You (or your accountant) should inform HMRC if you have acquired a company car, within 28 days of the end of the relevant tax quarter. This will result in an amendment to yourtax code, and for your additional tax payments to be collected by the PAYE process. ...
Setting aside tax to pay HMRC It is important to set aside a provision for your tax and national insurance from your income, weekly or monthly. A weekly approximation based on the annual calculation in the previous paragraph makes a lot of sense, especially for new freelancers. Be aware that...
Dividends are taxed at three different flat rates, depending on the income tax band your earnings fall within. Crucially, however, National Insurance Contributions are not payable on dividend income, saving company directors thousands each year compared to traditional employees and sole traders. How ar...