Tax Guides Archives

Big gap between HMRC interest rate on late payments vs. refunds

By ByteStart November 13, 2024

In what one tax advisory calls the 'elephant in the room', there is a sizeable gap between the interest rate HMRC pays on late payments and the amount of interest it pays out on tax refunds.

Claiming Business Asset Disposal Relief (BADR) – 10% rate set to rise in 2025 and 2006

By ByteStart November 2, 2024

Business Asset Disposal Relief (BADR) can help reduce your capital gains tax bill if you sell your business. We explain how BADR works, what the current rates are, and what the lifetime limit is for disposals.

Guide to National Insurance for small business owners

By ByteStart October 30, 2024

How National Insurance works for small businesses - Class 1 for limited companies, and Class 2 & 4 if you're a sole trader or member of a partnership.

Self assessment – who needs to fill in a tax return, and when is it due?

By ByteStart September 20, 2024

When you start a business as a sole trader or limited company director, you may need to file a tax return and pay personal tax under self-assessment.

Online platforms must provide HMRC with sales reports on ‘side hustle’ businesses

By ByteStart September 19, 2024

If you make some extra money via a 'side hustle' - by selling online - you should be aware that digital platforms now share information about sellers with HMRC. You might need to pay tax on any profits you make - but it depends!

VAT registration – when should you register for VAT? Try HMRC’s handy estimator

By ByteStart September 5, 2024

If your business's "taxable supplies" over the past 12 months have exceeded the VAT registration threshold, you should register for VAT. From April 2024, the VAT registration threshold rose from…

The best salary and dividend split for directors in 2024/5

By ByteStart April 7, 2024

Most company directors are paid an annual salary, and draw down profits as dividends. What is the optimal salary/dividend split in 2024/5?

Limited Company Tax Calculator – 2024/25

By ByteStart April 5, 2024

If you're a company owner, this useful calculator will work out your net profits, after allowing for expenses and tax.

How do you pay tax if you’re self employed in the UK (2024/5)?

By ByteStart April 3, 2024

We look at the UK tax rules for the self employed so you can nail your tax return like a pro. We cover income tax and NICs for 2024/5.

Sole trader tax – a concise guide for the self employed

By ByteStart April 3, 2024

In this guide, we look at the taxes the self employed pay. We also look at some common mistakes to avoid when it comes to dealing with HMRC.