There are many reasons why you could be thinking about finishing your career as a contractor. Maybe you are moving back into full-time employment or perhaps you are thinking of retiring; whatever the reason it is worth planning your exit carefully. Closing the company Before closing, the affairs of the company will need to be brought up to date (accounts and tax returns), … [Read more...]
10 things Hammond won’t say in Monday’s Budget
I really understand small businesses so I’m giving you all a tax break IR35 just doesn’t work so I’m ditching it The whole tax system needs an major overhaul HMRC will be more efficient Reducing the VAT threshold would be stupid Google, Amazon, Starbucks and the like should pay more tax The Government are rubbish at delivering IT projects so I’m stopping Making … [Read more...]
Making Tax Digital For VAT Solved
This is a quick round up of what Making Tax Digital for VAT is, what you need to do and when. More information is available in a special section on our blog – click here What is Making Tax Digital? If you are registered for VAT with a turnover in excess of £85,000 then you fall within the Making Tax Digital for VAT new reporting regime. Those with a turnover … [Read more...]
When it pays to be underdressed
The madness of the UK Tax System. The general rule of thumb regarding claiming for clothing through your business is that it is not an allowable expense unless it's protective or uniforms. The reason for this is that HMRC say that clothes are needed for "warmth and decency". This was demonstrated by a high profile case involving BBC Presenter Sian Williams where her … [Read more...]
Stormy Weather in Cloud Accounting Market
It seems that the Cloud Accounting marketplace has suffered yet another loss of CEO with Stephen Kelly of Sage stepping out of his role with immediate effect although remaining with Sage until May next year. This announcement follows the loss of Phil Sayers as CEO at Clear Books, Rod Drury stepping down as CEO at Xero and Brad Smith who will step down as CEO of … [Read more...]
Contractors prepare for the inevitable end
Although not yet announced it seems almost inevitable that private sector contractors will be forced onto payroll by HMRC reforms similar to that rolled out to the public sector. There is of course much debate about the rights and wrongs of this as well as the horror stories of unscrupulous Umbrella Companies operating dodgy schemes. It’s a shambles. Planning your … [Read more...]
Can I claim for my lunch on the go?
This handy guide from FreeAgent’s Chief Accountant Emily Coltman explains when you can and cannot claim for your lunch. Just click on the infographic to see a larger image. View the full image at FreeAgent … [Read more...]
Converting from Umbrella to Limited
It’s not surprising that there seems to be an upsurge in Contractors who want out of Umbrella Companies. Only yesterday we heard from someone who had been flogged a Scheme to take his pay out of the Umbrella Company as a loan resulting in a much reduced tax bill. He was assured by the Umbrella company that this was above board; of course they’d say that. They are trying to flog … [Read more...]
HMRC Impact of Brexit – I told you so
I’m picking myself up from the floor laughing my socks off today (AKA ROFLMAO) at the latest news from AccountingWeb that “HMRC’s ambitious transformation plans are facing delays as government officials scramble to get the UK ready for Brexit.” Apparently the Chief Executive of HMRC, Jon Thompson, has declared to the Public Accounts Committee that they (HMRC) are deciding on … [Read more...]
5.7 million businesses in the UK and growing
According to a briefing paper published in December 2017 by the House of Commons Library, in 2017 there were 5.7 million private sector businesses in the UK. This was a 4% increase on the 2016 figures. Source: http://researchbriefings.files.parliament.uk/documents/SN06152/SN06152.pdf On average the number of businesses has increased by 3% each year since 2000 meaning … [Read more...]
Join me at Accountex Summit North
6th March Manchester Central Register now at www.accountexsummitnorth.co.uk I’m really pleased to be instrumental in launching two Round Table Events at Accountex. Both sessions will take place at the forth coming Accountex Summit North at Manchester Central on 6th March 2018. Women in Accountancy The morning session, which starts at 11:30am, is aimed … [Read more...]
It’s a Taxing Issue bigger than IR35
I regularly watch the updates on IR35 via Social Media from key players such as Dave Chaplin and Mike Gibson. The work that they do is excellent and it is of course exceedingly frustrating for all parties that seemingly little progress has been made. I say that, not as any criticism of those involved, but because the IR35 issue has been around for so many years now; it’s a … [Read more...]