At FW Accounting, we know that being IR35 compliant is very important to contractors and freelancers; if you are ‘caught by IR35’ then HMRC will treat your income from that contract just the way they would if you were an employee and they will deduct Tax and NI accordingly, (minus 5% expenses allowance for things like insurances and professional fees). When you are confident that your contract is outside IR35 you can pay yourself a relatively small salary and top this up with dividends, which is much more tax efficient.
When you are confident that your contract is outside IR35 you can pay yourself a relatively small salary and top this up with dividends, which is much more tax efficient.
We have videos, an online test and a downloadable guide to keep you right on IR35, plus we provide our clients with a yearly IR35 review (as part of their fully inclusive service) in conjunction with our Insurance Partner Qdos Consulting.
Quick IR35 Update: The IR35 team at HMRC had a meeting on the 23rd of July to take a look at the progress of the 3 new IR35 teams in Edinburgh, Manchester and Croydon. Full notes from the meeting are here
Have you taken our new IR35 business entity test to see where you stand?
You can find out if you are high, medium or low risk in a matter of seconds!
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HMRC, when asked how effective this Business Entity Test is, have confirmed that it was too early to comment on the effectiveness based on the number of ‘customers’ (i.e. contractors) who have been taking the test.
However, the HMRC IR35 Business Entity Test is proving rather controversial, with many Limited Company Directors providing services – finding it difficult to get a good score.
Please stay tuned for any further IR35 updates.
You Count. We Count.
Self Assessment – Q & A
Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.
Setting Up a Limited Company – 5 Key Things to Consider
If you are looking at going self-employed, then setting up as a Limited Company (LTD) may be the best option for you.
The Benefits of Having an Online Accountant
Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.