Taxes, urgh! Who knew following your dream to start a business could be so complicated? From knowing which ones you pay to messing around with tax returns and owing more than you expected – tax can be one of the most stressful parts of running a small business. Here you’ll find guides that cover all aspects of taxes, such as corporation tax, self-employment tax, income tax allowances and VAT. Just choose a category to find out more.
Friendly Disclaimer: Whilst I am an accountant, I’m not your accountant. The information in these guides are legally correct but are for guidance and information purposes only. Everyone’s situation is different and unique so you’ll need to use your own best judgement when applying the advice that I give to your situation. If you are unsure or have a question be sure to contact a qualified professional. I cannot accept responsibility for any losses or penalties you may incur while following the contents.
The starting rate for savings lets many UK individuals earn up to £5,000 in savings interest without paying tax on it. Check if you’re eligible and how the £5,000 is tapered for those earning more than others.
How to claim a tax refund for washing, repairing and replacing a uniform or safety clothing you wear for work.
See examples of how national insurance is calculated, learn about the different NIC classes and find the NI thresholds for 2023.
Learn the difference between cumulative and non-cumulative tax codes and how it affects how much personal allowance an individual receives.
Learn about the 40% tax bracket, how much you can earn before paying it and ways to avoid falling into the higher rate tax band.
A guide to the approved HMRC mileage rates 2023-24 that you can claim if you drive business miles in a car, motorbike or electric vehicle.
How the UK tax brackets work and how you pay income tax on your taxable income across different tax bands (including if you’re self-employed).
Find out how to calculate class 4 national insurance, the tax-free thresholds available and the Class 4 NIC rates for the 2023-24 tax year.
The UK personal allowance is set at £12,570 for 2023-24. Here’s how it works, how to claim it and how it is clawed back from higher earners.
Here are the Scottish income tax bands and thresholds for the tax year 2023-24 which affect individuals resident in Scotland.