If you are a contractor – or hire contractors – off the payroll, it is essential that you understand HMRC’s IR35 tax legislation. The UK government is planning to arrange a consultation of IR35 non-compliance in the next year, and this could mean problems for many private sector businesses of all flavours. But what is IR35 and what will any potential changes mean? Let’s take...
Are you missing out on claiming tax relief for expenses you have to pay for your job? There are plenty of flat rate expenses on offer to employees which you can claim for, and in this guide, we’re going to take you through everything you need to know. Let’s take a look at how to claim tax relief as an employee for your expenses –...
Data protection regulation is about to undergo the most major shakeup in almost 20 years. From May 25th 2018, businesses that operate within the EU will be required to comply with the GDPR, or General Data Protection Regulation. The aim of the GDPR is to modernise data protection regulations and introduce policies that are fit for the 21st century. If you run a business, it’s...
QuickBooks Assistant can help SME owners and freelancers make smarter decisions based on smarter deployment of QuickBooks technology. This new innovative technology, developed by Intuit, offers a traditional web chat interface that can solve common self-employment and small business queries – fast and to the point. Helping entrepreneurs stay on top of their finances. QuickBooks has launched an innovative artificial intelligence-powered technology solution that can...
The Construction Industry Scheme has a very simple goal – to prevent self-employed subcontractors from avoiding tax. The so-called ‘Self-Employment Switch’ has helped construction firms take on full-time employees as self-employed subcontractors. The contractor avoids paying the tax and employee benefits and the subcontractor who likewise doesn’t need to tell the exchequer about their earnings. The CIS scheme was designed to thwart this behaviour within...
New and Updated Information can be found here: A Complete Guide to Tax on Crypto There is a lot of hype surrounding cryptocurrencies – like Bitcoin, Ethereum and Ripple. However, these decentralised virtual currencies, based on blockchain technologies, are completely unregulated. This means the tax implications of cryptocurrency investment is a rather important area and requires further analysis. What is all this fuss about? More...
If you’re an entrepreneur or contractor, running a limited company or register as a sole trader, based in the UK, you need to know about the penalties imposed by Companies House and HMRC and how they could impact your business. By understanding these deadlines, you can plan ahead allowing you to focus on your business. Whether you are a freelancer, subcontractor or micro business owner,...
This is the first Autumn Budget which has taken over from the now defunct Autumn Statement. The Chancellor, Philip Hammond MP, froze the threshold for VAT, introduced reverse charging for construction industry VAT reporting and also introducing new online VAT fraud processes to clamp down on illicit online trading. VAT had made the headlines even before Philip Hammond stood up to present his Budget to...
The Chancellor of the Exchequer, Rt Hon. Philip Hammond M.P., has delivered his first Autumn Budget. This article will outline the key details along with supplementary information relating to impact and issues relating to self-employment, tax and other key priorities. The end of the Autumn Statement was always going to make this more of a curiosity than anything else. The media lead-up revolved around...
What is the Auto Enrolment Pension? In 2012, the last Coalition Government introduced a new form of pension regulation. The new legislation forced every workplace to offer a pension scheme and, crucially, to create a pathway for automatic enrolment for all eligible workers within that organisation. The scheme was launched with large employers in mind back in 2012. However, a change to the legislation has...
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