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Small Business Accounting Guide
  • When and why you may want to register a Limited Company
  • Advantages and disadvantages of a Limited company
  • Limited company alternatives
  • When to register for VAT
  • Advantages and disadvantages of VAT
  • How to take money out of your company
  • Dividend tax rates
  • Limited company expenses & corporation tax
  • Annual accounts and deadlines
  • Confirmation statements and deadlines
  • Self Assessment tax returns
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Small Business Accounting Guide

  • When and why you may want to register a Limited Company
  • Advantages and disadvantages of a Limited company
  • Limited company alternatives
  • When to register for VAT
  • Advantages and disadvantages of VAT
  • How to take money out of your company
  • Dividend tax rates
  • Limited company expenses & corporation tax
  • Annual accounts and deadlines
  • Confirmation statements and deadlines
  • Self Assessment tax returns

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Business Insurance Guide
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  • What is business insurance?
  • Why do I need business insurance?
  • Types of business insurance
  • Professional indemnity insurance
  • Public and product liability insurance
  • Business contents insurance
  • Employers liability insurance
  • Cyber insurance
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Business Insurance Guide

  • What is business insurance?
  • Why do I need business insurance?
  • Types of business insurance
  • Professional indemnity insurance
  • Public and product liability insurance
  • Business contents insurance
  • Employers liability insurance
  • Cyber insurance

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PAYE, P60's and Paying Yourself Guide
  • What is PAYE
  • PAYE when self employed
  • When to register for PAYE
  • Sole trader taxes
  • Sole trader income tax calculations
  • Limited company dividends & salary
  • Dividend tax rates
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PAYE, P60's and Paying Yourself Guide

  • What is PAYE
  • PAYE when self employed
  • When to register for PAYE
  • Sole trader taxes
  • Sole trader income tax calculations
  • Limited company dividends & salary
  • Dividend tax rates

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Contractor & Freelancer Insurance Guide
  • What is business insurance?
  • What insurance you need
  • Legal requirements for insurance for freelancers
  • Legal requirements for insurance for contractors
  • How to find the best policy
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Contractor & Freelancer Insurance Guide

  • What is business insurance?
  • What insurance you need
  • Legal requirements for insurance for freelancers
  • Legal requirements for insurance for contractors
  • How to find the best policy

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How to Start an Ecommerce Business
  • Types of Ecommerce Business Models
  • How to/ if you need to register your business
  • Accounting software requirements
  • Understanding VAT
  • Brexit Import checklist
  • Brexit Export checklist
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How to Start an Ecommerce Business

  • Types of Ecommerce Business Models
  • How to/ if you need to register your business
  • Accounting software requirements
  • Understanding VAT
  • Brexit Import checklist
  • Brexit Export checklist

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Registering a Limited Company Guide
  • What is a Limited Company
  • 10 step process for setting up a Limited Company
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Registering a Limited Company Guide

  • What is a Limited Company
  • 10 step process for setting up a Limited Company

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How to Start Contracting Guide
  • What is a contractor
  • Types of contractors
  • Contractor business structures
  • Contractor accounting
  • Understanding IR35
  • Contractor insurance
  • Banking for contractors
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How to Start Contracting Guide

  • What is a contractor
  • Types of contractors
  • Contractor business structures
  • Contractor accounting
  • Understanding IR35
  • Contractor insurance
  • Banking for contractors

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Accounting Software Comparison Guide
  • What can accounting software do
  • Why you may need accounting software
  • Benefits of accounting software
  • How to choose the right accounting software
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Accounting Software Comparison Guide

  • What can accounting software do
  • Why you may need accounting software
  • Benefits of accounting software
  • How to choose the right accounting software

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Business Banking Guide
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  • How to choose the right account
  • Challenger banks
  • Starling, Revolt, Tide and Metro bank overview
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Business Banking Guide

  • How to choose the right account
  • Challenger banks
  • Starling, Revolt, Tide and Metro bank overview

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Ultimate VAT Guide
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  • What is VAT
  • When to register for VAT
  • VAT rates
  • Exempt/ Out of Scope VAT items
  • VAT filing responsibilities
  • De-registering for VAT
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Ultimate VAT Guide

  • What is VAT
  • When to register for VAT
  • VAT rates
  • Exempt/ Out of Scope VAT items
  • VAT filing responsibilities
  • De-registering for VAT

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UTR Numbers Guide
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  • What is a UTR number
  • Why you need a UTR number
  • Where to find your UTR number
  • How to get a UTR number
  • Getting a company UTR number
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UTR Numbers Guide

  • What is a UTR number
  • Why you need a UTR number
  • Where to find your UTR number
  • How to get a UTR number
  • Getting a company UTR number

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Accountant Checklist Guide
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  • Why you may need an accountant
  • Key areas an accountant can help
  • Questions to ask an accountant
  • Accountant checklist
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Accountant Checklist Guide

  • Why you may need an accountant
  • Key areas an accountant can help
  • Questions to ask an accountant
  • Accountant checklist

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Self Employed Registration Guide
  • What is a Sole Trader?
  • Sole trader advantages
  • Sole trader disadvantages
  • How to register self employed
  • Sole trader responsibilities
  • Self employed tax
  • Important self employed deadlines
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Self Employed Registration Guide

  • What is a Sole Trader?
  • Sole trader advantages
  • Sole trader disadvantages
  • How to register self employed
  • Sole trader responsibilities
  • Self employed tax
  • Important self employed deadlines

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Virtual Office Guide
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  • What is a Virtual Office
  • Benefits of a VIrtual Office
  • How to choose the right virtual office
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Virtual Office Guide

  • What is a Virtual Office
  • Benefits of a VIrtual Office
  • How to choose the right virtual office

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Christmas Company Expenses Guide
  • Christmas expenses overview
  • Staff party claims
  • Gift voucher claims
  • Gift claims
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Christmas Company Expenses Guide

  • Christmas expenses overview
  • Staff party claims
  • Gift voucher claims
  • Gift claims

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Limited Company Expenses Guide
  • Allowable business expenses
  • Employee expenses
  • Travel expenses
  • Office & equipment expenses
  • Professional services expenses
  • General expenses
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Limited Company Expenses Guide

  • Allowable business expenses
  • Employee expenses
  • Travel expenses
  • Office & equipment expenses
  • Professional services expenses
  • General expenses

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Complete IR35 Guide
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  • What is IR35
  • Who IR35 impacts
  • Planning for IR35
  • IR35 Action Plan
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Complete IR35 Guide

  • What is IR35
  • Who IR35 impacts
  • Planning for IR35
  • IR35 Action Plan

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Dividends Guide
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  • What are dividends?
  • Dividend tax rates and allowances
  • Paying taxes on dividends
  • Dividend FAQs
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Dividends Guide

  • What are dividends?
  • Dividend tax rates and allowances
  • Paying taxes on dividends
  • Dividend FAQs

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Income Tax Calculator
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What is income tax?

Income tax is a tax imposed on the income or profits made by individuals in any given tax year. While this is typically deducted at source for employees, self-employed persons pay income tax differently and may be taxed a different amount.

What is the current self-employed income tax rate?

Income tax rates for the 2019/20 tax year are as follows:

  • Personal Allowance: Up to £12,500 (0%)
  • Basic rate: £12,501 to £50,000 (20%)
  • Higher rate: £50,001 to £150,000 (40%)
  • Additional rate: over £150,000 (45%)

If you need more information on Personal Allowance and income tax rates for previous tax years, check out the following guides from HMRC:

Paying income tax as a self-employed person: What you need to know

Unlike employees, self-employed individuals don't pay income tax through PAYE-they're required to file an annual Self-Assessment tax return.

Most people file their returns online these days. The deadline for doing so is 31st January, while payments for your tax bill are due on 31st January after the end of the relevant tax year. That means that your 2018/19 tax year must be paid up by 31st January 2020.

If you're newly self-employed, you'll need to register for Self-Assessment. Keep in mind to stay within the deadline, as there are penalties for registering your Self-Assessment late. We explain more about key deadlines, as well as late filing and payment penalties in our Self-Assessment guide.

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Income Tax Calculator

What is income tax?

Income tax is a tax imposed on the income or profits made by individuals in any given tax year. While this is typically deducted at source for employees, self-employed persons pay income tax differently and may be taxed a different amount.

What is the current self-employed income tax rate?

Income tax rates for the 2019/20 tax year are as follows:

  • Personal Allowance: Up to £12,500 (0%)
  • Basic rate: £12,501 to £50,000 (20%)
  • Higher rate: £50,001 to £150,000 (40%)
  • Additional rate: over £150,000 (45%)

If you need more information on Personal Allowance and income tax rates for previous tax years, check out the following guides from HMRC:

Paying income tax as a self-employed person: What you need to know

Unlike employees, self-employed individuals don't pay income tax through PAYE-they're required to file an annual Self-Assessment tax return.

Most people file their returns online these days. The deadline for doing so is 31st January, while payments for your tax bill are due on 31st January after the end of the relevant tax year. That means that your 2018/19 tax year must be paid up by 31st January 2020.

If you're newly self-employed, you'll need to register for Self-Assessment. Keep in mind to stay within the deadline, as there are penalties for registering your Self-Assessment late. We explain more about key deadlines, as well as late filing and payment penalties in our Self-Assessment guide.

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VAT Calculator
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Working out the VAT

With our calculator, you can work out your VAT in just a few quick clicks.

If the price doesn't include VAT:

  • Select the ‚ÄòAdd VAT' option
  • Select the rate of VAT on the slider
  • You'll obtain the gross price (inclusive of VAT) and the VAT element of the bill.

If the price includes VAT:

  • Select the ‚ÄòExclude VAT' option
  • Select the rate of VAT on the slider
  • You'll obtain the pre-VAT price (exclusive of VAT) and the VAT element of the bill.

VAT basics: What you need to know

VAT, or Value Added Tax is a consumption tax that is applied to most goods and services. While the standard rate (20%) applies in most cases, there are items-such as children's car seats and sanitary products-that are charged at the reduced rate of 5%. Using the slider on our calculator, you'll be able to calculate the VAT and gross or net prices for different VAT rates. If you're unsure about the correct rate you should apply, refer to HMRC's resource on VAT rates.

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VAT Calculator

Working out the VAT

With our calculator, you can work out your VAT in just a few quick clicks.

If the price doesn't include VAT:

  • Select the ‚ÄòAdd VAT' option
  • Select the rate of VAT on the slider
  • You'll obtain the gross price (inclusive of VAT) and the VAT element of the bill.

If the price includes VAT:

  • Select the ‚ÄòExclude VAT' option
  • Select the rate of VAT on the slider
  • You'll obtain the pre-VAT price (exclusive of VAT) and the VAT element of the bill.

VAT basics: What you need to know

VAT, or Value Added Tax is a consumption tax that is applied to most goods and services. While the standard rate (20%) applies in most cases, there are items-such as children's car seats and sanitary products-that are charged at the reduced rate of 5%. Using the slider on our calculator, you'll be able to calculate the VAT and gross or net prices for different VAT rates. If you're unsure about the correct rate you should apply, refer to HMRC's resource on VAT rates.

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Free Downloads

How to Start an Ecommerce Business

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How to Start Contracting Guide

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Accountant Checklist Guide

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Accounting Software Comparison Guide

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Complete IR35 Guide

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Small Business Accounting Guide

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