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Many actors, TV workers and creatives use the VAT Flat Rate scheme; however this is changing from 1 April 2017. What is the flat rate scheme? Under the VAT flat rate scheme, a business continues to charge VAT on its taxable supplies but, instead of paying over to HMRC the output tax (less input tax) in the … Continue reading “VAT Flat Rate Scheme Changes From 1 April 2017”
No sooner had we written about the changes to Class 4 National Insurance in the 2017 Budget (albeit with the Caveat to ‘watch this space’), the Chancellor Philip Hammond has performed a U-turn. The Chancellor had faced an unprecedented backlash from his MPs who had accused him of breaking a general election manifesto commitment not to raise … Continue reading “Class 4 National Insurance U-Turn – Budget 2017 Update”
For some individuals it makes sense to operate as Limited Company especially considering the recent announcement that Class 4 National Insurance is rising. Saving tax should not be the only consideration when deciding on operating as a limited company, there are many different factors to consider. Director/shareholders of a limited company are traditionally remunerated by receiving a small salary up to … Continue reading “Dividend Tax Changes – Budget 2017”
The Chancellor Philip Hammond announced a shock change to Class 4 National Insurance in his first Budget speech last week since attaining office. As it stands, Self-employed individuals pay Class 2 National Insurance and Class 4 National Insurance. We recently posted about changes to the way Class 2 NI is paid and it has already been announced that this is … Continue reading “Class 4 National Insurance Changes – Budget 2017”
Under Making Tax Digital, HM Revenue & Customs are seeking to create one account for each taxpayer, for all their different taxes within HMRC. You have probably noticed changes to your online account already. The main talking point about Making Tax Digital which is causing a lot of controversy and worry amongst taxpayers, is the … Continue reading “What is making tax digital?”
It’s a well and good submitting your Self Assessment tax return on time, but you still have to make sure your pay your tax bill by the deadline to avoid interest and surcharges. The deadlines for paying your tax liability are: 31st January for tax that you owe for the previous year and your first … Continue reading “How do I pay my 31 January Self Assessment Tax Liability?”
Although the changes were introduced some time ago, we still have many clients contacting us wondering why HM Revenue & Customs have stopped collecting Class 2 National Insurance Contributions. Class 2 NI is a flat rate weekly contribution that counts towards certain benefits such as your state pension. Since 6 April 2015, the rate has … Continue reading “Why have HMRC stopped collecting my Class 2 National Insurance Payments?”
We have been asked this question many times over the years, and its a common misconception that child actors and all other child performers do not have to pay tax. Income tax in the UK is charged on an individuals income and tax legislation does not mention anything about the age of the individual. Children, … Continue reading “Do Child Actors have to pay tax in the UK?”
