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Employees usually meet all tax obligations through the PAYE scheme, however there may be occasions when submitting a tax return is required.
If rental income is greater than the expenses you have incurred on a property that you let out, you are required to complete a tax return and pay tax on this income.
The Construction Industry Scheme is a special scheme in the construction industry whereby contractors deduct money from a subcontractors payments and pass it to HMRC.
As a contractor, consultant or freelancer, you will be in control of your income and be responsible for paying your own taxes to HMRC.
We enjoy talking to people who are about to start or are new to business, and because of this Brash & Co offer a free initial consultation.
You are classed as a self-employed sole trader as soon as you start working for yourself – even if you have not told HMRC.
A partnership is a business run by two or more ‘partners’ and each business partner shares responsibility for the business, this includes their share of the business losses and bills for things bought.
A limited company is a recognised legal entity which has a separate legal existence from the person(s) who own the company and the officers that are employed by it.
Taking on staff is an important part of growth for most businesses, but by having employees brings a number of extra responsibilities to business owners and it is important that as an employer you get it right from the start to prevent any unnecessary costs in the future.