prime numbers
Financial news and updates for small business owners
To register or not to register
In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses that did not want to register for VAT, now have an additional £5,000 of turnover they can make each year
Tax-free mileage expenses
If you use your own vehicle for business journeys you may be able to claim a tax-free allowance from your employer known as a Mileage Allowance Payment or MAP. The allowance is paid when employees use their own car, van, motorcycle or bike for work
Claim tax relief if working from home
If you are an employee who is working from home, you may be able to claim tax relief for part of your household bills that are related to your work. If your expenses or allowances are not paid by your employer, you can claim tax relief directly from
More about emergency tax codes
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet.
The basic
Online check how to import or export goods
HMRC has a useful online tool to help UK business owners check how to import or export goods. This online tool can be used by businesses, the self-employed and agents acting on behalf of a business.
Using the online tool you can obtain information
Restarting a dormant or non-trading company
HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information.
When a company has previously traded and then
Claim tax relief on pension contributions
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of income tax paid.
This means that if you
What are the off-payroll working rules?
The rules for individuals providing services via an intermediary such as a personal service company (PSC) are complex. The rules apply if the worker who provides services to a client through their own intermediary would have been an employee if they
Entitlement to carer’s allowance
Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National Insurance record. Carers who don’t qualify for Carer’s Allowance may qualify for Carer’s Credit. This may also help carers increase their State Pension
Factsheets
We also have a range of factsheets on different topics which you can browse and download.