Self-employed sub-contractors may come across other subbies who work through a limited company or an umbrella company. You may not be familiar with what limited companies or umbrella companies are in practical terms. In this blog, we will consider both of these types of companies to help you decide if one might be appropriate for you…. Continue Reading
Guide to Dividends
If you have recently started trading through a limited company, you have likely come across references to dividends. You might not, however, have come across a definition and explanation of how they work in your company. This blog provides a clear guide to dividends.
If you run your own company, you likely have three different roles in the business:-… Continue Reading
Tax Savings Options for Companies
As a company director, you will naturally be keen on saving on your corporation tax bill. It might be tempting to simply hand over your end of year accounts to your accountant and hope for the best, but a pre year-end evaluation of your company’s likely taxable profits will be of huge benefit. Such an approach can identify areas of potential tax savings. Naturally, you will not be able to predict your exact profits before the year end, but you should be able to make a reasonable estimate based on past results and trends. So, what kinds of tax savings options for companies are available ?… Continue Reading
Director’s Loan Account
This blog covers what a Director’s loan account is and its tax implications.
A limited company is a separate legal entity from its owners. That is; a company is a person in its own right in the eyes of the law.
There are two main ways for directors to extract profits from a company:-… Continue Reading
What should be disclosed in a personal tax return?
We are often asked to advise on the what should be disclosed in a personal tax return. We hope our blog helps.
Accidentally omitting information from your tax return can result in your tax and National Insurance bills being miscalculated, or you could wind up receiving the wrong level of benefits, such as child tax credits. Errors can even trigger an enquiry from the Revenue, who may levy financial penalties for filing an inaccurate return. … Continue Reading
Guide to being a sub-contractor
Here is our concise guide to being a sub-contractor.
What is a sub-contractor?
If your business (whether a sole-trader, partnership or limited company) provides labour in construction projects to other businesses, your business will become a “sub-contractor.” This means your customer, known as the contractor, is obliged to deduct 20% tax from labour payments made to you. The contractor pays this tax to the Revenue on your behalf. The system is referred to as the “construction industry scheme” or CIS for short.
VAT on Digital Services
There are significant changes to the VAT treatment when supplying digital services within the EU. These changes apply even if you are not VAT registered. You are now required to register for VAT if you provide digital services to non-businesses in other EU countries.
What are digital services?
“Digital services” is a broad term that primarily involves the provision of services transmitted by technology. The Revenue provides the following examples, which is not an exhaustive list:-… Continue Reading
Introduction to Auto-Enrolment
We are pleased to provide a brief introduction to Auto-Enrolment for employers.
All firms must offer their employees a pension (regardless of how few people the organisation employs) and preparation for offering pensions can take months, even a whole year. There are heavy penalties for not complying with the rules.
There is a fixed penalty of £400 and a maximum penalty of £50 per day: this can add up to huge amounts. So to ensure compliance and avoid penalties, what do you need to know?… Continue Reading
April 2015 – Employer Payroll Taxes
As a new tax year kicks off, make it your new (tax) year’s resolution to get your payroll system on top form. Further, it is important that you are are up to date with the changes in employer payroll taxes.
Not only are there important changes to payroll, there are optional allowances and provisions that could well benefit your business and employees.
Personal Allowances
The most basic change is the increase of the standard personal allowance to £10,600 as from 6th April 2015. Most of your staff will probably be on the tax code 1060L. … Continue Reading
Introduction to Capital Gains Tax
If you run your own business, you are probably familiar with how profits from your trade are taxed. However, you (or your company) may sell an asset such as a building or shares.
There are differences between how capital gains and losses are treated in a limited company compared to if you are self-employed, either as a sole-trader or in a partnership. In all types of businesses, selling assets are treated separately on the business’s tax return. The loss or profit from such transactions are known as “capital losses” or “capital gains” and for self-employed, these gains are subject to “capital gains tax”. For limited companies, such gains are called “chargeable gains” which forms part of corporation tax. It is important to remember that tax might be payable even if you give an asset away…. Continue Reading
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