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Jane Wu LLB ACA
- 2 min
High Income Child Benefit Tax Charge
You may have to pay additional tax if you receive child benefit and have income over £50,000 You are entitled to child benefit if you have parental responsibilities for children under the age of 16. It's the governments way of acknowledging the significant cost of raising a child and adds up to a valuable benefit over the course of childhood. However, if you or your partner has adjusted income* of over £50,000 and one of you is receiving child benefit, then the higher earner
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Jane Wu LLB ACA
- 2 min
Self Assessment 101
What is it? Who has to do it? How do I go about it? Her Majesty's Revenue and Customs (HMRC) collects income tax from individuals via self assessment. In essence it is a form (or forms) completed either online or sent in on paper to declare all income received and calculate the income tax due. If you are employed or receiving a pension, income tax is normally deducted before it is paid in which case it is not normally necessary to complete a self assessment tax return. How
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Jane Wu LLB ACA
- 3 min
Sole Trader vs Limited Company
What are the key differences between a Limited Company and a Sole Trader or Freelancer? If you are starting up a new business, this is one of the early decisions you will have to make so it's worth knowing a little bit about the key differences and what your responsibilities are as a business owner under each model. Liability As a sole trader you and the business are legally meshed. This means you are personally responsible for anything which might go wrong, including any de
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Jane Wu LLB ACA
- 4 min
Bookkeeping Stress?
Receipts piling up? business and personal costs mixed up? not sure how much cash is coming in this month and haven't even thought about tax yet? Does some of this apply to you? Take a deep breath. If your business is taking off, but the money side has been left behind help is here. It's all solvable First things first - take stock. There's no getting away from it, if there is a backlog of paperwork getting it in order will bring huge relief. You will know where you stand fi
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Jane Wu LLB ACA
- 4 min
Self-employed - 6 things not to miss for self-assessment
Top tips to get your tax return working for you and not against you 1. What do I have to do and when? The deadlines (following the tax year end 5th April) are: · Register for self-assessment by 5th October · Paper tax return by midnight 31st October · Online tax return Midnight 31st January (following calendar year) · Pay the tax you owe Midnight 31st January (following calendar year) But don't wait! – there are big advantages to getting ahead. You can file your tax return at
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