Recent content by syedsheraz

  1. syedsheraz

    Got a website blog page? Let's collaborate for FREE. Who's in?

    Thank you.
  2. syedsheraz

    Tax help

    Very common PAYE issue after redundancy and a gap. You don’t need a big firm a local accountant or tax adviser (ATT / ACCA / ACA / CTA) can do a 30-minute PAYE tax code review and usually fix this quickly. Cost is often £50 to £150. It’s likely an incorrect tax code or HMRC assuming overlapping...
  3. syedsheraz

    Who Pays 40% Tax in the UK? Understanding the Higher Rate Threshold

    I’ve been doing some research into the UK income tax system, and I wanted to clarify who actually falls into the 40% income tax bracket. With so many changes over the past couple of years, it’s easy to get confused about who pays what.
  4. syedsheraz

    Umbrella vs invoicing for short consulting trial?

    If the role is genuinely inside IR35, the responsibility for operating PAYE usually sits with the fee payer (often the client or agency), not the contractor. In that case, income tax and employee NIC should be deducted at source. This means the contractor is paid net of tax, and invoicing...
  5. syedsheraz

    Umbrella vs invoicing for short consulting trial?

    For a short, inside-IR35 trial period, an umbrella company is often the simplest option, especially given your already complex tax year. It keeps everything under PAYE, avoids the need for self-assessment adjustments, and limits admin to timesheets. Sole trading can work, but you’ll still need...
  6. syedsheraz

    QuickBook accounts

    For QuickBooks, it’s usually best to split it into two parts if possible: Monthly airtime/usage → post to an expense account such as Telephone & Internet (or Utilities > Telephone). Handset cost (if it’s a separate charge or financed) → record as Computer/Office Equipment (fixed asset) or...
  7. syedsheraz

    How to locate the best accountant for me.

    You’re right that, as a non-resident, you generally wouldn’t have UK personal tax liability, but it’s important that the company is set up correctly. A UK chartered accountant (ACA/ACCA qualified) with experience in non-resident directors can handle company formation, general meetings, and...
  8. syedsheraz

    Treatment of Purchased Software for tax purposes

    This is a common area of confusion. Where software is purchased outright including IP and source code, it will usually fall under the corporate intangibles regime rather than plant and machinery. In that case, the accounting amortisation is added back in the tax computation, with corporation tax...
  9. syedsheraz

    Taking card payments

    It sounds like card payments are becoming more common, so it’s worth reviewing the full fee structure to understand where costs may be adding up. Comparing providers based on your transaction volume and average payment size should help determine whether Square or another option is the most...
  10. syedsheraz

    Is accountant at fault here?

    It sounds frustrating, especially given that the accounts were submitted well in advance. One option might be for your mum to contact HMRC directly to explain the circumstances. Sometimes, they can reduce or waive fines if it’s a first-time delay and there’s a reasonable explanation...
  11. syedsheraz

    Taking card payments

    If you’re low volume but higher value, it’s definitely worth shopping around. SumUp is convenient, but the flat 1.95% can get expensive on £1k+ transactions. Providers like Square, Zettle, or a traditional merchant account (via your bank or a broker) often offer lower percentage rates for higher...
  12. syedsheraz

    very worried about January deadlne for tax return

    For a sole trader, SA103S is usually enough unless your accounts are complex; SA103F is the full form. Since your 24/25 figures are in FreeAgent, you can file directly through it once you regain Government Gateway access. Keep trying HMRC for a password reset. Also, get your old accountant to...
  13. syedsheraz

    Tax on gifted shares to employee/director

    You’re correct that if you give shares to an employee or director, the benefit is treated as a Benefit in Kind (BIK), so income tax (and NICs) is due on the market value at the time of the award in your example, £50k. When the employee later sells the shares, Capital Gains Tax (CGT) is...
  14. syedsheraz

    Advice on staff rota…

    With a schedule totalling 92.5 hours and only one person needed at a time, you could cover it with two full-timers plus a part-timer, or three part-timers depending on availability. If you choose 12-hour shifts, you’ll need overlap to allow for breaks, because legally staff must have...
  15. syedsheraz

    Product Copyright Question

    Using real people, especially living royals or celebrities, on products can trigger copyright, publicity, or image rights claims. Deceased figures may still be tricky if the photo is copyrighted. Fictional characters like James Bond are protected, and using actor likenesses commercially is...
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