The Importance of a Supply Chain Audit in IR35 Compliance
In the ever-evolving landscape of workforce regulations and compliance, IR35 has emerged as a critical concern for businesses that engage independent contractors and freelancers. In the wake of IR35, it has become crucial for businesses to conduct supply chain audits to ensure compliance and mitigate potential risks. In this blog, we will delve into the […]
The Importance of Careful IR35 Compliance: Why Frequent Reassessments Are Necessary
IR35 has been a hot topic in recent years, causing significant concerns for both contractors and businesses alike. With its complex regulations and potential financial implications, it’s crucial for companies to exercise utmost care when dealing with IR35. In this blog post, we’ll delve into the reasons why consistent reassessments are not only essential, but […]
What expenses can I claim as a CIS sole trader?
When calculating the actual amount of tax to you pay on your tax return, you can take into account any expenses ‘wholly and exclusively’ paid out for the purposes of your business, such as van expenses, tools and materials and administrative costs, including mobile phones.
What do I need to be aware of when appointing my spouse or civil partner as a second shareholder?
There are several considerations when appointing your spouse or civil partner as a second shareholder:
What tax do I pay on dividends?(from 6th April 2024)
The dividend allowance means that you won’t have to pay tax on the first £500 of dividends received in a tax year.
HMRC Interview Process
HMRC Investigation – What to expect if you are contacted?
Even before IR35 became a permanent fixture in the private sector, we always emphasised the importance of preparing for a HMRC investigation. With the IR35 soft landing ending over a year ago, HMRC has given businesses enough time to get their affairs in order and has now started contacting private sector businesses to talk about […]
Consequences of getting IR35 wrong
HMRC’s 12-month grace period which was implemented after the changes were first introduced in April 2021 has now passed. This means it is more important than ever that organisations are complying with the legislation and minimising their risks as much as possible. Furthermore, HMRC has started their transition from education to enforcement and has already […]
What are a director’s responsibilities when filing accounts at Companies House?
At end of the financial year, your private limited company must file accounts every year at Companies House. Company accounts are documents prepared at the end of a financial year which show how a company has performed over the accounting period. All limited companies must deliver accounts to Companies House. It does not matter whether you’ve been successful, breaking even, not trading, or dormant.
What are the General duties of a director?
As well as your responsibilities as a director to Companies House, you must perform a set of 7 duties under the Companies Act 2006. These still apply even if you’re not active in your role as director, someone else tells you what to do, you act as a director but have not been formally appointed or you control a board of directors without being on it.