Just need Insurance?

News

5 Reasons to Switch Contractor Accountants

Spring Budget U-Turn

Thinking of switching contactor accountants? We examine five key reasons why contractors change their accounting provider.

Having an accounting provider in place is vital in ensuring that a business can operate sufficiently. Having the right accountant that works for you is very important in ensuring that you utilise your company income correctly. We speak to numerous contractors every day who are looking at switching their accounts away from…

Read More

HMRC Defeated in Recent IR35 Case

Spring Budget U-Turn

In a time of apparent reform for the IR35 legislation, Her Majesty’s Revenue & Customs’ charge against non-compliance is stopped in its tracks as they lose First Tier Tax Tribunal against Ltd company contractor.

IR35 cases have never been black and white, but despite their complexities, since HMRC launched dedicated teams tasked solely with enforcing the legislation, the number of investigations in the working status’…

Read More

5 Tips to Choosing a Business Bank Account

business expenses

Anyone who is operating via a Ltd company is required to have a bank account set up attributed to their business. Having one of these in place is very important in operating successfully, and at Qdos we want to ensure that you understand the why’s and how’s of setting up a business bank account and want to make sure you choose a banking provider that is compatible to your business…

Read More

What is an IR35 Accountant?

off-payroll

With online information and misinformation on IR35 rife within the industry, we discuss what contractors should look out for when seeking correct information on HMRC’s legislation. With more and more professionals operating via personal service companies, having the right support in place is vital. We take a view of what is an ‘IR35 accountant’.

IR35 Specialists

Ever since the introduction of the intermediaries legislation…

Read More

Criminal Finances Act 2017

Need to know facts about the Criminal Finances Act 2017.

Having been announced in April of this year, the Criminal Finances Act 2017 was officially enforced on 30th September. It is a legislation which contractors, recruitment agencies and all UK businesses for that matter must be aware of – not least because ignoring it could bring about prosecution, criminal charges and crippling fines.

While…

Read More

Getting the VAT treatment right

A Sorry Tale of Misunderstanding

There are three rates of VAT:

  • Standard rate of 20%;
  • Reduced rate of 5%; and
  • Zero rate.

There are also exempt supplies which do not attract VAT, but these are not the same as zero-rated supplies.

For the majority of contractors, the VAT treatment of their sales is straightforward enough, but there may…

Read More

Disincorporation relief close to extinction

Pecuniary liability

OTS warning over neglecting relief

Disincorporation relief was introduced as a temporary measure from 1st April 2013 following recommendations by the Office of Tax Simplification (OTS) to remove the tax barriers when the owners of small companies want to transfer the business to a sole trader or partnership.

The relief allows transfers of land and goodwill to be made at cost or written down…

Read More

Get the shareholding details right

business expenses

Confusion as to who owns shares will prove costly

When establishing a company, it is important to identify who owns the shares and get the correct paperwork put in place. Failure to do so can result in an unexpected tax bill and worse, as proved to be the case in the First Tier Tax Tribunal case of Terence Raine v HMRC (2016).

Mr Raine, a 69-year…

Read More

Can HMRC ever be world class?

HMRC penalties

Revenue set out strategy for becoming top organisation

HMRC has recently published their corporate strategy to become a “world-class organisation” underpinned by the values of professionalism, integrity, respectfulness and innovation. Still, a long, long way to go then!

The department has three strategic objectives:

1. Maximise revenues and cracking down on avoidance and evasion

Taxpayers are divided by type and size into…

Read More

Simplifying corporation tax

tax-treatment

OTS proposes changes to reduce tax burdens

The Office of Tax Simplification (OTS) has recently published its recommendations for making corporation tax (C.T) easier in its report, ‘Simplification of the corporation tax computation’.

To date, there has been little focus on making C.T operate more simply for the benefit of the vast majority of companies. To address this, the OTS has made some…

Read More

IR35 Download
  • Please fill in the form below to access the guide.

×
Going Limited
  • Please fill in the form below to access the guide.

×
Qdos Accounting

×