FAQs
How do I set up as a landlord?
Here is a checklist of things to do to set yourself up as a landlord generating income from one or more properties. Will your annual net rental income be more…
How do I set up as self-employed?
Here is a checklist of things to do to set yourself up as self-employed. Register as a sole trader with HMRC as soon as possible. The deadline for doing this…
What is PAYE and how does it work?
Income tax on earnings is collected via a PAYE scheme and paid to HMRC on a monthly basis. Income tax and National Insurance on earnings as an employee are collected…
How are salary payments processed?
All directors and employees being paid from your company will be asked to complete a Starter Checklist even if they have a P45 to hand. This will be emailed to…
What is form P45?
When you leave an employment you will be issued with a form P45. Form P45 shows your date of leaving, your tax code, the gross remuneration and tax paid to…
How does my company payroll work?
Once you begin trading through your company, you will receive sales income into the business bank account which can then be used to pay yourself and other employees a salary,…
Am I entitled to claim Employment Allowance?
If you are eligible for the Employment Allowance, you will be able to reduce your Employers National Insurance liability by up to £5,000. The rules for the Employment Allowance (EA)…
What information is needed to prepare annual accounts?
Annual statutory accounts are filed once a year at HMRC and Companies House. In order for your accountant to prepare your accounts, they will require the following information: Details of…
What is the correct procedure for filing annual accounts?
Annual statutory accounts are filed once a year at HMRC and Companies House. Once your company has been incorporated, you need to complete statutory accounts each year, and these annual…
How do I register for Making Tax Digital (MTD)?
Registration to MTD for VAT is now automatic on VAT registration. Registration to MTD for Income Tax, for those with relevant income over the threshold, will commence early in 2026,…
When does Making Tax Digital (MTD) start?
MTD is gradually being phased in and will eventually apply to all taxes. The first stage applies to VAT registered businesses. From April 2022 all VAT registered businesses need to…
How does Making Tax Digital (MTD) work?
Making Tax Digital supports HMRC’s plans to digitalise the tax system, making it easier for individuals and businesses to get their tax right. The long-term aim is for all businesses…