Budget 2018: key points for contractors

Aside from IR35 being extended to the private sector in April 2020, what other changes were revealed for contractors in the Budget 2018 report? From Entrepreneur’s Relief reform and VAT registration frozen thresholds to Personal Allowance and Higher Rate Thresholds. We’ve done a quick summary of what’s most important for contractors.   Entrepreneurs’ Relief reform…

Making Tax Digital for VAT

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…

What is classified as ‘goods’ when determining if you are a limited cost business after 1 April 2017?

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…