The new HMRC guide on tax avoidance schemes
The new HMRC guide on tax avoidance schemes The majority of Limited Company contractors will generally steer clear of avoiding tax for the simple reason that it just seems safer to do so. However, a few may be attracted by the idea of saving large amounts of tax in a seemingly ‘safe’ way and may […]
Money Laundering Regulations
Money Laundering Regulations When we sign up a client we have to get photo ID and proof of address – why? The term money laundering describes the practice of exchanging criminally gained money or assets for ‘clean’ money or assets. This also includes money which is used to finance terrorist activity, regardless of how the […]
HMRC and tax codes
HMRC and tax codes All contractors will receive a ‘PAYE Coding Notice’ from HMRC at some point which states your current tax code. This code informs employers and pension providers how much tax free income you’re allowed which enables them to calculate how much tax to deduct from your gross income. For Limited Company contractors […]
Getting ready for the end of the tax year – 5 things to think about
Getting ready for the end of the tax year Contractors naturally spend most of their time either working hard for income, marketing and networking to win the next piece of business. After all, ensuring the business keeps rolling in is what keeps the money coming in! However, as a result, the tasks of doing accounts […]
The cost of late tax payments and late filing a self assessment tax return
The cost of late tax payments and late filing a Self Assessment Tax Return Many contractors will be relieved that they have filed their 2011-12 Self-Assessment Tax Returns before the final deadline date of 31 January 2013. Others may be in the position of not having filed their return within this time and they will […]
Personal Service Company – Tax returns
Personal Service Company – Tax returns Answering the question about PSC (personal service companies) when I complete my personal tax return. Do I have an IR35 issue when I tick this box as a “yes”. Is it anything to worry about? Or is it just a simple “yes” answer? What is the definition of a […]
VAT – Could you be paying too much? Flat Rate VAT?
The benefits and burdens for contractors of the flat rate VAT scheme Paul Gough, Managing Director of Intouch Accounting, the personal online accounting adviser for contractors and freelancers, looks at the pros and cons of adopting a flat rate scheme, and explains more about how the scheme could affect contractors’ take home pay. The flat […]