IR35 can still bite.
If you work on projects for larger businesses through your own personal service company (PSC), you may pay less tax and NIC than you would be paid overall if you were an employee of those businesses. The IR35 tax avoidance rules came into effect in April 2000, to prevent individuals from playing the system and… View Article
Prepare to digitise VAT
HMRC is pushing ahead with its plans for Making Tax Digital (MTD) for businesses, although some changes concerning non-business income have been put on hold. The first tax returns to be converted to the MTD regime will be VAT returns due for quarters that start on or after April 1 2019. If your business is… View Article
Directors Loan Account – Repay the value of benefits
Directors sometimes borrow assets or money from their company, intending to repay or make good the cost to the company so that a benefit in kind tax charge doesn’t apply. For benefits provided in the year to 5 April 2018, the company must be repaid by 6 July 2018 to avoid a tax charge. The… View Article
The government is sending out mixed tax messages about electric vehicles. this is what you need to know as an employer. An employee provided with an electric company car (zero CO2 emissions) is taxed on 13% of its list price in 2018-19 and 16% of list price in 2019-29. But from April 2020, the taxable… View Article
Time to choose childcare support?
Parents are faced with a bewildering choice of how to fund childcare costs. Employers can help by giving employees tax-and NIC-free childcare vouchers; by directly contracting with a childcare provider to provide places for employees’ children; or by running a workplace nursery. The schemes to provide childcare vouchers or directly contracted childcare will only be… View Article
Top 9 tax tips for 2019
The new tax year only began on 6 April, but individuals should start planning for it now to ensure they do not miss out on valuable allowances that could save them thousands on allowances and tax reliefs ‘It’s human nature to leave unwanted tasks to the last minute, but when it comes to tax, leaving… View Article
5 tips to kick start your new business
So you’ve decided you’re going to do it, you’re going to go down the route of working for yourself. A bag of mixed emotions has come and gone, you’re confident, prepared and ready for the big wide world of self employment or running your own company. Good for you, and a huge well done on… View Article
What does the Spring Statement mean for you?
Normally around this sort of time we are all preparing for the annual budget, spending review and bracing ourselves for tax changes on a rather large scale. However this month there was no red box held up by the Chancellor, Philip Hammond as he announced the Spring Statement of 2018. Back in 2016 it was… View Article
When can I stop working?
Its a harsh, but true, fact that unless you’re sitting on a gold mine, have recently won the Euro Millions (£154 million jackpot this Saturday), we’re all going to be working till we’re at least in our late 60s if not early 70s. So when it comes to retirement and hanging up the old working… View Article
How to fight a NRCGT Penalty and Win
Taxpayers who live abroad may sell UK property. Before 6 April 2015 any gains they made would have escaped UK tax. Now such non-resident property owners must pay non-resident capital gains tax (NRCGT) on gains made on UK residential property, but not (yet) on gains made from commercial property. The gain or loss made by… View Article