IR35 EMPLOYMENT VERSUS CONTRACTING In this article we will detail some tips on how to stay outside IR35 but it is also worth reviewing the benefits of permanent employment versus contracting. You may read the statement from Contractor websites that “To stay outside IR35 is crucial for the financial health of contractors”. That statement is […]
It is worth a recap on this subject as the rules can be confusing. Employees and employers alike can get very confused about the rules on what they can claim and what they can’t claim. So let’s review the rules for claiming mileage allowance on business travel for both privately owned and company owned vehicles. […]
Up until the tax year 2016/2017 Landlords have been able to offset 100% of mortgage interest paid against rental income. This is being phased out and replaced by a 20% tax credit allowance. So landlords at the start of the 2020/2021 tax year will no longer qualify for relief on mortgage interest. Instead they will […]
The scheme announced by the chancellor will provide grants to self-employed individuals or partnerships who are negatively impacted by COVID-19. The grants are worth 80% of profits but up to a cap of £2,500. To be eligible for the scheme you must meet all the criteria below: You must be self-employed or a member of […]
VAT Deferral main points HMRC Defers Valued Added Tax (VAT) payments for 3 months. All VAT-registered UK businesses are eligible. The deferral will only apply for the period from 20 March 2020 until 30 June 2020. This will mean the deferral of one quarter’s VAT due on either the 7 April, 7 May or 7 […]
IR35 Reforms, Effective new tax year 2020/21, what does it mean?
If you provided services to a client and that client goes into liquidation you can recover the flat rate VAT benefit. You must be registered for the flat rate scheme and you can claim provided the debts are at least 6 months old and the debts have been written off in your accounts. Example You […]
Is it tax efficient to purchase or lease a carthrough the business? This is a complex area and there are several factors to consider. But as a general rule, unless the car has very low CO2 emissions or can be classed as 100% business, it is unlikely that it would be beneficial running the car […]