Staff placements and temp billings continue to rise in the job market as unemployment rates fall to 4.0%. Reported by the Office for National Statistics (ONS) the UK unemployment rate is now at it’s lowest since 1975. Naturally, the reduction in unemployment levels corresponds with strong hiring growth. Though the ongoing decline in candidate shortages…
As we prepare for the implementation of Making Tax Digital, it’s useful to know the ins-and-outs of the different stages of this legislation. We recently published an article discussing the first stage of Making Tax Digital – MTD for VAT. Today, we will be covering Making Tax Digital for Income Tax. Although this following stage…
MTD-compatible software is accounting software that is able to integrate with HMRC systems to send regular updates directly to HMRC. While HMRC will not be offering their own software, they are providing the Application Programming Interfaces (APIs) to commercial software developers such as FreeAgent. These accounting software providers are currently using HMRC’s APIs to develop…
We recently covered the fundamentals of Making Tax Digital (MTD): whom it will affect, when it will come into effect, and the first steps to being MTD-ready. So now it’s time to get into the intricacies of this upcoming legislation. In this article, we’ll be talking about Making Tax Digital for VAT – the first step…
It has been announced that Chancellor of the Exchequer, Philip Hammond, on Monday 29th October, will present the 2018 Budget Statement. Many were expecting the Autumn Budget to be presented at a later date, but it has been brought forward to avoid clashing with any potential fall-out from the final Brexit negotiations. IR35 For…
The latest IR35 tribunal case win for contractor Susan Winchester has been penned as a ‘game-changer’ for the industry. After a year-long battle, Winchester successfully won over £4000 in compensation for holiday pay from HMRC, after being placed as inside-IR35. Background In September 2016, Winchester’s company, SJW Marketing Solutions Ltd, was contracted by HMRC…
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…
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…
Completing and submitting your Self Assessment Tax Return (SATR) can seem like a daunting task, but having it prepared well in advance of the 31st January deadline will make your life so much easier. If you miss the deadline you will be subject to a penalty, and this sum will only increase the longer you…
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…
Since the public sector reform in April 2017, we are still asked frequently by public sector contractors if they should continue using their own limited company or switch to an umbrella. The answer very much depends on each individual’s circumstances thus we would strongly encourage contractors to speak to us for tailored advice. Nonetheless, we…
We recently published an article overviewing HMRC’s new legislation, the 2019 Loan Charge. The government claims this to be the next phase in tackling tax avoidance. However many have raised concerns about the harshness of the new bill. There are calls for the taxman to be compassionate and flexible towards those they are taxing as…
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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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