After endless campaign trails and speculation, May 7 2015 saw David Cameron return to Number 10 and resume his position as UK Prime Minister. We take a look at what a Tory government means for your money, and the plans that might be affecting you as a freelancer or contractor over the next five years:…
If being your own boss is the dream you’re finally living, make sure it’s properly protected with our top tips below. You don’t know the worth of your services Accurate pricing is probably the toughest part of the job to crack. You don’t want to charge too little as you’ll end up with…
Now that you’re a contractor with your own limited company, you’ll need to make sure your business is meeting all its statutory and legal obligations, and that you’re paying the right level of tax, amongst a whole heap of other time-consuming, stress-inducing things. That’s where a first-class accountant comes in. A great accountant will let…
We like to keep our clients informed of all updates and as this week was the Autumn Statement we thought we could share some of the salient features with you: – Personal allowance from 6/4/15 is now £10,600 instead of £10,500 as announced before. What does this mean to contractors? For those who are using an…
HMRC has announced that it will be removing the Business Entity tests from the 6th April 2015. HMRC has made the decision to scrap the tests after only 2 years following recommendations from the IR35 forum. The tests were part of a larger initiative to allow contractors to gauge their own IR35 risk. The IR35 forum…
With the Chancellor’s Autumn Budget on the horizon the Treasury has reached out and asked for input into the Chancellor’s statement. IPSE have taken the lead and proposed a number of policy changes, which would benefit 4.6 million self-employed people. Simon McVicker, IPSE’s Head of Policy and External Affairs said: “The policy proposals we are…
As we are now weeks away from Christmas, and the holiday season is in full swing, we cover the most common queries about festive and annual event deductible expenses. Annual Christmas party as deductible expenses Your limited company can claim its festive or annual party as deductible expenses for corporation tax purposes. The cost…
One of the most frequently asked questions from our clients on the VAT flat rate change for a limited cost business is: “what is counted as ‘goods’ when determining if they need to use the higher rate of 16.5%?” According to HMRC guidance, ‘goods’ are movable items or materials exclusively used in your limited cost…
Former BBC presenter, Christa Ackroyd has lost her legal battle with HMRC and is now facing a fine of £419,151 in outstanding income tax and national insurance contributions covering tax years: 2006/07 to 2012/13. This ruling made by the first tier tribunal (FTT) was based on the judgement that despite Ackroyd working through a PSC…
If you are affected by off-payroll reforms and are considering alternatives such as Umbrella employment, it’s helpful to understand AWR.
Across the UK, contractors and temporary staff are receiving notably higher pay rates. The REC disclosed that the steepest inflation in contractor pay rates recorded was in London. However, across the board, wages were continuing to rise, extending this trend to 62 months. Contractor pay rates accelerating at an exceptional rate REC director of…
‘Effective from 1 April 2017, The VAT flat rate scheme (FRS) for businesses with limited cost is set to increase to 16.5% from their current rate, based on defined criteria for a limited cost trader.’ What is a Limited Cost Traders? According to HMRC guidance, a limited cost trader will be defined as one whose…
Due to severe weather conditions, our offices are closing early at 4pm today to ensure our employees can get home safely. Our offices will be open on Monday as per the usual hours. We apologise for any inconvenience caused and thank you for your understanding.
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