Understanding IR35 not only determines how contractors run their business and how much tax they pay, but also supports organisations in retaining flexible workers who operate through their own limited companies or personal service companies. In April 2017, the Government shifted the responsibility for determining IR35 status
Read more →It’s less than a year to go until Making Tax Digital comes into effect for millions of UK businesses and a number of selected companies have already begun submitting their tax returns as part of HMRC’s latest trial. Ahead of the April 2019 roll out, a handful
Read more →The Spring Statement is an opportunity to reflect on economic growth and borrowing forecasts, as well as announce forthcoming changes to taxation and Government spending. Albeit a relatively short speech this time around, the Chancellor did announce plans to accelerate the next business rates revaluation from 2022
Read more →Earlier this month we saw Philip Hammond deliver his first Spring Statement. During the short 30 minute speech, the chancellor updated on the progress made since the 2017 Autumn Budget and launched a number of forthcoming consultations. Of the 13 consultation papers that are set start this
Read more →If you prefer to pay your tax bill with a personal credit card, then you MUST submit this payment by midnight on Friday 12 January to guarantee that the payment is fully cleared with HMRC ahead of the Saturday 13 January early repayment deadline. After Saturday 13
Read more →Private investors and businesses of all sizes could receive up to 40% of a commercial property purchase back in tax free income by taking advantage of the Capital Allowance Act 2001, which allows owners to claim for the value of plant and machinery within a commercial property.
Read more →Phillip Hammond set out his first Budget as Chancellor with the declaration that he was preparing the UK for a ‘new relationship with the European Union (EU) and a new Future outside of the EU’. He took the opportunity, as many of his predecessors have, to take
Read more →The Criminal Finances Act 2017 came into force in late September, overhauling the Proceeds of Crime Act 2002 (POCA) anti-money laundering and confiscation regime. Under the new rules, companies and partnerships are now criminally liable for failing to prevent tax evasion by an associated person – something
Read more →Owners and company directors can choose how and when to extract funds from their business. Yet with almost every extraction resulting in one tax charge or another, it’s important to understand how best to take money out of your business. Salary Taking all of your income as
Read more →Ministers have announced that they’re changing how they implement Making Tax Digital. Under the new rules and timetable, businesses will only have to keep digital records and update the taxman every quarter from 2020. Starting in 2019, businesses with a turnover above the VAT threshold, currently £85,000,
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