Business start-ups

Emergency Budget 2010: tough measures for tough times

Not for a political generation or two has a Budget generated such intense interest. Pre-announcements by the Coalition Government had prepared everyone for large-scale changes to the tax system and for deep public spending cuts.

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Emergency Budget 2010: employers offered national insurance boost

It has been a matter of policy for the government to reverse plans of the previous administration to push up national insurance contributions by 1 per cent as from next April.

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Emergency Budget 2010: Speech begins

The Chancellor, George Osborne has risen to his feet in the House of Commons at 12.30 pm and has embarked on what is regarded as one of the most important and far-reaching Budget speeches in a generation.

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Chancellor to offer one-year employer NIC holiday

The emergency Budget is to give new businesses a one-year break from paying employers’ national insurance contributions on the first ten staff they employ.

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The tax system for the self-employed

If you start working for yourself, you must register with HMRC.

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Employed or self employed?

The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but HMRC emphasise that this is not the case.

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Business deductions

In order to attract a deduction in computing the profits of a trade or business, any expenses must be incurred wholly and exclusively for the purpose of the trade.

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The construction industry

There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers in the sector whether they are employed or self employed.

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Claiming expenses

The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

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Choosing your accounting date

You are free to select your choice of accounting date. Under the current year basis, the taxable profit for a particular tax year is determined by the accounts that end in that year.

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