Pension Auto-Enrolment - Increase to Minimum Contributions

Posted on 21st March 2018 at 18:00

From 6 April 2018 minimum pension auto-enrolment contributions will increase from 2% (1% employer, 1% employee), to 5% (2% employer, 3% employee). Make sure you are aware of the change and we recommend advising your employees.

Spring Statement 2018

Posted on 13th March 2018 at 19:30

The Chancellor detailed his Spring Statement today, 13 March 2018. The aim of the statement is no longer to announce tax and spending changes (that now occurs just once per year in the Autumn Budget) but simply to give an update of the overall health of the economy, an update on progress made since the Autumn Budget and an invitation to people to give views on any changes the government are considering.

So, while no one was expecting any tax changes, the one pressing concern on all contractor’s minds (and mine!) was if there would be further word on the IR35 Private Sector Consultation mentioned in the Autumn Budget.

Problems paying your tax?

Posted on 22nd January 2018 at 08:00

With the self-assessment deadline (31 January, if you have forgotten) fast approaching, one of the most common questions we hear is "What do I do if I can't pay my tax bill?" If you are struggling with paying that dreaded tax bill, whether it be your self-assessment (personal tax), corporation tax or VAT, we have some advice for you...

Autumn Budget 2017

Posted on 23rd November 2017 at 09:30

The Chancellor Philip Hammond delivered his Autumn Budget speech on 22 November 2017, at 12:30pm. The key points for freelancers, contractors and small business are set out below.

Why contractors can't afford to ignore IR35

Posted on 20th September 2017 at 11:00

As a contractor/freelancer operating as a limited company, you could be at risk of being investigated by the HMRC to see if you fall under IR35.

Self-Assessment - Payments on Account

Posted on 14th July 2017 at 13:00

Due to the changes to the tax rates on dividends that came into effect from 2016/17, many freelancers, contractors and small business owners may find that they fall into the self-assessment payments on account regime for the first time this tax return season. But what does it mean?

Directors' Loans

Posted on 5th June 2017 at 12:00

If you need to borrow money from your limited company, you can do so with an interest-free, or low-interest Director’s Loan. So long as the company isn’t in financial difficulty, shareholders have offered approval, and the board have agreed on the terms, a director’s loan can be a very cost effective way of borrowing money. However, there are two common pitfalls you’ll want to avoid: paying additional Corporation Tax and Benefit in Kind Tax.

Spring Budget 2017

Posted on 8th March 2017 at 17:30

On 8th March 2017, Philip Hammond delivered the much anticipated Spring Budget 2017, outlining tax and welfare reforms, as well as changes to public service spending. This is the last Spring Budget as all future Budgets will take place in the Autumn.

Public Sector IR35 Worker Changes

Posted on 8th March 2017 at 15:00

In the Autumn Statement 2016 Philip Hammond announced some proposed changes in relation to how public sector contractors work within IR35. These changes have been confirmed in the Spring Budget 2017 and will come into effect from April 2017.

VAT Flat Rate Scheme is changing

Posted on 12th January 2017 at 12:00

During the Autumn Statement 2016 on 23 November 2016, an announcement was made by the Chancellor to change how the VAT Flat Rate Scheme is used by a many small businesses. There had been no hints or whispers of such changes, so this came as a shock to us accountants and tax advisers I can tell you!

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