VAT Flat Rate Scheme and limited cost traders – what’s new
New draft legislation for FRS: Limited cost traders Yesterday HMRC released their draft legislation on the proposed changes to the VAT Flat Rate Scheme (FRS), including the addition of a new ‘limited cost trader’ category. These changes are designed to stop abusive use of the scheme and appear very successful in doing so. The draft […]
Do you have a contractor loan as part of a tax avoidance scheme? Prepare for the new retrospective tax
Prepare for the new retrospective tax Contractors have been expressing a dislike and unfairness for the new retrospective tax that they are to face on past loans associated with many of the tax avoidance schemes they may have taken advantage of. So what is this tax, who’s affected and how can you check […]
Moving your company away from a MSC
Post April 2016: Birth of a new Umbrella generation. Better or worse? Since April 2016 new tax rules restrict the expenses that can be claimed by Umbrella workers, with the consequential loss of tax relief reducing take home pay. These new rules changed the landscape. Many Umbrella workers wanted to protect their earnings and Umbrella […]
Understanding the Self-Assessment Tax Return
Understanding the Self-Assessment Tax Return We don’t like to be a scrooge here at Intouch, but after the Christmas festivities have ended it’ll be time for you to submit your Self-Assessment Tax Return (SATR). After all the Christmas chocolates have gone and the New Year celebrations seem like a distant memory, you will need to take […]
Flat Rate VAT Scheme for contractors explained
Flat Rate VAT Scheme for contractors explained Once a business reaches a turnover of £82,000 within a twelve month period, it is a legal requirement to register for VAT and subsequently, charge VAT (20%). Businesses who are registered for VAT must charge this to their clients and customers (most commonly at a rate of 20% […]
Contractor’s house of horrors
Don’t let the house of horrors spook you! Forget The Shining, American Psycho or The Exorcist, sometimes the worries that contracting can cause can be far scarier! But fear not, Intouch Accounting are here to help guide you through each and every process, without the sleepless nights, or worrying if the Taxman is hiding under your […]
HMRC Penalties: a carrot or a stick?
HMRC Penalties In a recent document inviting views and comments by 11 May 2015, the Revenue ask taxpayers and agents what they think about ideas they are having on potential changes to the penalty regime, introduced under the HMRC Powers Review 2005-2012. As HMRC become more digitally savvy, in an attempt to help taxpayers get […]
VAT! Could you be paying too much?
Could you be paying too much? The benefits and burdens for contractors of the flat rate VAT scheme Could you be paying too much VAT? Welcome to another edition of our regular ebriefs, designed to keep you up to date with issues affecting contractors and freelancers – helping you to make the right decisions, every […]
Beginner’s guide to Limited Company tax
Beginner’s Guide to Limited Company Tax If you are thinking about becoming a limited company contractor or you already run your own company, you will need to consider the different taxes you’ll encounter. Limited Company tax seems complex, but here at Intouch Accounting, our personal online accounting advice for contractors and freelancers can help you […]
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 […]