Benchmark scale rates – what they are and how they apply
Benchmark scale rates It can sometimes be difficult to get receipts for expenses incurred on business related travel and overnight stays. This can make things tricky for employers and employees alike. To make things easier HMRC developed a system of approved standard rates which are the maximum amounts which are free from tax and NICs paid by […]
Invoicing – what should you include on an invoice?
Invoicing – what should you include on an invoice? All Limited Company contractors will usually issue invoices to their clients for products or services supplied. Some aspects of invoicing are legally required, for example, if both the contractor and the customer are registered for VAT, by law an invoice must be issued for every single transaction. […]
Allowable annual events
Allowable annual events – why they don’t have to be just once a year Many companies provide social events for their employees to boost morale, or as a corporate ‘thank you’ to their staff for the work they’ve done throughout the year. For tax purposes it’s possible for some or all of the cost of these events […]
What is the difference between an accountant and an auditor?
Accountant vs auditor At first glance it may appear that the two functions are almost identical. In fact there are several significant differences between the roles. At its simplest level it can be said that: Accountants – are concerned with the gathering, recording and analysis of the day-to-day financial transactions of a company within a particular […]
Closing your contractor company tax efficiently
Closing your contractor company tax efficiently There are a number of reasons why you may decide that you want to close down your company, and there are several different approaches you can take to make this happen. Choosing the most suitable option for your circumstances can potentially give you significant tax savings. Keeping the company […]
Childcare payments
Childcare payments through a Limited Company – a reminder of what you can claim From 6 April 2011, childcare payment allowances are calculated on your income in the year. The new rates are as follows: Basic rate – up to £55 per week Higher rate (40%) – up to £28 per week Top rate (50%) […]
Companies House – what is it?
Companies House – what it is, what it does, director duties and obligations Companies House is the official UK Registrar of Companies, operating within the remit of the Department of Business, Innovation and Skills (BIS). It keeps records of all UK private and public Limited Companies. All new companies must register with Companies House and […]
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 […]
Claiming subscriptions through your company – what can you claim?
Claiming subscriptions through your company For many contractors the payment of subscriptions and professional membership fees are an essential expense. A Limited Company can pay or reimburse these costs for their employees in accordance with HMRC rules. As Limited Company contractors are employees of their company, these costs can be treated in the same way. Company […]
Training costs
Training costs The majority of contractors will invest in training at some point in order to keep their skills up to date and attractive to potential clients. For some this will also be a requirement of a professional membership, as part of their continued professional development (CPD). As courses can be expensive it’s preferable to […]