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Employee third party debt and pecuniary liability

Pecuniary liability

Pecuniary liability principle

Under the pecuniary liability principle, where an employer settles a personal bill on behalf of an employee, whether Class 1 or Class 1A NIC are payable, depends on the way the bill is settled.

If the contract is with the employer and the employer pays directly to the supplier, PAYE cannot be operated and therefore it is reported on form P11D as a…

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Purchase of a property through a Limited Company

The purchase of a property through a business can be very tricky and there are numerous things to think about if deciding to do so. Specialist advice is recommended.

If you decide to purchase a home through a Limited Company, the house ultimately belongs to the company and not you personally. Therefore, the house will be looked upon as an investment property.

If you decide that…

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Personal Tax – Payment on Account Reminder

REMINDER – If your 05 April 2014 Self Assessment tax liability was in excess of £1,000, your second Payment on Account (50% of total 05 April 2014 liability) towards your 05 April 2015 liability is due and payable to HMRC by 31 July 2015.

If Qdos Accounting prepared your 2014 Self Assessment tax liability, you can find details of these amounts on your personal tax computation (QAXXXX-TC-2014) saved…

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Contract for Services

In order to accurately process your timesheets and ensure the timely delivery and ultimate payment of your invoices, it is imperative we hold a valid contract on file.

Please note if Qdos Accounting do not hold a valid contract on file, we cannot guarantee the accuracy, nor timely delivery of invoices.

Please advise if your contract has been extended or if you have a new contract…

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Summer Budget Introduction

The first Budget after a general election is traditionally the time for introducing unpopular measures. The Chancellor is not constrained by a coalition partner and has nearly five years
until the next election. Mr Osborne’s stated aim is to move the UK from a low wage, high tax, high welfare economy to a higher wage, lower tax and lower welfare economy.

Some of the key tax points…

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New Reporting Duties for LTD Company Contractors

From 6 April 2015, employment intermediaries are required to collect, store and report to HMRC the personal information of workers for whom they do not deduct PAYE and national insurance. This includes contractors operating through their own limited company.

What information is required from Limited Company Contractors (LCCs) by recruiters?

Employment intermediaries are required to report the following:

  • The name, registered address and Companies House…

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Pension Changes : Auto-Enrolment

Changes to Workplace Pensions has been much publicised recently.

The new law is only applicable for Company’s with more than 1 Employee.

If your Limited Company employs 2 or more staff you must automatically enroll the workers into a workplace pension scheme and contribute towards it if they:

  • are aged between 22 and State Pension age
  • earn more than £10,000 a…

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Contracting – The Top 5 Things to Consider

For those who are thinking of taking the leap into the contracting profession, or for all of you veterans who want to swat up on on your industry knowledge, here are our ‘Top 5’ things to consider when contracting.

Accountant

When taking the leap into contracting, one of the first, and most important things to consider is getting a contractor accountant. Your accountant will be…

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Spring Budget – What Did We Learn?

The spring budget is much more than a battle of wits and words over beer tax and wine duty from our country’s ‘finest’ politicians. For businesses, budgetary changes can affect taxes and duties, most importantly, altering the bottom line at the end of the financial year.

Below is our breakdown of the recent spring budget.

Economy

  • Inflation set to fall to 0.2% this year

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IR35 Business Entity Tests Withdrawn

HMRC have announced that after only 3 years, they are scrapping the IR35 business entity tests.

HM Revenue & Customs (HMRC) will withdraw the business entity tests (BETs) and example scenarios from 6 April 2015, and there are no plans to replace them.

The IR35 Forum reviewed the (BETs) and found that they were not helping customers as they’re:

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