Every month we publish two 'Active Practice' Articles on topical issues that we believe our clients may find interesting, they can be accessed from the free resources Tab on our website, alternatively you can access PDFs of them here Active Practice Updates These Updates cover all aspects of tax and other areas useful to small…
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Paying tax if you are self-employed
If you are a sole trader or an individual member of a partnership you will likely be subject to income tax, and possibly National Insurance, on your earnings. Unfortunately, tax being taxing, earnings for tax purposes may not be the same as the monthly drawings you take from your business. For example, you may decide…
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Is my State Pension taxable or not?
The State Pension is part of a pensioner’s taxable income. The problem is, it is paid gross, without deduction of tax. If your sole source of income is the State Pension then this should cause no problem as the State Pension is usually below the annual tax-free personal allowance. What can, and does, cause a problem is if you have Continue Reading
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