Do I Need to Register for CIS as a Subcontractor?
You do not have to register for the Construction Industry Scheme (CIS) as a subcontractor. Registration is optional. But if you choose not to register, contractors will deduct 30% from your labour payments instead of the standard 20%. That extra…
How to Claim Expenses as Self Employed in the UK
As a self-employed person in the UK, you can deduct allowable business expenses from your income before calculating how much tax you owe. The more legitimate expenses you claim, the lower your taxable profit and the less tax you pay….
What Is Corporation Tax and How Does It Work in the UK?
Corporation Tax is the tax that limited companies pay on their taxable profits. If your company makes a profit in any accounting period, it owes Corporation Tax to HMRC on that profit. Unlike Income Tax, which is collected through Self…
Do I Need to Do Self Assessment as a Landlord in the UK?
In most cases, yes. If you receive rental income in the UK, you are required to declare it to HMRC through a Self Assessment tax return. The only exception is if your total rental income is below £1,000 in a…
How to Register a Limited Company in the UK: Step by Step
Registering a limited company in the UK is straightforward and costs just £50 online. The process takes as little as 24 hours once you have the information ready. The decisions you make at registration, including your company name, share structure,…
What Is a Virtual Office and Do I Need One?
A virtual office gives your business a professional registered address and a set of business support services without requiring you to rent or occupy a physical office space. You get the credibility of a business address, mail handling, and sometimes…
How Much Tax Do I Pay on Self Assessment?
Self Assessment is the system HM Revenue & Customs uses to collect information needed to calculate tax that has not necessarily been collected automatically through systems such as PAYE. Your final bill depends on what you earned, where the income…
Do I Need an Accountant When Starting a Business in the UK?
The short answer is no, you are not legally required to use an accountant when starting a business in the UK. But whether you need one is a different question entirely. The short answer is no, you are not legally…
What Expenses Can Landlords Claim Against Tax in the UK?
Claiming the right expenses is one of the most effective ways to reduce your rental income tax bill. Yet many landlords either overclaim (which HMRC penalises) or underclaim (which costs them money they are legally entitled to keep). This guide…
When Do I Need to Register for VAT in the UK?
You must register for VAT when your taxable turnover exceeds £90,000 in any rolling 12-month period. This is the VAT registration threshold for 2024/25. It is not based on your financial year.