by ClearwaysAccountants | Apr 10, 2014 | Business tax, Contractor, Freelancer, Pay, Expenses & Benefits, Self Employment, Small business advice, Tax Tips
The taxable benefits are very high for the private use of a company car; and the benefit charge keeps going up even though the car loses value. For example A car with a list price of £25,000 and CO2 emissions of 175g/km creates a taxable benefit of £5,750 (23% of...
by ClearwaysAccountants | Mar 17, 2014 | Contractor, Freelancer, Self Employment, Small business advice, Tax planning
As a freelancer starting out in business on your own, you may have felt unsure about the potential success of your new business venture… You may well have started out as self-employed – it is easy to register with HM Revenue & Customs and then you are...
by ClearwaysAccountants | Feb 10, 2014 | Contractor, Freelancer, Pension planning, Self Employment, Small business advice
What is auto-enrolment? Auto-enrolment is a new obligation imposed on employers by the Goverment to help employees save for their retirement. Which employees qualify for auto-enrolment? Employees must: Earn above the earnings threshold £9,440 (2013-14 personal...
by ClearwaysAccountants | Feb 3, 2014 | Capital taxes, Personal tax, Self Employment, Small business advice, Tax planning, Tax Tips
Who wants to pay tax? Well no one if it can be legally avoided! So what steps can you take before 5 April 2014 to reduce your capital gains tax bill? Use the annual exemption This may sound obvious but if you can select a few investments to sell that just use up your...
by ClearwaysAccountants | Jan 23, 2014 | Contractor, Freelancer, Self Employment, Small business advice, Tax Tips
From 6 April 2014 employers can offset up to £2,000 per income tax year (6 April 2014 to 5 April 2015) of employer’s national insurance. I’m a single person contractor company, will I qualify? In short, yes. Almost all employers will qualify, the...
by ClearwaysAccountants | Dec 29, 2013 | Contractor, Freelancer, IR35, Self Employment
The three key requirements in a contract that will fall outside IR35 are: a good substitution clause, see our earlier blog a lack of control, see examples; and finally a lack of “mutuality of obligations” What is mutuality of obligations? If you are an...
