'Wholly & exclusively' rule is limited - HMRC

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.

Business Records

What records do freelance businesses need to keep.

Dividend voucher

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.

Freelance calculators

Freelance calculators to aid financial decision making from calculating profit to mortgage and pension calculators.

Intangible Assets

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

Introduction to Self Assessment

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.

Managed Service Companies legislation

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.

Personal taxation of directors

The way tax is paid on limited companies is different to the way that non-limited companies pay tax.

Public Sector Review – Advice for contractors in the Public Sector

“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.

Tax and contract helpline for IPSE members

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.

Taxation of Limited Companies

There is one very important point to remember - you and the Limited Company are two separate legal entities.

Taxation of sole traders, partnerships and LLPs

Sole Traders, Partners and members of Limited Liability Partnerships are classified as self‑employed and must complete a self assessment tax return annually.

The role of a director: duties you need to be aware of

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.

'Wholly & exclusively' rule is limited - HMRC

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.

Research and development relief

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.

Tax treatment of business expenses

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.

Travelling expenses: What is the 24 Month rule?

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’.

Tax and contract helpline for IPSE members

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.

An update on recent IR35 Case Law

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.

Business Records

What records do freelance businesses need to keep.

IR35 advice and tips

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.

IR35 Insurance

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.

Managed Service Companies legislation

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.

Public Sector Review – Advice for contractors in the Public Sector

“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.

Inheritance tax

The nil rate band has been frozen until 2014/15; thereafter it will increase in line with the consumer price index.

Introduction to Self Assessment

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.

Personal taxation of directors

The way tax is paid on limited companies is different to the way that non-limited companies pay tax.

Stamp duty

Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK.

Understanding VAT and the Flat Rate VAT Scheme

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.