NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…
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Saving tax as a company director
How to maintain tax efficiency as a small business company director of your own limited company with the impending increase in dividend tax from April 2022 From the 6th April 2022 the tax cost of drawing dividends from your limited company will increase by 1.25% Currently, dividends are taxed on basic rate taxpayers at 7.5%,…
Read MoreSelf Assessment Tax Return How-To Guide by LeeP Accountants Peterborough
Get your records in order Record-keeping is a vital for every self-employed person. You have a range of legal obligations when it comes to record-keeping – but entirely apart from this, the Self Assessment process will be significantly easier if you have the relevant documents easily to hand, and organised in an effective way. The…
Read MoreHow to Keep on top of your debtors
When businesses run into cash flow difficulties, delaying payments to suppliers can become a problem. Keeping on top of your debtors is a vital part of keeping your business afloat. Make sure you keep on top of your debtors, and your cashflow by implementing a debt collection policy. An example of a typical debt collection…
Read MoreKeeping business finances separate
Top tip- keep business and personal finances separate by opening a separate business bank account and be meticulous in how you spend money from it. One of the easiest ways to open a business account is to make an appointment at your local branch and speak to an advisor. Explain that you wish to open…
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