Now that summer holidays are almost over, use that “Back To School” feeling to get your tax affairs in order. This year, the due dates for personal tax returns have changed and the first relevant date is 31 October 2008.
Tax
The Business Lounge tackles tax matters relevant to entrepreneurs, without giving you a headache.
Income tax, national insurance, VAT – you’ve constantly heard them mentioned, but when might you have to pay them? Here we give a very brief overview of the main taxes.
Selling stuff online and through more traditional means can constitute trading, as we discussed in our first article on this. Here we look at the tax implications of trading.
When does selling stuff become “trading” for tax purposes? With increasing fuel and shopping bills, many people are selling things to raise cash, particularly using online websites such as e-bay. Whether the internet is used or not, if this constitutes trading, then there are various tax implications.
If you have started to work “freelance” and now raise invoices for the work you do, rather than receive a pay packet, the usual assumption is that you are self-employed. However, this might not be the case. Read on to help determine your employment status.
The Chancellor has announced today a change to the personal allowance to compensate many of those who were going to suffer from the abolition of the 10% tax rate.
Soletraders who work at home may be able to deduct a proportion of their household expenses from their business income, and so reduce the tax they have to pay. We have previously discussed the principles, and here we look at more specific examples.
If you sometimes work at home in relation to your business, you may be able to reduce the tax you have to pay on your business profits, by taking some household expenses into account. Read on to avoid missing out.
The Business Lounge has identified an unlikely group of winners from recent tax changes: charities and more specifically, their donors. With many of us entrepreneurs now seeing philanthropy as an integral part of our business activities, read on to make sure you maximise any benefits.
The Chancellor has now announced that there will be some form of compensation for some of those who will have lost out from the abolition of the 10% tax rate. What form will this take, and who will benefit? The Business Lounge tries to find out.
