced by Treasury in providing for an ageing population due to individuals not saving enough for retirement.

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Personal Tax: Late Filing and Late Payment of Taxes for Self Assessment

  • February 24, 2016
  • Easy Online Accounting

HMRC introduced new penalties for the late filing of tax returns since late 2011. The late filing of returns could cost you £1,600 per tax return per year (regardless of if you owe any tax!) In addition to this, you are subject to interest and surcharges (up to 15% of the tax outstanding) for the late payment of any tax that is due.

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The New Dividend Tax – How will it affect you and what can you do about it?

  • February 05, 2016
  • Birka Bosman

If you are a limited company contractor or if you have a business that you run through a limited company, then the new dividend tax effective from 6 April 2016 will definitely affect you....

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Reduce Your Tax Bill And Pay Yourself Effectively

  • February 04, 2016
  • Birka Bosman

If you don’t have plans to close your company in the next 3 years, we recommend declaring the retained income in your company – why do we say this?...

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CGT – Tax relief on the disposal of your residence

  • January 7, 2016
  • Birka Bosman

You can claim tax relief on the disposal of your main residence (also called your principle private residence or PPR) and as a result not pay any Capital Gains Tax (CGT)....

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Dividend Tax

  • October 08, 2015
  • Birka Bosman

You’ve probably heard about the introduction of the new dividend tax from 6 April 2015. It’s certainly becoming more difficult to do manual tax planning with these new changes. In summary, if your only earnings are a small salary and dividends from a limited company...

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Registering for VAT

  • March 26, 2015
  • Easy Online Accounting

You have to register for VAT when your VAT taxable turnover exceeds the VAT registration threshold in any 12-month rolling period, or if it will exceed the threshold in the next 30 days alone.

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Limited Liability Partnerships (LLP)

  • February 12, 2015
  • Easy Online Accounting

An LLP is a great alternate structure for any business that currently operates as a traditional partnership with a small and consistent number of members who each make comparable contributions and draw similar profits

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National Insurance Contributions

  • February 12, 2015
  • Easy Online Accounting

National Insurance contributions for self-employed, salary employed and limited company employed persons for the 14/15 tax year.

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Director’s Loan

  • February 06, 2015
  • Easy Online Accounting

A director’s loan is when you take money from your company that isn’t a salary, dividend or expense repayment and you’ve taken more than you’ve put in. You and your company may have to pay tax on the loan.

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Entrepreneurs’ Relief (ER) on Retained Earnings (RE)

  • February 06, 2015
  • Easy Online Accounting

When you close down your limited company and you have retained earnings in your company, you could possibly receive this money as a capital distribution rather than being taxed on it as income (i.e. when distributed as a dividend). There are huge tax advantages in capital distributions.


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VAT in the UK - Part 2 - The Flat Rate VAT Scheme

  • January 20, 2014
  • Easy Online Accounting

There is another VAT scheme that businesses can register for in the UK. It’s called the Flat Rate VAT scheme. This scheme was introduced by HMRC to simplify VAT returns for small businesses and contractors with their own limited companies.

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VAT in the UK - Part 1

  • January 15, 2014
  • Easy Online Accounting

In this post I'm going to explain the basics of VAT in the UK, focussing briefly on:
What VAT is;
how you calculate VAT;
the VAT rate in the UK;
and VAT Registration and VAT Thresholds

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When am I classed as Self Employed / Sole Trader?

  • December 02, 2013
  • Easy Online Accounting

Many people don't quite understand what it means when you are self employed or sole trader as it is also known. You are classed as self employed when you are personally responsible for your own tax and National Insurance contributions. This means that you are running your own business and NO taxes(PAYE or NI) are deducted from the money you received from your clients.

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IR35

  • July 17, 2013
  • Easy Online Accounting

With a fourth specialist team tasked solely with tackling IR35 enquiries, we are expected to see an increase in enquiries over the coming years. With this in mind, it is important for contractors to ensure they fully understand the legislation and are taking every precaution to ensure they are not caught.

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Super quick guide to Self Assessment tax returns (Personal Tax return)

  • March 15, 2013
  • Easy Online Accounting

One of the questions we get asked the most is: "When do I need to do a self assessment tax return (personal tax return)?" The most common cases when you need to submit a personal tax return are...

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Tax codes: What are they? (Part 2)

  • August 29, 2013
  • Easy Online Accounting

In Part 1 of this series of articles we explained what tax codes are and why they are important, as well as showing you where you can find your tax code. We continue this series showing you how the tax code you are issued by HMRC works.

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Tax codes: What are they? (Part 1)

  • August 24, 2013
  • Easy Online Accounting

Why is my tax code different to my friends and does it make a difference to the amount of tax I pay? In this series of articles we will answer this question...

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What is a tax reference number (PAYE reference number)?

  • June 10, 2013
  • Easy Online Accounting

Any company or employer who has got one or more employees need to register for a PAYE (Pay As You Earn) scheme with HMRC if any of the following applies to any one of their employees...

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What taxes are due and payable on salary payments?

  • June 4, 2013
  • Easy Online Accounting

There are three tax 'types' payable on salary payments (salary payments include sick leave, maternity or paternity pay and adoption pay) and they all work on a sliding scale. The more you earn the more tax you pay...

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Tax on the income received form letting a room in a house

  • May 22, 2013
  • Easy Online Accounting

A lot of people let rooms in their residence for extra income. This raises the question whether they need to pay tax on the income generated from renting out a room...

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Do I need to pay tax on the Interest I received from my bank account?

  • May 19, 2013
  • Easy Online Accounting

Banks and building societies are required by law to deduct income tax at 20% from interest before they pay it to you...

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Personal vs Company Pensions Contributions

  • May 08, 2013
  • Mike Lawrence

If you are a Director or a Contractor with a Ltd Company with a pension scheme you have two options on how to make your pension contribution, as a personal or company contribution...

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Are you claiming your Higher Rate Pension Relief?

  • May 06, 2013
  • Mike Lawrence

We are always told we should save for our retirement, and the last year has been a good reminder that we cannot simply rely on the State, as it may not always be able to afford to maintain pensions and other forms of welfare...

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Can I claim my household expenses as a business expense?

  • May 02, 2013
  • Easy Online Accounting

When running a business from home you can claim part of your household expenses as a business expense...

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  • info@easylimited.co.uk
  • 020 3405 2320
  • Collingham House, Gladstone Road
  • London, SW19 1QT
  • http://www.eoacc.com

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