Category Archives: Tax Registration

‘Christmas crafters’ set for sales of over £376 million

Over three million people in the UK are planning to make and sell Christmas related gifts this year.  According to a new report published by Direct Line they are collectively set to sell £376 million worth of handmade Christmas related goods. The most popular Christmas items for crafters to make and sell are: Christmas Decorations […]

Summer Budget Targets Contractors and Agency Workers

One of the biggest drivers of new limited company formations in the past couple of years has been contractors and agency workers. The use of limited companies by highly paid and skilled consultants and IT contractors has been well established for a number of years. In part these kind of high earning contractors have worked […]

EU VAT Rule Change Creates a VAT Mess For Micro-Businesses

The internet has made it incredibly easy for lots of entrepreneurs and startups to find customers and build a business. Now lots of micro-businesses and solo entrepreneurs who sell online are worried that a new EU VAT rule will mean the end of their business. In the UK, businesses aren’t currently required to register for […]

HMRC Clamping Down on Hobby Businesses

Research released by RBS in January claimed that 1 in 5 UK adults are ‘hidden entrepreneurs’. These are defined as people who are running small businesses in their spare time or who are using their spare time to plan a new business venture. 38% of these people reported that they earned extra money from their […]

How to save £2,000 in tax for your business

The Chancellor is going to be writing to all small businesses and charities in April to tell them about a new tax allowance. They will be able to claim a £2,000 allowance on Class 1 National Insurance contributions. Basically this means that if you employ someone on £22,000 per year you will not have to […]

Income Tax Changes for Sole Traders

The Government have introduced yet another change at HMRC which affects small businesses. Unlike most of the new schemes, using Simpler Income Tax is optional, and small businesses that qualify can choose whether or not to use it. There are two parts to Simpler Income Tax: Cash Basis and Simplified Expenses. Despite what the scheme’s […]