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Artificial separation of businesses

contractor phone

Splitting hairs

There are some businesses that seek to avoid registering for VAT by separating their business activities so that each businesses turnover falls below the registration threshold.

This situation can occur when dealing with contractor accounting as artificial separation can occur between any business structure. A sole director of a PSC, for example, may decide to provide some of their services as a…

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IR35 and the meaning of MOO

flat rate

Demystifying mutuality of obligation

Mutuality of obligation (MOO) is a fundamental aspect of a contract of employment and therefore should rank as an important status test in deciding whether or not a contract falls inside or outside of IR35. HMRC, however, are loathe to discuss the issue and have reduced this factor to a very basic definition as set out in their…

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Let it all out

HMRC penalties

Reminder of HMRC’s Let Property Campaign

Each one of our accounting packages gives our clients full, unlimited access to our in-house experts and an important part of their job is keeping our clients informed of the latest changes in tax. Below, we’ve shared a reminder of HMRC’s recently updated guidance for making a disclosure under the ongoing Let Property Campaign.

The Let Property…Read More

Gig economy review should consider tax

LITRG wants Taylor Review to look beyond employment issues

The Low Incomes Tax Reform Group (LITRG) has urged the Taylor Review to examine the relationship between taxation and the growth in non-standard work, such as people working in the ‘gig economy’. This relationship is something we are particularly concerned with, in our role as contractor accountants.

Commissioned in October 2016, the Taylor Review…

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Mitigating IHT (Inheritance Tax)

IHT

Making use of IHT reliefs and exemptions

IHT is principally a death duty and to a lesser extent a tax on lifetime gifts. Other than spending all your wealth before you die, IHT planning will be necessary to ensure that you leave as much as you wish to your loved ones.

Who is affected?

Those individuals who are UK domiciled are chargeable to IHT on their…

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Did you claim Employment allowance?

Historical NIC Employment Allowance claims still possible

In the Budget of 2013, the then Chancellor of the Exchequer, George Osborne, announced that as from 6th April 2014 employers would be entitled to claim an Employment Allowance of £2,000 a year as a reduction in their Class 1 secondary (employers’) NIC liability (not against Class 1A or 1B). At the time it was introduced the Employment Allowance was expected…

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Key to the tax door

key person insurance

Tax implications of key person insurance

Companies may sometimes take out a policy (key person insurance) insuring them against loss of profits resulting from the death, critical illness, sickness, accident or injury of an employee, director or other ‘key person’. This could be a life policy taken out on a main director/shareholder to cover repayment of borrowings in the event of that person’s death.

HMRC’s Business…

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Moving up a gear

self assessment

Single property landlords will be pushed into higher rate tax bracket

The restriction on the deduction of finance costs from 6th April 2017 has meant that single property landlords could easily find themselves becoming higher rate taxpayers because of the new rules. This is illustrated by the example of Imogen below.

Example: Imogen

Imogen is self-employed and works from home. Her annual business profits are…

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