Monday, January 2, 2017

Uk Limited Company- Taking Money Out


Wednesday, December 7, 2016

Abolishment of Class 2 NI from 6 April 2018

From 6 April 2018 Class 2 contributions will be abolished and Class 4 contributions reformed to include a new threshold (to be called the Small Profits Limit).
The self-employed currently have to work with two separate classes of NICs, the Class 2 NI and the Class 4 NI. You usually pay 2 types of National Insurance if you’re self-employed:
On Class 2 a self employed pays £2.80 a week if your profits are £5,965 or more a year
On Class 4  9% if your profits between £8,060 to £43,000 or 2% on profits over £43,000 more a year

This measure will mean that from April 2018 they will only have to engage with one class of NICs, delivering a simpler overall regime for the self-employed. In particular this will have a positive impact on sole traders, small partnerships and unincorporated enterprises with profits above the new Small Profits Limit. . For those with profits above the Small Profits Limit this measure is likely to have a positive impact as they will now only have to deal with one Class of contributions (Class 4) instead of Class 2 and Class 4 contributions reducing system complexity.

All those with profits at or above the Class 4 Small Profits Limit will gain access to the new State Pension, contributory Employment and Support Allowance (ESA) and Bereavement Benefit.

Tuesday, November 22, 2016

File Your Tax in UK

Tax Return UK

TAX RETURN TO BE FILES BY 31ST JANUARY 2017
You may need to file your tax return online if you have missed the deadline of 31st October, 2016 for filing your paper return. You will be filing your tax return for the tax period 6th April 2016 to 5th April 2016.

Who needs to file Self Assessment:

If you are self employed
Employed persons whose income was over £100,000
Director of a Company
Partner in a partnership
Retired People who are on the registered pension scheme
If you got £2,500 or more untaxed income from renting out property or savings and investments-
Your savings or investment income was £10,000 or more before tax.
You made a profit on selling things like shares, a second home or other chargeable assets and need to pay Capital Gains tax.
If either your income or (your partner’s) was over £50,000 and one of you claimed Child Benefit
You had income from abroad that you needed to pay tax on
You lived abroad and had a UK income
You got dividends from shares
You were a trustee of a trust
Other people for example religious ministers or Lloyd’s underwriters
If the HMRC sends you a letter telling you to send a return then you must send your tax return.

To file your tax return you need to obtain your 10 digit UTR (Unique Taxpayer Reference). You can first register online to obtain your UTR. This can take up to 10 days.

You can start by keeping your paper work in order so that you can get a few weeks before the deadline date. The penalty for filing late is £100 and can cost more. If you are confused about what information to add and how to fill in the details and the forms required follow our blogs for more information. You can also consider getting professional help.

Thursday, November 10, 2016

TAX RETURN TO BE FILES BY 31ST JANUARY 2017


TAX RETURN TO BE FILES BY 31ST JANUARY 2017
You may need to file your tax return online if you have missed the deadline of 31st October, 2016 for filing your paper return.  You will be filing your tax return for the tax period 6th April 2016 to 5th April 2016.
Who needs to file Self Assessment:
If you are self employed
Employed persons whose income was over £100,000
Director of a Company
Partner in a partnership
Retired People who are on the registered pension scheme
If you got £2,500 or more untaxed income from renting out property or savings and investments-
Your savings or investment income was £10,000 or more before tax.
You made a profit on selling things like shares, a second home or other chargeable assets and need to pay Capital Gains tax.
If either your income or (your partner’s) was over £50,000 and one of you claimed Child Benefit
You had income from abroad that you needed to pay tax on
You lived abroad and had a UK income
You got dividends from shares
You were a trustee of a trust
Other people for example religious ministers or Lloyd’s underwriters
If the HMRC sends you a letter telling you to send a return then you must send your tax return.

To file your tax return you need to obtain your 10 digit UTR (Unique Taxpayer Reference). You can first register online to obtain your UTR. This can take up to 10 days. 
You can start by keeping your paper work in order so that you can get a few weeks before the deadline date. The penalty for filing late is £100 and can cost more.  If you are confused about what information to add and how to fill in the details and the forms required follow our blogs for more information. You can also consider getting professional help.


Friday, November 4, 2016

Business Startup Bristol|Company Formation Bristol|Online company formation Bristol

Company Formation Bristol

Bristol has seen more business start ups in UK in the recent years.  Bristol has recently been awarded the European Green Capital for 2015.  It has a population of 442,500.  The University of Bristol and the University of the West of England are both research led universities.  The educated working age population is approximately 135,200.


Bristol witnessed at least 3000 start ups in 2004 and has been increasing. It has a skilled labour force, above average business survival rates, good broadband speeds, lots of helping hand for new start ups from successful business people in terms of advices and giving free desk spaces around the offices in the city to help sole traders who are not working from home. There is an excellent opportunity for networking and getting to meet people with diverse economic background.


Bristol Council invests in transport infrastructure to reduce energy usage and is looking to make further inroads with its Smart City programme. They are also working to implement several smart technologies such as smart metering, electric vehicles and open data. Bristol has seen business grow around the Royal Portbury Docks. The Docks reaches over 42 million people and has become a central attraction for businesses wanting to gain access to international markets.  Other areas such as Queen Square, Lewins Mead and Clifton have also become increasingly popular with small businesses; particularly those in media, public sector and IT.  Another boost to new start ups is the Bristol Temple Quarter Enterprise Zone, to drive economic growth. And the Cabot Circus provides retail opportunities and commercial spaces to lease, currently has over 120 stores with an alleged one million sq ft of shopping and leisure facilities.