Flat Rate Scheme for VAT – matching your VAT rate to your contractor activities
Flat Rate Scheme for VAT The Flat Rate Scheme (FRS) for VAT can be a very convenient option for smaller businesses, which is why many Limited Company contractors choose this method. The FRS makes it much easier to work out how much VAT is payable and it simplifies administration. However, if you’re currently looking at […]
Penalties – company accounts and Corporation Tax
Penalties – company accounts and Corporation Tax Accountants often talk about penalties and interest being incurred if documents are filed late, but we find that people rarely know the actual facts and figures that can be involved. This is quite a large subject, so in this blog we’re concentrating purely on a general overview in […]
Personal tax calculations and payments on account
Personal tax calculations and payments on account If you are a director then you will be obliged to file a tax return each year, and will need to pay any tax that is due thereon as a lump sum on 31st January. You normally have to wait for your contractor accountant to calculate your tax […]
P11D forms are made simple by Intouch
P11D forms are made simple by Intouch We’re now just over a month into the new tax year, and like many contractor accountants we’re busy preparing P11D forms for our clients. In prior years this process has been quite time consuming all round, but thanks to ongoing Intouch developments the whole system is now quite […]
Tax return pitfalls
Tax return pitfalls We’re now into the 2014/15 tax year, which must mean it’s time to start thinking about the joy of completing your 2013/14 tax return! Many contractors will leave this task to their contractor accountant, but if you do complete it yourself you should be mindful of a few common mistakes. Here’s our lucky […]
Paying income tax through your tax code
Paying income tax through your tax code If you are a director of a Limited Company then you will need to file a tax return each year and, if there is tax owing, you will need to make payment to HMRC. If your liability is less than £3,000 you can apply to have this collected […]
IR35 myths
IR35 myths We talk to many contractors about IR35, and so we hear many misconceptions about the legislation and its effect in practice. There is a lot of misinformation on the web, and a lot of advice given by “my friend at the pub” that isn’t always entirely technically accurate, so it’s not surprising that […]
Do you need to file a tax return?
Do you need to file a tax return? Each year HMRC send a Notice to Complete a tax return to anyone they think requires one, but be careful because it still remains your responsibility to inform them if you need one, and you’ll still get a penalty if you fail to complete one when necessary. […]
Top Tax Tips: VAT Flat Rate Scheme
Top Tax Tips: VAT Flat Rate Scheme The majority of contractors choose to become VAT registered, even if they are not yet earning the threshold amount for registration, as it can give a very professional impression to prospective clients. HMRC offers several types of VAT accounting schemes which are suited to different sizes and types […]
New contractor guide to Corporation Tax
New contractor guide to Corporation Tax Corporation Tax is a levy on taxable profits which is applicable to active Limited Companies incorporated in the UK. If you’re a contractor who has recently set up as a Limited Company it’s helpful to be aware of how this tax works and how it applies to your own […]