UK government’s latest tax rules and changes:
https://www.gov.uk/government/organisations/hm-revenue-customs
Chancellor launches vision for future public spending:
https://www.gov.uk/government/news/chancellor-launches-vision-for-future-public-spending
Companies House Confirmation Statement:
URGENT and IMPORTANT! You may have already received a letter from Companies House. Please let me know if you have changes required in Director details, operations, shareholder, PSC, or anything else with Companies House. Transfer £XX government fees and transaction charges into my bank account. Send me a text message once you have transferred the money. I will prepare a confirmation statement and will pay by my card. Failure to comply Director’s duties may instigate £5000 penalty and suspension. Kind regards.
- Directors’ responsibilities: As a director of a limited company, you must:
- follow the company’s rules, shown in its articles of association
- keep company records and report changes
- file your accounts and your Company Tax Return
- tell other shareholders if you might personally benefit from a transaction the company makes
- pay Corporation Tax
You can hire other people to manage some of these things day-to-day (for example, an accountant) but you’re still legally responsible for your company’s records, accounts and performance.
You may be fined, prosecuted or disqualified from being a company director if you do not meet your responsibilities.
Contact your professional adviser or trade association to find out more.
https://www.gov.uk/guidance/being-a-company-director
How to pay HMRC PAYE and NIC ?
https://www.tax.service.gov.uk/pay
Click on the above link > Click what you want to pay for example ‘Employers’ PAYE and National Insurance’ > Click Continue > Click again ‘Employers’ PAYE and National Insurance’ > Click Continue > Do you want to sign in to your tax account? option to choose : >>> Click ‘No, continue to payment options’ > Write you ‘account office reference number’ (Like this ###PS########) > Click one ‘Monthly or Quarterly’ > then seleck which month or which quarter > enter amount to pay > then choose option: (third option) > Click ‘Debit card or corporate credit card’ > Click continue > Click Continue again > Enter card billing address and email > Click Continue > enter card details and follow the instructions to complete.
If you need bank details for HMRC to pay from your online banking then get them from :
https://www.gov.uk/pay-paye-tax/bank-details
SSP (Statutory Sick Pay):
Prior to April 2014, small employers could recover a proportion of the total SSP paid to their employees via what was called the ‘Percentage Threshold Scheme. This scheme came to an end in April 2014, and since then SSP has been entirely employer funded.
https://moneysoft.co.uk/support/statutory-sick-pay-ssp/
How to pay Self-Assessment bills to HMRC?
Click on the above link > Click what you want to pay for example ‘self-assessment’ > Click Continue > Do you want to sign in to your tax account? option to choose : >>> Click ‘No, continue to payment options’ > Write your ‘Self Assessment Unique Taxpayer Reference (UTR number)’> enter amount to pay > then choose option: (third option) > Click ‘Debit card or corporate credit card’ > Click continue > Click Continue again > Enter card billing address and email > Click Continue > enter card details and follow the instructions to complete.
or Simply by bank transfer:
Please pay HMRC by logging into your bank account. Account name: HMRC Cumbernauld; Bank sort code 08 32 10 Account number 12001039 You must have to use your UTR number as a Reference and at the end add ‘K’. Example: HMRC Payment reference: 1234567899K
How to pay corporation tax to HMRC?
https://www.tax.service.gov.uk/pay
Click on the above link > Click what you want to pay for example ‘Corporation tax’ > Click Continue > Click again ‘Employers’ PAYE and National Insurance’ > Click Continue > Do you want to sign in to your tax account? option to choose : >>> Click ‘No, continue to payment options’ > Write you ‘Corporation Tax reference number’ (Like this 1234005678A00101A) > enter amount to pay > Click ‘Debit card or corporate credit card’ > Click continue > Click Continue again > Enter card billing address and email > Click Continue > enter card details and follow the instructions to complete.
If you need bank details for HMRC to pay from your online banking then get them from :
https://www.gov.uk/pay-corporation-tax/bank-details
Taxi driver’s tax return – Expenses can be claimed
Allowable Expenses for Taxi drivers
- Petrol or diesel costs
- The cost of repairs, servicing and running the taxi
- The costs of your annual road tax and your MOT test
- The cost of washing or cleaning your own taxi
- Interest on any bank or personal loans are taken out to purchase your taxi
- Your license and any other registration fees
- The cost of running your office (if you have one) or use of your home
- Vehicle insurance
- AA/RAC membership
- Radio hire
- Accountancy fees
- Advertising
- Phone usage for business use
- Parking & toll fees
Capital Allowances can also be claimed for the cost of the vehicle, normally the writing down allowance is 18% per annum. Hackney Carriages (traditional ‘London Black Cab’ type vehicles) are eligible for the 100% first-year Annual Investment Allowance. Other assets used for the taxi business may also be claimed.
Please Note: The annual writing down allowance can vary depending on the car’s CO2 emissions.
You can check a car’s CO2 emissions at carfueldata.direct.gov.uk/ or from the V5 document
26 Factors Determining Your Interest Rate
https://www.horizonfc.com/about/newsroom/26-factors-determining-your-interest-rate
Top 12 Factors that Determine Interest Rate
- Credit Score
The higher your credit score, the lower the rate.
- Credit History
The less credit history you have, the less knowledge a lender has of your repayment ability, possibly making you slightly more risky. The better the payment history, the better the rate.
- Employment Type and Income
Self-employed, hourly employed, bonus-based pay – these all affect the risk factors of whether you’ll be able to pay back the loan.
- Loan Size
How much money are you asking for? Often if you are requesting an amount under a certain level (i.e.$100,000), there may be a slight increase in rate.
- Loan-to-Value (LTV)
What percentage is your loan amount to the value of the property? Typically, the lower the percent, the lower the rate.
- Loan Type
Fixed, variable, adjustable, balloon – these all have varying rates because of the variation of risks. Depending on the situation, your initial interest rate may be lower with an adjustable rate than with a fixed rate but you run the risk of the rate increasing significantly later on.
- Length of Term
The shorter the term on your loan, the quicker you’ll be paying down the debt; possibly resulting in a better rate. It’s important to note that your payments will most likely be higher, so you’ll want to make sure you can afford it.
- Payment Frequency
Because of the agriculture industry’s unique nature, if you elect for a payment plan that allows for an annual or semiannual payment rather than a monthly one, you can expect a higher rate.
- Property Type
A residential house will have a lower interest rate than a commercial farm on 50 acres because of the increased risk that comes with a farm loan. Purchasing a farm or land is different because there aren’t as many properties for value comparison, buyers or people that can afford to.
- Co-borrowers
Will there be other people on the loan, and if so, what does their credit look like? All parties involved in the loan will be used in determining the rate.
- Debt Ratio
How much money is made monthly versus the cost of monthly bills. The typical ratio that lenders looks at is 42%.
- Documentation Available
Are you able to produce all documentation (bank statements, taxes, retirement accounts, etc.) to show your assets? This will help ease the risk factors for a lender and help lower the rate OTHER FACTORS THAT COULD AFFECT YOUR INTEREST RATE - Escrow Preference
Some lenders require escrows for residential or consumer loans. This means specific money put aside to pay for things like taxes, insurance, etc. If you choose not to escrow, your rate could be higher due to higher risk.
- Closing Date
Depending on the market temperament, it can be important to lock in on a rate that is as close to your closing date as possible. The longer the rate lock period, the higher the rate will be.
- Occupancy Type
Typically, rental or investment properties have higher interest rates.
- Residency
Rates will be lower if you plan to live in the house full-time versus using it as a second home.
- Available Assets
What additional assets do you have as possible collateral? The more down payment you have, usually the lower the rate.
- Asset Seasoning
How long have you had your assets? There may be restrictions for assets owned under a certain time frame that could affect the rate.
- Housing Ratio
What does the ratio from above look like when you add in the cost of the mortgage? Usually a good housing ratio is 28%.
- Improvements Needed
This will affect the value of the property. Remember that the lower the percentage of the loan amount to the value of the property, typically the better the rate.
- Employment History
This also affects the risk to the lender. If you show a consistent history of employment, the better chance for a lower rate.
- Relocation
Are you being temporarily or permanently relocated by an employer? That will determine if the house is considered a secondary (higher rate) or primary residence (lower rate).
- Seller Contributions
If the seller is able to contribute money towards closing costs, that will increase the amount you have available for a down payment.
- Gifts
Again, lowering the amount of loan you’ll need with gifts from family members will help to lower the interest rate.
- Cash-out
If you refinance and want to walk away from closing with money in your pocket, you may be increasing the percentage of loan to property value.
- Combined Loan-to-Value (CLTV)
This ratio includes not only the current loan you are wanting, but any additional loans on the property, such as a home equity. - You don’t have to remember all of these, but if your lender is quoting you a rate without asking some of these questions, be sure to ask them what criteria they are using to factor your rate.