As a small business owner you really need a dedicated business bank account. This can take weeks or even months through the traditional high street banks. However with a Tide business account you can be up and running in a matter of minutes. Accounts like this aren’t for everyone so let’s have a look at some of the pros and cons of a Tide account. Welcome to my brutally honest Tide business account review. Who is it for and who isn’t it for? And is Tide even a bank account?
At the time of writing, on 3rd April 2023, there was very little information on the gov.uk website about self employed tax rates for 2023/24. This has finally been updated. This is what the 2023/24 tax rates are likely to be for self employed people in the UK.
Let’s have a little chat about self employed taxes and record keeping in the UK. As a self employed person, you must keep records to back up the information you put on your self assessment tax returns. You can keep paper records, electronic records (e.g. in a spreadsheet) or you can use software. So what sort of information do you need to keep track of?
As we approach the deadline for the 2021/22 tax year, let’s take a look at what UK tax returns look like in 2022.
So you know how you currently do your taxes once a year and you have 10 months to fill in your tax return? Well I’ve got bad news for you. You’ll soon need to send up to 5 tax returns per year, you’ll need to update HMRC every 3 months and you’ll be forced to buy special software that lets you do this. Welcome to the joys of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)
UK chancellor Kwasi Kwarteng has unveiled what he claims are the biggest tax cuts of a generation. So how will this impact small businesses? Do we finally have a Conservative government doing conservative things?? And are we about to see a palace coup???
So you’ve set up in business, you’re making money and everything is good. But have you thought about having your own limited company? There are several advantages of a limited company and in this article we’ll chat about some of the basics.
It’s taken a global pandemic and a potential world war but the UK is finally scrapping the legacy and utterly bizarre National Insurance thresholds. From July 2022 our income tax and NI thresholds will align.
There’s good news and bad news. Income tax rates generally aren’t increasing. However as inflation steadily rises tax breaks such as your Personal Allowance are now locked in until 2026. Coupled with forthcoming rises in national insurance, corporation tax and dividend rates the net impact for small business owners is a substantial and quite sneaky tax increase over the next few years.
Tide have identified a pain point of most small businesses and that’s cash flow management. Cashflow Insights from Tide is a free service that let’s you connect your business bank account to Tide via Open-Banking to help resolve this problem. So what is it and what does it do?