by ClearwaysAccountants | Aug 17, 2012 | Self Employment, Small business advice
Do you see things in black and white or in shades of grey? Many people see things in black and white; remember George Bush, “you’re either with us or against us”. When people are having an argument they see themselves as “right” and the...
by ClearwaysAccountants | Aug 8, 2012 | Self Employment, Small business advice, Tax Calculators, Tax Tips
[This information has been updated for the 2013-14 tax year] When you start self-employment, you do not get your first tax bill for a while, so you need to think about how much tax money you will need to set aside. The table below can help you to do this so you...
by ClearwaysAccountants | Jul 23, 2012 | Contractor, IR35, Self Employment, Small business advice
Here are some useful case studies from HMRC on how to apply their Business Entity Tests (BET) and IR35 to certain contracts… Case Study One – Emma Emma is a sole director, shareholder and worker of E Ltd. Emma contracts with an agency, which in turn...
by ClearwaysAccountants | Jul 23, 2012 | Business tax, Contractor, IR35, Tax Tips
HMRC have published guidance for contractors and freelancers to use to assess whether they are at a high, medium or low risk of HMRC checking their IR35 status – the guidance is NOT intended to indicate whether a contract falls within the IR35 rules. HMRC now...
by ClearwaysAccountants | Jul 11, 2012 | Pay, Expenses & Benefits, Personal tax, Tax Tips
Few measures in the Budget 2012 caused such controversy as the high income child benefit charge (“HICBC”). Unusually there was no consultation on the legislation and as a result the draft legislation will be difficult to administer. The rules: A person...
by ClearwaysAccountants | Jun 13, 2012 | Business tax, Contractor, Self Employment, Setting up a Business
Are you tempted by working for yourself? Has it been thrust upon you by cutbacks made by your employer in the recession? Here is some general advice for those about to start-up in business as a contractor or freelancer. Be prepared Use the time when you are setting...
by ClearwaysAccountants | Jun 6, 2012 | Business tax, Small business advice
Employing staff is a big step for any business. As an employer you are responsible for: ensuring all staff receive the national minimum wage. They key exceptions are family members living in the same household and directors with no employment contract; deducting...
by ClearwaysAccountants | May 16, 2012 | Business tax, Contractor, Pay, Expenses & Benefits, Tax Calculators
The budget included proposals on company cars for the next few years, up until April 2017. This information has been input into our Car calculator 2012-13 spreadsheet. This spreadsheet calculates the tax effect of a director and owner of a Limited company purchasing...
by ClearwaysAccountants | May 3, 2012 | Business tax, Contractor, Small business advice, Tax Tips
New simple record keeping apps have been developed with help from HM Revenue and Customs. Per HMRC’s website…. To help small businesses with record keeping on the go commercial software companies have worked with HMRC to produce some simple record keeping...
by ClearwaysAccountants | Apr 23, 2012 | Business tax, Contractor, Pay, Expenses & Benefits, Small business advice, Tax Tips
93% of companies would fail an employee mileage claim audit by HMRC based on figures by TMC, a consultancy firm, could you be the next? Conventional excel spreadsheets and lack of time mean that employee mileage claims are not checked and therefore these expenses are...
