Given the current situation, HMRC are allowing the Payment on Account due on 31st July 2020 to be deferred. No penalties or interest HMRC say that if you’re registered in the UK for Self Assessment and may have difficulty making your 31st July 2020 Payment on Account due to the impact of coronavirus you can defer it without incurring any interest or penalties as … [Read more...]
Exit Planning for Contractors, Freelancers and Small Business Owners
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...]
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...]
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...]
What is An Accountant?
Did you know that anyone can call themselves an accountant? Unlike solicitors who have to be a member of the Law Society to be able to use the term “Solicitor” anyone can attach the title of Accountant to their name without challenge or regulation. They do not need to: Have any accountancy qualifications Belong to an accounting professional body Have passed any … [Read more...]