Garry

When you start a new business venture, sometimes it’s hard to know whether you are best setting yourself up as a Sole Trader or a Limited Company. Below are some of the pros and cons of both types of business that will hopefully help you decide. Limited Companies – These are business organisations owned by […]

What is VAT? VAT stands for Value Added Tax and is a form of indirect taxation used by the Government to raise income. VAT is charged on most business-to-business and business-to-customer transactions. Businesses must register for VAT when their “taxable turnover” exceed the “VAT threshold”, which currently stands at £85,000. Some businesses opt to register

p>On 1 April 2018, the government is increasing the National Minimum and National Living Wage rates. The hourly rate for the minimum wage depends on your age and whether you’re an apprentice. You must be at least: school leaving age to get the National Minimum Wage aged 25 to get the National Living Wage –

From 6 April 2018 to 5 April 2019 the following Income Tax and National Insurance thresholds and rates will apply:-. Income Tax Thresholds & Rates PAYE Tax Rates and Thresholds 2018-2019 Employee personal allowance £228 per week £988 per month £11,850 per year UK basic tax rate 20% on annual earnings above the PAYE tax

See below for a summary of the key points in the Budget and how they might affect you:- Personal Taxation and Wages Tax-free personal allowance on income tax to rise from £11,500 to £11,850 in line with inflation in April 2018 Higher-rate tax threshold to increase from £45,000 to £46,350 National Living Wage to rise