The Construction Industry Scheme (CIS) is a tax mechanism for contractors and subcontractors in the construction sector. If you’re a limited company subcontractor under CIS, you may be entitled to claim back deductions made by contractors from your payments. Here’s a very handy guide on how to make a CIS claim and ensure your tax affairs are in order.

(CIS) in the UK covers most construction work, including alterations, repairs, decorating, and demolition related to buildings and infrastructure. Activities like delivering materials, architecture, surveying, and some scaffolding that is not part of the construction itself are not covered.

A dormant company is one that’s not actively trading or carrying out any business activities. Essentially, it’s "sleeping." In the UK, Companies House considers a company dormant if it has had no significant transactions during a financial year.

As a UK citizen moving abroad, your tax responsibilities depend largely on your UK residency status, which determines whether you owe tax in the UK on your global income. This post outlines the key tax considerations for UK citizens relocating overseas, including the implications of moving mid-tax year.

If you are a UK taxpayer with rental income, understanding the tax implications on property investments is crucial to ensuring compliance and maximizing the tax reliefs available. This guide breaks down the various types of property investments, the applicable tax reliefs, and how to properly manage rental income for tax purposes. We will also highlight common mistakes made by landlords and how to avoid them.

If your e-commerce business is based in the UK and your sales are below the £90,000 VAT registration threshold, you are not required to register for VAT. However, selling through platforms like Amazon or eBay involves additional considerations because of the Marketplace Facilitator Rules, which impact how VAT is charged and collected. Let’s explore these rules and why it might be beneficial for your business to voluntarily register for VAT.

Auto-enrolment is a government initiative designed to help UK workers save for retirement by automatically enrolling eligible employees into a workplace pension scheme. It simplifies the pension process, ensuring more employees contribute to their future financial security. Since its introduction as part of the Pensions Act 2008, this system has made it easier for millions of people to build up their retirement savings without needing to take action themselves.

Saving tax through pension contributions is one of the most effective ways to reduce your tax bill while building a retirement fund. In this section, we’ll walk through three practical examples that show exactly how much tax you can save depending on your situation: as an employee, a self-employed individual, and a company director receiving contributions from your own limited company.

The world of self-assessment tax returns may appear somewhat confusing, particularly if you are a self-employed professional. For that reason, this post provides a simplified guide on how best to prepare your return for the 2023/24 tax year. From personalizing your return to the calculations you will need to make, we have you covered.

Imagine this: You’ve just finished a whirlwind year of steering your company through the highs and lows of business. As a director, you've worn many hats, from strategic planner to financial overseer. Now, it's time to review the financials, and you notice a curious figure on the balance sheet—a ‘Director’s Loan Account’ (DLA). Is it your triumph, reflecting strategic use of company funds, or could it lead to trouble if not managed correctly?

Everyone dreams of becoming their own boss one day. The allure of pursuing your passion, setting your hours, and building something from the ground up is what drives many to start their own business. However, the reality is that starting a business often comes with financial challenges, and making a loss in the first year is more common than most people think. But there’s good news – UK tax laws offer relief if you made a loss in your first year of self-employment.

Once upon a time, there was a small business owner named Tom, who ran a modest but thriving furniture shop in the heart of his town. After years of hard work and steady growth, Tom’s turnover finally reached the VAT registration threshold. His accountant advised him that it was time to register for VAT.