Darren Fell | Accountancy & Tax
If you have read our guide to the expenses freelancers can claim the following guide gives some in depth information on how to claim your business expenses.
Mel Dixon | Accountancy & Tax,News
Over the last month the coalition government has been taking suggestions from the public on how they can save money quickly and effectively. Some have argued for the scrapping of the digital switchover while others have suggested making MP’s use hostels rather than a have a second home.
A number of people have also taken the opportunity to argue for the repeal of IR35…
For a long time now there’s been much talk of the drawbacks and benefits of IR35. Well, mainly the drawbacks. But what of the measures that could potentially replace the complex and largely ineffective legislation?
One option which has been spoken about recently, involves the creation of a new General Anti-Avoidance Rule known by its acronym GAAR.
Michael Rose | Accountancy & Tax,Starting Out
Continuing our Freelance Stories series we talk to artworker and print production pro Bill Greenwood.
After 20-years working for top design studios Bill has decided to go it alone and tells us what it is like to start your own Limited Company.
Mel Dixon | Accountancy & Tax,News
Last week the Government announced a 52% cut in the amount spent on advertising and marketing, leading to 287 redundancies.
One of the few Government campaigns to escape the axe was the HMRC’s ‘paying business taxes’ series of adverts which surely reveals a determination to ensure that businesses don’t escape their tax paying responsibilities. Freelancers and contractors should be on their guard.
IR35 has been the bane of many of a contractor since it was introduced back in April 2000. Recently the controversial legislation has been garnering much media attention after the coalition government promised to review it as part of their plans to simplify the tax system for businesses.
This makes it a good time to ask: what exactly is IR35?
VAT is defined by HMRC as “a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK.”
The question is: when should you be VAT registered? And why? It’s time for a no-nonsense overview to provide some answers…
New government proposals to dramatically cut tax free pensions allowance could have an impact on freelancers and contractors looking to save money for the future.
It’s a question which every prospective freelancer and contractor asks themselves before making the leap towards a more self-sufficient way of working. Should I trade as a limited company or work via an umbrella company?
Both methods have their supporters, but in this article I will bring the debate back to basics.
Michael Rose | Accountancy & Tax,News
“Ten years after its introduction, the review of IR35 finally got underway, signaling the beginning of the end for the tax. The Government announced the terms of reference for the long-awaited review of small business tax measures. The new Office of Tax Simplification will look at the issue and have been specifically tasked with trying [...]
So far, so good. That seems to be the business community’s general view regarding the coalition government.
In a recent newspaper article, award-winning entrepreneur and freelancer’s friend, Darren Fell, gave his views on why he thinks now is a great time to start a business in light of recent tax changes.
Paul Cleworth | Accountancy & Tax
As the dust settles after the June Budget Financial Planning Expert Paul Cleworth give us some good news for contractors.
TODO: Is a review of salary levels with your accountant requried?
Michael Rose | Accountancy & Tax
Freelancers and Contractors unhappy with the Labour government’s IR35 leglislation may now be able to see light at the end of the taxation tunnel.
Before the election the Tory team were hinting that they’d “review” IR35 if they got into power, but yesterday saw the first strong commitment from small business minister Mark Prisk.
“We want to make sure that we could undertake a comprehensive review of small business taxation in a way that makes the need for the current IR35 legislation redundant” said Prisk in an interview with The Telegraph.
In May, the newly formed coalition government wasted no time in making all the right noises regarding the stress inducing IR35 ‘disguised employment’ legislation. Through a combination of squawks, growls and shrill cries they promised to “review IR35, as part of a wholesale review of all small business taxation, and seek to replace it with simpler measures…”
The question is: can we expect any statements of substance regarding the legislation in the upcoming emergency budget?
Michael Rose | Accountancy & Tax
Computer Arts readers can get a 10% discount for a year at Crunch.
Buy this month’s Computer Arts magazine and you’ll not only find the usual mix of great graphic design articles and advice you’ll also get a code for 10% of Crunch.co.uk.
Michael Rose | Accountancy & Tax,News
The deadline for online VAT returns is drawing close. As from April 1st this year, it becomes mandatory to file online.
Businesses that do not comply with the new online regulations will face a fine from HMRC.
Michael Rose | Accountancy & Tax
From April 2010, if you have an annual VAT exclusive turnover of £100,000 or more, you will have to do your VAT returns online and pay any VAT due electronically.
But don’t worry, it’s the same form and just as secure as doing it on paper.
If you haven’t already, you’ll need to register for an online account at least 7 days before you do your VAT return. All the help and advice you may need about registration and online services can be found by visiting HM Revenue & Customs’ online services demonstrator: businesslink-online.hmrc.gov.uk/login
Paul Cleworth | Accountancy & Tax
While the effects of the recession on cash flow and business profitability are on the minds of most at present, the pending year end of April 5th 2010 provides an opportunity to ensure that your liability for the 2009/10 tax year is no greater than necessary.
In this year end tax guide, Paul Cleworth of Wealth Matters considers some of the ways you might act now to help you achieve a more tax efficient and secure future for you, your family and you business.
Michael Rose | Accountancy & Tax
From 1 April 2010, if you have an annual VAT exclusive turnover of £100,000 or more you will have to submit your VAT returns online and pay your VAT electronically. Also, if you register for VAT from 1 April 2010 onwards, you’ll have to file online from the start, whatever your turnover.
Michael Rose | Accountancy & Tax
If you are a freelance sole-trader or a contractor working under an Umbrella company you may not be aware that going limited could save you money.
By going limited you can, save tax, open more avenues for employment, benefit from limited liability if you get into trouble.
Darren Fell | Accountancy & Tax
What expenses can I claim?
Freelancers and contractors with limited companies can claim the following as legitimate business expenses.
Michael Rose | Accountancy & Tax,Starting Out
Negotiating yourself the best rate possible is crucial to your financial success as a freelancer or contractor. However, it is also one of the most daunting prospects if you have never done it before.
This guide outlines a few things to think about when trying to secure yourself the best deal.
Michael Rose | Accountancy & Tax,Starting Out
If you decide to set up your own limited company then you’ll need a business bank account to separate your personal and business finances.
It may sound like a lot of hassle but our quick guide shows you what you need to do.
Michael Rose | Accountancy & Tax
The Self Assessment online deadline is fast approaching – if you still need to do your Tax Return you must do it online by 31 January
If you’re using HMRC Online Services for the first time, you will have to register for an online account. You will then be sent an Activation Code within 7 days to activate your account.
Michael Rose | Accountancy & Tax,Starting Out
Setting up a Limited Company is one of the smartest way to get paid for your work. With a Ltd you get to define your brand, own everything you do, run your business in the most tax-efficient way and pitch for work you wouldn’t be able to get as a sole-trader.
Some people, usually the folks at Umbrella companies, will tell you that setting up a company is costly and complicated but with low-cost solutions out there it’s a no-brainer.
Master-moaner and freelance freedom-fighter Malvolio takes a look at Tax and Employment Benefit Trusts (an alternative to Umbrella Companies that promise up to 25% more in your pocket).
Are these tax schemes a good idea for freelancers and contractors looking to earn a little more? Are they good for the UK?
I was following a discussion over the weekend about someone asking if it was OK to expense accountancy training as part of his role as a company owner. My understanding of any expenses, including training costs, is that the expense must be wholly and exclusively in the line of your work. So clearly you can’t [...]
Michael Rose | Accountancy & Tax,News
The specialist freelancer and contractor-focused accountancy world is hotting up as Crunch continues to cause ripples in the sector. It’s been a busy month for Crunch with the news that the all-in-one online accountancy service has received investment from Bebo co-founder Paul Birch and Skype chairman Michael van Swaaij. Combined with news of an award [...]
Darren Fell | Accountancy & Tax,Guides
Got a great accountant but lousy software?
Or great software but an accountant who wants everything in Excel spreadsheets?
Crunch Managing Director Darren Fell explains why choosing an all in one accounting solution can save you a lot of time and hassle when it comes to your year-end.
Michael Rose | Accountancy & Tax
Our friends at HMRC have kindly offered us all their PDF and Video content in widget form.
All you need to do is choose from the dropdown and you get the lastest information straight to your desktop.
Job done. Definitely one to bookmark!
Daryl Close | Accountancy & Tax,Legal
Freelancing and contracting is becoming a normal work practice within our society but many people continue to work as a sole trader rather than through a limited company. Freelance Coach Daryl Close takes a look at how a limited company setup can help you
Michael Rose | Accountancy & Tax,News
The PCG, the association that represents freelancers and contractors in the UK, has revealed the exact amount of money raised by the Government’s IR35 tax regulation rules.
Following a request under the Freedom of Information Act to HMRC, asking just how much tax revenue IR35 raises for the exchequer, PCG have found that between tax years 2002/03 and 2007/08, IR35 directly raised just £9.2 million. This equates to an average of around only £1.5 million per tax year – a tiny sum in Governmental terms.
Michael Rose | Accountancy & Tax,Resources
If you’ve read the tax overview and know what to expect this guide gives you a simple to understand guide to Self Assessment, National Insurance contributions, VAT, employing others (PAYE) as well as some of the help you can get in the form of Allowances, reliefs, incentives and Tax credits.
Essential reading if you’re starting out and struggling to understand tax and self-employment.
Michael Rose | Accountancy & Tax,Resources
To help launch our new Resources section we’ve teamed up with Business Link and the HMRC: Over the next few months we’ll be offering the latest advice, guidance and short videos from the people who know.
If you’ve recently gone self-employed or are thinking about working for yourself this first PDF guide will give you an overview of initial questions you might be asking yourself when planning on starting a business.
Kasey Brunt | Accountancy & Tax
Small business owners working from home should make sure they are claiming tax relief, an accounting firm says.
Target Chartered Accountants says business owners who work from home can claim several tax benefits, including mortgage interest.
Kasey Brunt | Accountancy & Tax
Tax burden hurts small business HIGH taxes are hitting UK small businesses hard, new research has found. About 16 per cent of small business’ outgoings is spent on tax, according to financial business information firm Creditsafe. This means tax is the third biggest expense for most small businesses, freelancers and contractors, behind wages and investment [...]
Leif Kendall | Accountancy & Tax
Continuing our series on how an economic crisis might affect freelancers and contractors, Freelance Advisor and Web Marketing Consultant Leif Kendall gives us five freelancing tips for surviving in a recession. Before I tell you how to literally work your way through a recession, or a credit crunch, or whatever we’re experiencing, I would like [...]
Leif Kendall | Accountancy & Tax
With gloomy forecasts and images of screens full of flashing red numbers dominating the newspages we’ve been keeping a eye on what the state of the economy means to freelancers and contractors. And it’s not all bad news! Today Freelance Advisor and Web Marketing Consultant Leif Kendal gives us three reasons why freelancing might actually be a very good option during a recession.
Michael Rose | Accountancy & Tax
The Professional Contractors Group (PCG), which represents UK freelancers and contractors, has warned the Government against “heavy-handed action” which would remove tax relief on expenses. The warning particularly concerns freelancers who work through ‘umbrella companies’ which oversee the offering of a number of freelancers’ services on large or long-term contracts. “PCG supports the presence of [...]
Phil Illingworth | Accountancy & Tax
“I’m busy earning as a freelancer, but what about all those Pension plans?” It’s a common freelance problem. You’re hard at work earning money from contracts, but you also know you need to keep an eye out for when you’ll be less busy earning. In this new Financial Management series, Senior Pensions & Retirement Consultant [...]
Darren Fell | Accountancy & Tax
The importance of a strong legal framework can never be under estimated when establishing a relationship with a customer. What are we talking about? The key fundamental within business, a contract of course! If you’re mad enough to be working for any customers under a loose agreement or worse still a verbal agreement, stop and [...]
Michael Riazi | Accountancy & Tax
Accounts and Audit Manager Michael Riazi helps freelancers and contractors find the advice they need. Last month Michael gave some great advice on how to find an accountant that is right for our freelance business – this month he gives us ten things we should ask on our first meeting. Before you choose an accountant… [...]
Michael Riazi | Accountancy & Tax
today’s current climate it is essential to choose every aspect of your freelance business dealings carefully. This applies not just to your clients and suppliers but also to your professional advisors – especially a good accountant.
The right accountant will meet all your business accountancy needs, from the preparation of accounts and dealing with tax matters, but also helping your company or business grow in the future.
Darren Fell | Accountancy & Tax
Heard of it? Most have but still it manages to send a shiver or two down the spine of even the most newbie contractor or freelancer who’s not quite sure! So what actually is it? Well essentially it’s the Inland Revenue’s (HMRC) definition of ‘self employment’ and it’s designed to catch those who are contracting [...]
