Although we are waiting for the new government to give us clarity on whether the off-payroll reforms will come into effect from 6thApril 2020, it is important to understand what things need to be considered when the decision is confirmed.
We know that setting up your own company can be both nerve-wracking and exciting. There’s certainly a lot to think about regarding the services you wish to offer and the type of clients you hope to work for, let alone the admin and tax side of things.
f your personal tax bill for the year ended 5th April 2018 exceeded £1,000, you will likely be required to make a payment on account of the year ended 5th April 2019.
Starting from April 2019, most VAT registered businesses will have to comply with the new ‘MTD for VAT’ regulations and submit their VAT Tax Returns via MTD compatible software. The current process of applying VAT records to your HMRC tax account will become a way of the past, as your invoices and transactions will be transmitted via what HMRC refers to as; ‘Digital Links’ and ‘Software Bridges’. So, to get a better idea about the adjustments needed and to help you get MTD compliant, we have put together the below, Making Tax Digital for VAT complete guide.
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Everything must come to an end eventually, even a limited company. Whether you have accepted employment or your contract has simply finished, it’s likely you will need to consider your options regarding your unwanted company. […]
You’ve made the decision to go down the contracting route, handed in your notice and made the decision that a limited company is the right option for you. What do you do now? The next […]
As accountants, our job is to advise you about the best structure for your new business venture. We get lots of questions about the most tax efficient way to set up a company, the day-to-day […]