HMRC has provided a list of how to prepare for the changes of the off-payroll working rules starting from 6 April 2020 that will help...
What expenses can I claim as a...
- Freelancers, Small Business,
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In simple terms, expense is the money spent by an organisation for the purpose of business. In accounting, an expense is an outflow of cash...
Flat Rate VAT Scheme and Limited Cost...
- Contractors, Freelancers, Small Business,
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A business is a limited cost trader if its VAT inclusive expenditures on relevant goods is either: Less than 2% of your VAT Flat rate...
Budget Highlights 2017
- Freelancers,
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Income tax The personal allowance for the tax year 2017/18 has been increased to £11,500. Class 2 and Class 4 National Insurance contributions (NICs) The...
National Minimum Wage and National Living Wage...
- Contractors, Freelancers, Income Tax,
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The hourly rate for the minimum wages depends on your age and whether you’re an apprentice. The National Minimum Wage (NMW) is the minimum pay...
VAT Flat Rate Scheme changes from April...
- Contractors, Freelancers, Small Business,
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The autumn statement included the decision to introduce a new flat rate of 16.5% for ‘Limited Cost Traders’ (LCTs) from 1 April 2017. These are...
Do I Need To Submit A Tax...
- Contractors, Freelancers,
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As per the HM Revenue and Customs (HMRC) guidelines, you must submit a tax return if any of the following applies: You are self-employed You...
I Would Like To Gift My Property...
- Capital Gain, Freelancers,
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There are tax consequences on the gift of property which have been summarized as below: Capital Gains Tax If the property is gifted to your...
UK Votes to leave the EU
- Capital Gain, Freelancers,
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The move will not have immediate legal and tax consequences for multinationals with UK operations. In longer term however, the landscape may change significantly for...
Buy To Let Bring Record Receipts For...
- Freelancers, Small Business,
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April saw the highest level of stamp duty land tax (SDLT) recorded for a single month, according to statistics released by HMRC. Nearly £1.2bn was...
Auto-Enrolment
- Freelancers, Small Business,
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If you are an employer you are now legally required to enroll your eligible employees into a qualifying pension scheme. This reform is staged over...
