Current Tax Year ended 5th April 2019 In the current tax year ended 5th April 2019, we general advise a salary of £702 per month, depending on your additional personal income to date. Not including additional income, […]
There are numerous rules and limitations when contracting. However, one of the more important rules all contractors need to be aware of is the “24 Month Rule” when claiming expenses. What is the 24 month rule? As […]
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.
Dividends are usually a great, tax efficient way of withdrawing money from a company by the owners. A company can declare a dividend if it has sufficient profits available within the business. However, there are […]
As the end of the current financial tax year is fast approaching, it’s a good idea to think about whether you have fully maximised the amount you can withdraw from the company tax free and […]
For some contractors and freelancers, the Flat Rate VAT scheme is a no-brainer. The scheme allows them to reduce tax costs they otherwise could not have reclaimed via standard VAT, and it considerably simplifies bookkeeping. Hence, saving […]
With Christmas just around the corner, it is worth considering what expenses you can claim through your limited company. The “Annual Party” As a director of a limited company, you are exempt from paying tax […]
The IR35 reform and the implications on UK’ private sector contractors So, 18 months after the public sector IR35 reforms came into effect, it seems as though we have a date, though not quite all […]