Freelancer & Self Employed Sick Pay Rules

Working for yourself comes with many benefits but it can also have drawbacks. One of the biggest downsides is the lack of employment rights, especially when it comes to being unfit for work and claiming sick pay. In this guide, we explain the sick pay rules for self-employed and freelance workers and alternative forms of […]

Freelance & Self Employed Maternity Pay

Under current rules, self-employed workers do not have as many maternity rights or entitlements as employed workers. However, if you work as a freelancer and on a self-employed basis, you may be entitled to a specific type of maternity pay called maternity allowance.   Statutory Maternity Pay or Maternity Allowance?   Statutory Maternity Pay (SMP) […]

Types of Flexible Working

As businesses adapt to the impact of the pandemic, change has become the norm in workplaces of all descriptions. Following the lockdown and widespread adoption of homeworking, increasing numbers of businesses are planning to adopt flexible working arrangements on a long-term basis. This is hardly surprising when you consider that 80 per cent of business […]

How Does a Trust Protect Personal Assets – An Overview

When considering asset protection, there are many tools and paths open to you. One specific option is using a trust. Trusts have historically been used for the purpose of asset protection, but have also been linked with tax planning and often tax avoidance. Nowadays, the likelihood of tax avoidance through the use of a trust […]

What Are Benefits In Kind?

The use of benefits in kind by employers to compensate or reward employees is a well-established practice in the UK. These benefits very often form part of an overall salary package designed to attract and retain top talent. However, providing employees with non-cash benefits comes with certain statutory responsibilities to HM Revenue and Customs (HMRC). […]

Taxes for Expats: A Guide

Many British expats mistakenly believe that once they have left the UK to live overseas, they are no longer subject to UK tax, but the situation isn’t as clear cut or straightforward as that. An expat living abroad is still liable to pay taxes on any UK income they receive. Any obligation to pay UK […]

Improving Equality Diversity & Inclusion at Work

It is no longer acceptable for organisations to pay lip service to equality, diversity and inclusion within the workplace. As well as meeting legal requirements in these areas, employers should also be attune to the social and cultural expectations that people are treated fairly and equally and that opportunities are made available without discrimination or […]

Non Doms Tax in the UK Rules

If you are UK tax resident but not domiciled in the UK, special rules apply to determine the basis upon which you pay UK tax. In this guide, we explain the rules on non doms and UK tax obligations.   Domicile   Your domicile is usually the country in which you officially have your permanent […]

Apprenticeship Levy Explained

The introduction of an apprenticeship levy has made a significant contribution to funding developments. The apprenticeship landscape has changed significantly over recent years, providing greater opportunities for individuals to combine work with study to gain skills and knowledge in a controlled environment, and for businesses to benefit from recruiting and developing talent. In this guide, […]

Bookkeeping for Small Businesses & Sole Traders

Bookkeeping plays a vital role in running your own business, especially when it comes to declaring any profit or loss in your annual tax return, and offsetting allowable expenses against your taxable income. The following guide for small business owners and sole traders looks at the importance of good bookkeeping and provides essential best practice […]

Creditors Voluntary Liquidation (Directors’ Guide)

If a company cannot pay its debts, its directors may decide to put the company into liquidation. Creditors’ Voluntary Liquidation offers directors a way to close their company voluntarily, rather than being forced to close under a winding up order.   What is Creditors Voluntary Liquidation (CVL)?   Liquidation is a legal process involving the […]

Sole Trader Expenses: What Can You Claim?

As a sole trader, your business is likely to incur various running costs, some of which can be deducted from your profits to reduce your taxable income, meaning you pay less tax. In this guide for self-employed workers, we explain which expenses are allowable, how to make a claim for expenses and what records you […]

Hiring Happy Employees (Boost Morale & Productivity!)

Boosting employee happiness is one of the most effective ways for an employer to maximise productivity, reduce absenteeism, attract talent and create a compelling employee brand for their business. Traditionally, organisations have sought to improve output among their workforce by focusing on material rewards such as pay rises, bonuses or other employee benefits to incentivise […]

Corporation Tax & Trading Loss

If your company or business makes a loss from trading, the sale or other disposal of a capital asset, or on income from property, and it is liable to pay Corporation Tax, relief for corporation tax losses may be available. Tax relief for corporation tax losses is obtained by offsetting the loss against other profits […]

HMRC Travel Expenses & Temporary Workplace Rules

Employees who travel for work purposes may be eligible for tax relief on travel expenses that are not reimbursed by their employer. The general rule is that travel expenses between an employee’s home and workplace are not allowable under HMRC rules, while expenses for travel between the employee’s home and a temporary workplace may be […]

What is Ordinary Share Capital?

When running a limited company, it’s important to understand the different legal concepts involved, from both an accounting and company law perspective. In particular, a number of key UK tax provisions turn, in part, upon the meaning of ‘ordinary share capital’. Equally, it’s important to understand the benefits and drawbacks of ordinary share capital, when […]

P45 Form (Employers’ Guide)

Employers play a crucial role in ensuring the PAYE system works effectively, especially when it comes to issuing a P45 when an employee leaves a job, or requesting a P45 when an employee starts a new job, and submitting the relevant starter and leaver information to HM Revenue and Customs (HMRC). Below we set out […]

P60 Form Guide for Employers

As an employer running payroll, you have various year-end obligations, from sending your final payroll report to HMRC to giving each of your employees a P60. In this guide, we explain the rules relating to P60s, including what these are, who needs to be given one and when, how to issue a P60, what information […]

What is the Inheritance Tax on Property?

Inheritance tax relates to the estate left by a person when they die. This could be the amount of money they have, property they own or any other assets that belong to them. Gifts made during that person’s lifetime may also be affected by inheritance tax. There is generally no inheritance tax on property passed […]

How to Prepare a Statement of Financial Position

Preparing a statement of financial position is just one of the many financial reports that will need to be regularly generated when running a limited company. It’s often best to secure professional advice and support to prepare these types of reports, although it can still be useful to understand the principles and purpose behind this […]