Accountancy companies can help you build your portfolio and keep you up to date on your records. When you start working for yourself, be it as a contractor, a limited company owner, a freelancer or consultant, your priority is to generate business and fulfil the work you have won.
Tag Archives: Tax
Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on several factors, such as your income and size of gain. For residential property, it maybe 18% or 28% of the gain (not the total sale price).
Permanent workers are usually paid via Pay As You Earn (PAYE). PAYE ensures that the employee’s income tax, national insurance, and student loan repayments have been deducted before the employee receiving their pay. However, self-employed individuals must pay to ensure that they have paid their taxes, national insurance contributions, and student loan repayments. If you are self-employed you must complete a self-assessment form to figure out what you owe and ensure that you have made payments before the deadline.
An accountant should be seen as more than someone who does your finances. While you focus on running your business, you need to trust they ‘have your back’ when it comes to your company.
Anyone who received income that was not covered by PAYE in the year to 5th April 2014 needs to complete a tax self assessment by 31st January. The deadline for submitting paper tax returns passed on 31st October 2015 – so you will need to do it online.