Sinclair Day

September 13, 2017

Paying wages for the first time?

There are a myriad of rules that new businesses must follow when they start employing staff for the first time. A full examination of the rules is beyond the scope of this article however we wanted to point out some important issues to be aware of
September 6, 2017

Tax relief and goodwill

Goodwill is usually defined as the ‘extra’ value attributable to a business over and above its tangible assets. In the vast majority of cases, when a business is sold a significant proportion of the sale price will be for this type of intangible
September 6, 2017

What are VAT records and how long should you keep them?

There are distinct rules that VAT registered businesses must follow regarding retention of VAT records. Records include: a record of sales and purchases, and a separate VAT account. Generally, a business must keep VAT business records for at
September 6, 2017

Self-employed NIC increase

Class 2 National Insurance Contributions (NICs) are currently paid by self-employed taxpayers and members of partnerships if their annual profits exceed £6,025. Class 2 NICs are payable at a flat weekly rate currently, £2.85. Class 2 NICs count