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 […]
Working in the UK for non-UK contractors
Working in the UK for non-UK contractors The UK can offer attractive opportunities for contractors who are non-UK and non-EU citizens. The first step towards these opportunities is to get a visa giving the contractor the right to work in the UK. Without a valid visa a contractor can be removed from the UK, may […]
Staying away from home for contractors – travel and accommodation expenses
Travel and accommodation expenses Some contractors travel from home to their client’s workplace incurring UK or overseas travel and accommodation expenses in doing so. For contractors set up as a Limited Company and working outside IR35 many of these expenses will be tax deductable. What defines an allowable travel expense? Travel expense allowances are […]
Contracting overseas and EC sales list requirements
Contracting overseas and EC sales list requirements While contracting with overseas customers can add significant revenue to your business it’s important to get the tax elements right to avoid any penalties from HMRC. If you’re a VAT registered Limited Company you must report your sales of applicable goods and services to VAT registered EU businesses […]
The 24 month rule and how it affects contractor travel expenses
The 24 month rule and how it affects contractor travel expenses Contractors are allowed to claim travel expenses through their Limited Companies, if the travel is related to a ‘temporary workplace’, which for contractors will mean their clients’ workplace. The 24 month rule relates to the HMRC definition of a ‘temporary workplace’. If you are […]
Can Limited Company money be used to offset a personal mortgage?
Can Limited Company money be used to offset a personal mortgage? Contractors who set up as Limited Companies can end up with large sums of cash in their company bank accounts sitting there in readiness to pay tax liabilities. These deposits don’t earn much interest, so contractors often look at ways to get this money […]
Declaring dividend vouchers
Declaring dividend vouchers When I declare a dividend must I also complete the vouchers and board minutes? For tax purposes when is that dividend actually paid? Do I need to take extra care before and after the 5 April? If I change my mind or don’t have enough profits to cover a dividend how do […]
Bad debts and unpaid invoices
Bad debts and unpaid invoices If you bill via an agency what happens if the end client doesn’t pay the agency? Do you still get paid? Does the agency have to pay? The answer lies in the exact wording of the contractual agreement between you and your agency. If there is a provision within the […]
Umbrella company avoiding National Insurance
Umbrella company avoiding National Insurance If my Umbrella company reduces my salary and increases my expenses to avoid National Insurance am I at risk? If this is something that your Umbrella company is doing there is definitely a possible risk. If any expenses listed fall outside HMRC rules on what is allowable as a legitimate business […]
Employment regulations and AWR?
Employment regulations and AWR? I get confused between Employment regulations and AWR (Agency workers directive). What are the key points about the Employment regulations and why do agencies want me to opt out? Should I opt out? Is this the same set of rights I may be entitled to under AWR? Employment Regulations The […]