by ClearwaysAccountants | Apr 3, 2013 | Business tax, Self Employment, Small business advice, Tax Tips
From April 2013 a new system of reporting payroll data to HMRC will come into force. What is Real Time Reporting? If you run a payroll, either as an employee of your own small limited company or as a self-employed trader with staff then Real Time Reporting (RTI) will...
by ClearwaysAccountants | Mar 7, 2013 | Contractor, Freelancer, Pay, Expenses & Benefits, Personal tax, Self Employment, Small business advice
Cars provided by employers to their employees are taxable benefits-in-kind. This is true whether you are an employee of a FTSE100 company or a director/employee of your own single person limited company. A reminder – how is the company car benefit calculated?...
by ClearwaysAccountants | Mar 1, 2013 | Business tax, Contractor, Freelancer, Self Employment, Small business advice, Tax Tips, VAT
The Flat Rate Scheme was developed to make VAT administration easier and can also save your business money especially if you are trading as a contractor or freelancer. Most contractors will pay 14.5% of their VAT inclusive turnover to HMRC with a special rate of 13.5%...
by ClearwaysAccountants | Feb 23, 2013 | Business tax, Contractor, Freelancer, Self Employment, Small business advice, Tax Tips
What are dividends? Dividends are another way of taking money out of your company (the other ways you can take money out of the company are: salary, reimbursement of expenses and a company loan). Who can receive a dividend? Dividends are paid to the owners of the...
by ClearwaysAccountants | Feb 7, 2013 | Business tax, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice, Tax Tips
Company car or private purchase? This question comes up quite a lot and as you would expect when considering tax, the answer is – it depends. Second to a house, buying a car is the biggest purchase we make. Just choosing the type of car based on personal...
by ClearwaysAccountants | Jan 31, 2013 | Contractor, IR35, Self Employment, Small business advice, Tax planning
Contractors working through their own company for clients either directly or indirectly may be caught by the intermediaries legislation, known in the press as IR35. The effect of working through your own company The IR35 legislation was written in an attempt to stop...
