HM Revenue & Customs have finally published updated guidance on the position of tax relief relating to employer contributions into pensions, confirming the 'wholly & exclusively' rule will only be applied in limited circumstances.
What records do freelance businesses need to keep.
A dividend voucher must be prepared for each shareholder each time a dividend payment is declared and paid. The payment must be made and should be separate from any other payments made to a shareholder.
PCG’s advice has always been to exercise extreme caution before entering into an EBT.
This legislation was introduced to prevent people who own businesses jointly from sharing the profits in the traditional way. Income tax must be paid on profits without regard to the ownership split between the business.
Freelance calculators to aid financial decision making from calculating profit to mortgage and pension calculators.
The term ‘intangible asset’ covers not only intellectual property, such as patents, copyrights, trademarks and know-how, but also a variety of other assets with commercial value such as agricultural quota, payment entitlements under the single payment sch
Submitting an incorrect return to HMRC or missing a deadline can mean that interest and penalties are due, so it’s important to submit a correct return on time.
Members will be aware that if one wishes to be in business on one’s own account, one of the legitimate and most tax efficient ways of trading is through a limited company.
The way tax is paid on limited companies is different to the way that non-limited companies pay tax.
“Off payroll engagees” such as freelancers, who are working in the public sector, must now assure their engager that they are meeting all their tax obligations fully. This guidance outlines what this means and how to comply with these new rules.
This service provides our freelancers with all the guidance and advice required to ease the burden of tax, delivered by knowledgable and friendly taxation experts at Abbey Tax.
There is one very important point to remember - you and the Limited Company are two separate legal entities.
Sole Traders, Partners and members of Limited Liability Partnerships are classified as self‑employed and must complete a self assessment tax return annually.
A director’s legal duties can be somewhat of a burden and the penalties for breaching them can be tough. However, provided directors have a good understanding of their role, the risk of committing a breach of duty can be avoided.
HM Revenue & Customs have finally published updated guidance on the position of tax relief relating to employer contributions into pensions, confirming the 'wholly & exclusively' rule will only be applied in limited circumstances.
Until 31 March 2012, tax relief was only available if your company or organisation spent at a rate of at least £10,000 a year on qualifying R&D costs in an accounting period.
For small business owners, the classification of business expenses as allowable or non-allowable can be a minefield. In this section PCG set out to shed some light on the rules.
HMRC also provide examples of when travelling and subsistence expenses are or are not allowable on their website in the Employment Income Manual, including specific information regarding the ‘24-month rule’.
This legislation was introduced to prevent people who own businesses jointly from sharing the profits in the traditional way. Income tax must be paid on profits without regard to the ownership split between the business.
This service provides our freelancers with all the guidance and advice required to ease the burden of tax, delivered by knowledgable and friendly taxation experts at Abbey Tax.
There has been concerns that HMRC has updated the employment status manuals (ESM) on its website to reflect recent ‘IR35 victories’ - namely Dragonfly Consultancy Ltd and Larkstar Data Ltd.
What records do freelance businesses need to keep.
IR35 was introduced because the Government believed that some people were providing their services through a limited company or a partnership as a means of avoiding tax.
Many freelancers and contractors will have heard of IR35 or the intermediaries legislation. An IR35 investigation is a risk unique to freelancers who could be caught under IR35, or deemed employed.
Members will be aware that if one wishes to be in business on one’s own account, one of the legitimate and most tax efficient ways of trading is through a limited company.
“Off payroll engagees” such as freelancers, who are working in the public sector, must now assure their engager that they are meeting all their tax obligations fully. This guidance outlines what this means and how to comply with these new rules.
Patricia Leighton Emeritus, Professor of Employment Law at the University of Glamorgan gives PCG her thoughts on the Tilson v Alstom case.
Autoclenz engaged car valeters on a self-employed basis. By 2007, the contracts contained the requisite mutuality of obligations and substitution clauses.
Some advice and guidance on the general process HMRC enquiries generally follow and the steps to take.
The nil rate band has been frozen until 2014/15; thereafter it will increase in line with the consumer price index.
Submitting an incorrect return to HMRC or missing a deadline can mean that interest and penalties are due, so it’s important to submit a correct return on time.
The way tax is paid on limited companies is different to the way that non-limited companies pay tax.
Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK.
VAT stands for “Value Added Tax”. VAT is payable on the goods and services supplied by VAT registered businesses in the UK or the Isle of Man, but there are some exceptions.