These guides are are provided on a free use basis for businesses and professionals. They are copyright Whitefield Tax Limited and provided without liability for personal use only, please credit us if redistributing them.
Please let us know if there is any other content which would be useful for this page, or if you find any errors. At present this guidance reflects the 2019/20 tax year, and hasn’t been updated for the March 2020 budget, nor fully updated for the major changes with IR35 in the Private Sector – we hope that all updates will be completed by the end of April 2020.
If you need further assistance, please get in touch. We would love to be your first choice of accountant.
The search button at the top of the screen can help you navigate our content.
- Covid 19 Resources
- Working with us – Forms and Administration for Clients
- Budgets and Statements
- Briefings and Topical Technical Guides
- Resources for Personal Service Companies
- IR35 for Personal Service Companies
- General Topics for Personal Service Companies
- Running a Personal Service Company
- Tax Rates and Calculations for a Personal Service Company
- Expenses for a Personal Service Company
- Tax Topics for a Personal Service Company
- Record Keeping for a Personal Service Company
- Help Topics for Small Businesses
Our daughter business YogaTax has a lot of guidance topics on its separate website – many of these will be relevant to sole traders and small businesses
Working with us – Forms and Administration for Clients
- Pay your Accounting Fees by Credit or Debit Card
- Terms of Business
- Identification Requirements – for new clients joining us – we have to obtain these by law
- Professional Fee Protection Scheme – details or join and pay online
- P11D Questionnaire – we need this by the end of May each each year.
- Your Business Year End and Getting it to Us
- Companies House Confirmation Statement (replaces the Annual Return) – you can ask us to do your return for you and pay via card
- Moving Home or Changing your Address? – who to tell and you can tell us online (and that includes changes of telephone number and email as well)
- Self Assessment Questionnaire Form (SADR) – we need this by end of September each year to process your Self Assessment return – this link takes you to an online form to submit the data to us.
- Approve your Annual Accounts Online – this lets you approve your annual accounts online, and authorises us to submit your CT600 for you
- FreeAgent Software – start to get ready for Making Tax Digital
- PSC Pre-Year End planning questionnaire – for use by FreeAgent users.
- PSC Year End Questionnaire – for use by FreeAgent users
Budgets and Statements
- Summer 2015
- Autumn 2015
- Spring 2016
- Autumn 2016
- Spring 2017
- Autumn 2017
- Spring 2018
- Autumn 2018
- Spring 2019
- Spring 2020
Briefings and Topical Technical Guides
- Making Tax Digital
- IR35
- Construction Industry Scheme
- Employment Status
- Small Business Record Keeping
- PAYE Real Time Information (RTI)
- Auto Enrolment and Workplace Pension Reform
- High Income Child Benefit Charge
- Company Formations and Business Set Up
- EIS, SEIS, VCT and SITR
- Transferable Personal Allowances – 2015/16 onwards
- Tax on Savings and Dividends – 2016/17 onwards
- Tax Credits
- R&D Tax Credits
- National Minimum Wage/National Living Wage
- Employment Allowance 2014/15 onwards
- Working from Home
- Tax and Accounting for Yoga Teachers
- £1,000 Trading and Property Allowance
- Running a Social Enterprise or Charity
- Self Employed Travel Expenses – Eligibility
Resources for Personal Service Companies
- Whitefield and PSCs – an introduction to us and you
- Charges and Services
- Joining us – Company Formation and Transferring an Existing Company
- Getting Started with your Company
- IR35
- Choosing an Accountant
- Terms of Business
- Accounting and Transaction Recording Spreadsheet
- Professional Fee Protection
IR35 for Personal Service Companies
- IR35 resources on our site
- IR35 basic principles
- IR35 business entity tests (reference only)
- IR35 cash basis or accruals
- IR35 contract reviews
- IR35 dividend strategy
- IR35 getting the contract right
- IR35 Intermediary Reporting Rules
- IR35 public sector contracting
- IR35 private sector contracting
- IR35 status checklist
General Topics for Personal Service Companies
- An introduction to PSCs
- Choice of Structure for a Contractor
- Forming a company
- Getting Started with your Company
- Managed Service Companies, Umbrellas and Composites
- Our services for PSCs and registration with us
- Whitefields PSC Service Specification
Running a Personal Service Company
- Accountants References – Lending/Renting/Verification
- Closing down or suspending a company
- Companies House Web Filing and Confirmation Statements (formerly Annual Returns)
- Developing and Expanding your Business
- Directors current account
- Dividend Administration
- Employers Liability Insurance
- Employing someone to assist you, including a spouse
- Insurance for your business (PI, PL etc)
- Investing through your company
- Invoicing
- Late Payment and Invoice Terms
- Legal Obligations for your Company
- Loans between a Company and its Directors / Shareholders
- Penalties and avoiding them
- Pension or insurance provision
- Running another business or hobby though your company
- Understanding Business Turnover
- Understanding the annual accounts
- What accounts and returns need to be filed
- What to do if you are not paid
- Working from home
- Workplace Pension Reform and Auto Enrolment
- Working abroad with your own company
Tax Rates and Calculations for a Personal Service Company
- How the company and contractor are taxed
- Tax liability example for a contractor/PSC
- Tax Calculator
- Tax rates and allowances
- Tax rates and take home percentages at differing income levels
- Comparison to permanent rates
Expenses for a Personal Service Company
- Expense claims & allowances
- 24 month rule
- Benchmark rates for expenses
- Expenditure on Meals
- Vehicle Costs
Tax Topics for a Personal Service Company
- Employment Allowance
- Income Shifting
- R&D Tax Credits
- Real Time Information
- Salaries and Dividends – How does it all work in practice?
- Self assessment
- Tax and childcare
- Tax Calculator
- VAT basics
Record Keeping for a Personal Service Company
Our daughter brand YogaTax specialises in accounting for Yoga Teachers, and has a wealth of help topics on its own website. We’ve linked these below as they will also be of general interest to many other small businesses, especially sole traders and micro businesses.
Help Topics for Small Businesses
Our daughter business YogaTax specialises in tax and accounting for Yoga Teachers and has a wealth of information on its website. We’ve reproduced links to this here, as it will be of interest to many small businesses, especially Sole Traders and Micro Businesses – just change “Yoga” for your sector.
Contents
- Covid 19 / Coronavirus
- Setting Up
- Paying Taxes
- Expenses
- Bookkeeping and Accounting
- Vat and Yoga Teachers
- Running Your Business
- Working With YogaTax
Covid 19 / Coronavirus
Setting Up
- Basic Principles of Tax
- Choice of Structure – Sole Trader, Partnership or Company?
- Registering With HMRC
- £1,000 Trading Allowance – Small Self Employments
- Legalities of Working as a Yoga Teacher
Paying Taxes
- Basic Principles of Tax
- How is a Yoga Teacher Taxed?
- Tax Rates and Allowances
- Examples and Case Studies for Yoga Teacher’s Tax
- Tax Calculator for Self Employed Yoga Teachers
- Self Assessment Return
- Guide to Filing Your Own Self Assessment Return
- Making Tax Digital
- Paying Your Self Assessment Tax Liability and Payments on Account
- Penalties From HMRC
- Value Added Tax – VAT
- Combining Yoga Teaching with other Jobs or Businesses
- Employment Status and IR35
- Tax Enquiries
- National Insurance and State Pension for Yoga Teachers
- Voluntary NI
- Working on Payroll / PAYE
- Employing Someone to Assist You
- Business Losses and Offsetting Them
Expenses
- What Expenses Can Be Claimed Against Tax?
- Travel Expenses – own car or public transport – Whats eligible for deduction against tax
- Car Costs
- Claiming Clothes
- Training, CPD and Class Attendance
- Do I Need Receipts?
- Capital Allowances
- Working From Home / Home As Office Expenses
- Body Work – Acupuncture, Physiotherapy, Massage, Osteopathy or Chiropractic Expenses
- Donations or Gifts to Charity and Teaching for Charity
Bookkeeping and Accounting
- Keeping Books and Records
- Bookkeeping Template
- Class Records – Manual or Booking System – Students, Cash and Registers
- FreeAgent Software
- Do I Need a Business Bank Account?
Vat and Yoga Teachers
- Registration and Basics
- Making Tax Digital for VAT
- VAT Registration Case Study
- Flat Rate Scheme
- Business Splitting
- Agency Arrangements for Yoga
- Digital Services in EU and MOSS
Running Your Business
- Running a Studio at Home
- Legalities of Working as a Yoga Teacher
- Practical and Legal Obligations of Running a Studio
- Business Accounts and Year Ends
- Payment terms, Agreement and Invoicing
- Trading Names, Business Registration and Intellectual Property
- Insurances and Protection (sickness, injury and unable to work)
- General Insurance (liability, equipment etc)
- Pensions and Retirement
- Maternity
- Child Care
- Working Through a Limited Company
- Working Through a Partnership or LLP
- Forming a Social Enterprise or Charity
- Budgeting for a Yoga Teacher
- Data Protection and GDPR
- Universal Credit and Tax Credits
Working With YogaTax
