by ClearwaysAccountants | Aug 8, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Flat Rate Scheme (VAT) and Fixed Assets Flat rate scheme The flat rate scheme is one of the simplification schemes offered by HM Revenue & Customs for VAT administration. The flat rate scheme uses a (flat) percentage multiplied the business sales (including VAT)...
by ClearwaysAccountants | Aug 7, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Expenses and Exempt Supplies Expenses Your business expenses can be deducted from your sales income before you calculate the tax that is due, either as income tax on the self-employed or corporation tax on companies. Most business expenses are deductible in this...
by ClearwaysAccountants | Aug 6, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Depreciation, Dispensation and Dividends Depreciation When you purchase a capital asset, (see yesterday’s post on capital allowances for an overview on capital costs versus expenses,) your accountant will reduce the value of the asset from the original purchase...
by ClearwaysAccountants | Aug 5, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Companies House, Capital Allowances and Childcare Vouchers Companies House This is the central register for companies and Limited liability partnerships. Whether you are a large multinational or trading as a single person Limited company you will have to file...
by ClearwaysAccountants | Aug 2, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice
Benefits-in-kind, Bookkeeping and Budgeting Benefits-in-kind If you are an employee you can receive benefits that are paid for by your employer. Your employer can be a large company, like BT, your own limited company or a sole trader. Most benefits paid for by your...
by ClearwaysAccountants | Aug 1, 2013 | A-Z of tax and accounting terms, Contractor, Freelancer, Self Employment, Small business advice
Accounts, Accruals and Assets Accounts Whether you trade through a company, a partnership or as self-employed you must prepare your accounts for HM Revenue & Customs using a recognised accounting standard. In the UK we use UK accounting standards or International...
by ClearwaysAccountants | Jul 31, 2013 | Client case studies, Contractor, Small business advice, Tax Tips
Sarah had been made redundant and had decided to start contracting. The market for computer contractors was quite buoyant and she felt she could earn more on this basis with the experience she had gained at a large consultancy firm. While Sarah was waiting for her...
by ClearwaysAccountants | Jul 26, 2013 | Contractor, Freelancer, Self Employment
Working as a contractor has many great benefits, but obtaining a mortgage when you have a more entrepreneurial payment structure can often be highly problematic. Since the onset of the credit drought in 2008, options such as ‘self-certified’ loans, where evidence of...
by ClearwaysAccountants | Jul 19, 2013 | Contractor, Freelancer, Self Employment, Small business advice
Are headhunters and recruitment agencies holding you back? Blinkered recruitment agencies and headhunters are holding back talent in business according to the CEO of Thomas Cook (as reported in The Times). Harriet Green talking at a Fortune Event stated that...
by ClearwaysAccountants | Jul 15, 2013 | Business tax, Client case studies, Contractor, Self Employment, Tax planning, Tax Tips
Gordon contacted Clearways Accountants when he realised that he should no longer trade as a self-employed IT provider. His company had already been formed and he was happy to do the bookkeeping, complete the VAT Returns and run his payroll himself. Initially Gordon...
