Accountancy & Tax

Easy Guide to End of Year Tax Planning

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.

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VAT is moving online

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.

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Going limited: How much can I save?

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.

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Ltd Company: Detailed information on the expenses you can claim

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.

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Ltd Company: What expenses can I claim? Complete list

Darren Fell | Accountancy & Tax

 

What expenses can I claim?

Freelancers and contractors with limited companies can claim the following as legitimate business expenses.

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Money matters: How do I negotiate a great rate?

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.

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How do I open a Limited Company bank account?

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.

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Have you registered with HM Revenue & Customs to do your tax online?

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.

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Freelance Questions: “How do I set up a Limited Company?”

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.

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Freelance Comment: A Taxing Problem

Malvolio | Accountancy & Tax

 

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?

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Contractor comment: Show me the money…

Malvolio | Accountancy & Tax

 

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 [...]

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Accountancy News: Crunch continues to cause ripples

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 for [...]

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Avoiding Accountancy Hell: Two steps to Accounting Heaven!

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.

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Free tax tools from the HMRC

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!

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Freelance Coach: Still a sole trader? When is a good time to switch to Limited Company?

Daryl Close | Accountancy & Tax, Legal advice

 

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

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Freelance News: PCG exposes the truth of IR35’s tiny tax take

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.

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Freelance Resources: Essential Tax Guide

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.

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Freelance Resources: Tax… the basics

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.

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Freelance News: Tax relief for home workers

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.

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Freelancer News: Taxing times

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 in stock [...]

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Five tips for surviving as a freelancer during a recession

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 to [...]

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Three reasons why freelancers are safer during a recession

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.

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Loss of tax relief on freelance expenses?

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 umbrella companies [...]

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Pension plans for freelancers and contractors

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 Phil [...]

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Legal cover and contracts for freelancers and contractors

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 [...]

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10 things to ask your prospective accountant

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… An accountant [...]

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Find an accountant for your freelance or contracting business

Michael Riazi | Accountancy & Tax

 

In 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 [...]

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What is IR35?

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 for [...]

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