Here we explore news and issues that affect our clients most – from the latest HMRC compliance requirements and simplifying complex tax changes, to offering our expert opinion on the forever changing world of work. Our insight exists to provoke thought, inform and help you thrive as an independent worker.
Small business tax advice
Taxes are a necessary part of life. This might feel especially true when it comes to small business accounting, and it’s an unfortunate fact that many smaller businesses end up paying more in tax than they need to. Let’s look at some of the ways you can make your small business more tax efficient.
Can an accountant help your start-up grow?
As any business owner will tell you, launching a company isn’t exactly the easy option. But it’ll take something else, too. The support of a good accountant. If you’re a start-up founder (or still in the planning stages) and wondering if it’s time you got an accountant, look no further. This article will tell you what you need to know.
Why do I need a specialist property accountant?
Finances in property and real estate can be seriously complicated, even to a seasoned accountant. That’s why we recommend you seek the help of a specialist property accountant to keep everything straight. Let’s look at some of the basics involved.
How to choose the right type of accountant for your business
The accountant/client relationship is an important one as this is the person who’ll be by your side as you navigate the choppy waters of business ownership, so you’ll need to choose wisely. Here are eight pointers on how to choose the right type of accountant for your business.
Choosing a limited company accountant
As business structures for self-employed people go, limited companies are heavy on the admin. The timeline of reporting far exceeds that of sole traders. Luckily, though, you get to choose a sidekick – in the form of a limited company accountant.
The ins and outs of accounting software for small businesses
Accounting software allows a business owner and their accountant to interact with company finances in real-time. But accounting software isn’t designed to replace the services of a professional accountant, instead, it complements your accountant’s role within your business.
What records does a sole trader need to keep?
Sole trading is a great choice for many self-employed people, not least because accounting for sole traders is simpler than accounting for limited companies. But what records does a sole trader need to keep? Let’s find out.
What tax rules should UK freelancers be aware of?
If you’re thinking of joining the growing ranks of those working freelance in the UK, congratulations! The tax obligations a freelancer faces all depends on which business structure they’ve chosen – sole trader or limited company. Here we look briefly at the tax rules of each to help you decide which is right for you.
Switching accountant: The why & how to change your accountant
A good accountant can make or break your business. So, what do you do when your accountant feels like less of an asset and more of a dead weight? Believe it or not, switching accountants isn’t only possible – it can be a smart business decision. Find out why, and how, you can switch accountants here.
What are my tax obligations as a sole trader?
Sole trader accounting can seem challenging, especially if you’re used to working as a salaried employee and having your monthly wage arrive in your account with the relevant deductions already made! But don’t worry – we’ve put together a simple guide to sole trader tax obligations.
The pros and cons of running a small business
Running a small business is notorious for being one of the most demanding yet rewarding professions a person can choose. But are you cut out for it? We have summarised some of the pros and cons of running a small business to give you a balanced view.
Working from home expenses and allowances
Among the self-employed, working from home has long been the norm. Some of us, though, are relatively new to it. Discover which expenses you can claim, and what tax reliefs you are entitled to when working from home here.
The Pros and Cons of going self-employed
The number of people becoming self-employed seems to be on the rise, but the big question is – should you be joining them? Here’s a rundown of the pros and cons of becoming self-employed to help you decide.
Six common mistakes when completing a Self-Assessment
You should be wary of the pitfalls that can occur when completing your Self-Assessment. These common mistakes could cause delays or trigger an HMRC investigation. Find out how to avoid making those mistakes here.
How to register as a sole trader
Operating as a sole trader is a very popular choice and has numerous benefits. Read our simple guide on how to register as a sole trader and the responsibilities that comes with it.
How to set up a limited company
Operating through a Limited Company can be highly rewarding for contractors and freelancers. The initial process can seem daunting, but we’ve broken it down step by step to shed some light on the process of setting up a Limited Company.
What is a Self-Assessment Tax Return?
If you work for an employer, tax is relatively simple. But if you’re self-employed, you’ll need to complete an annual Self-Assessment tax return. Find out what this involves here.
Everything you need to know about accounting for small businesses
Running a small business can be both challenging and rewarding. To ensure success, you’ll need to understand the basics of accounting so we’ve compiled a guide to small business accounting to make it clearer. Take a look.
What is a limited company?
Operating as a Limited Company is a popular choice for small businesses. Find out what a limited company is and the benefits of forming one here.
What do online accountants offer small businesses?
Online accountants offer numerous services that small businesses can benefit from. If you’re a small business owner, find out how an online accounting service can take those time-consuming responsibilities off your hands here.
What is Capital Gains Tax?
Understanding Capital Gains Tax is crucial if you own valuable assets or plan on investing. Read our guide on Capital Gains Tax and discover how your area of investment is affected
What tax reliefs are there for UK startups?
Accounting for startups isn’t always as simple as taking on an existing business with lots of setup and structural aspects to consider. However, on the finance side, there are incentives on offer in the UK to help these budding enterprises grow.
What’s the difference between a Sole Trader and a Limited Company?
More and more people are choosing to start their own business. Should you register as a sole trader or form a limited company? Find out more in this post.
What is a Sole Trader?
Whether it’s down to the pandemic or you’re dissatisfied with your current role, many people are considering starting out of their own. Take a look at what it means to be a sole trader.
How Much do Contractor Accountants Charge?
There are lots of different factors that will affect what you’ll pay for accounting services as a contractor. Discover what aspects influence the cost and what details to look out for here.
How will an accounting service help my business?
If you’re a small business owner, you may be considering accounting services rather than managing the books on your own. Learn how an accounting service can help your business here.
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.
P11D Reporting Benefits In Kind and Non-Allowable Expenses to HMRC
In advance of the deadline for the submission of these returns (6th July each year), we wanted to give our clients some guidance as to what these are and when they are required to be submitted to HMRC.
Preparing for BREXIT
Many of our clients have received communications from HMRC over the last year to assist them to prepare for BREXIT. However as this is a complex and new area, this article is designed to further help you to assess how these changes may impact both you and your business.
Further Economic Support
On Sunday 31st October 2020 the Government announced a number of updates to existing economic support measures. The full details of these measures are reported HERE.
Updates to the Job Support Scheme
The Government has published detailed information about the scheme HERE.
Accounting for Limited Company Property Investments
It can be a complex decision for clients when it comes to determining how best to utilise existing Contractor Limited Company funds in a Property Investment Company
Just how painful is changing accountants?
Changing accountants is considered difficult, but is it really that tricky?
What Makes a Good Online Accountant?
What qualities do fantastic accountants have?
How to spot great online accountants
The questions you’re likely to ask before engaging an accountant aren’t too dissimilar from the ones you might ponder over when buying any other product or service. For example, does it offer value for money? How well does it cater to my specific needs? Is it high quality? Is the company selling it trusted by others?
Why You Need Accounting Services?
Vital for freelancers, contractors, sole traders and small businesses
What Is The Answer For IR35 Reform In The Private Sector? Is there an IR35 solution for next year’s changes? After MPs gave changes to the off-payroll working rules the green light in Parliament recently, there is now no turning back as far
Why Use An Expenses App? The benefits of filing your expenses via an expenses app Today, there seems to be an app for just about everything. Calorie control? Yep. Daily steps? That too. An app to control
Do I Need An Accountant If I’m Using Accounting Software?
Why accounting software should be used in harmony with your accountant.
Contractor Mortgages: Frequently Asked Questions
What do independent workers need to know about securing a contractor mortgage?
What Expenses Can Freelancers & Contractors Claim?
From office costs to travel and marketing spend, find out the business expenses you can claim
Why Might Contractors Need An Accounting Package?
For unlimited support, help with budgeting and a full accounting service
Do I Need An Accountant If I’m Self-Employed? Starting out as a freelancer or contractor can be quite daunting, and there are many different things to consider, including whether or not to engage an accountant to take care of your
What Legal Issues Might Contractors Face?
From tax investigations to client disputes and defamation
Does Length Of Contract Impact Your IR35 Status?
Should contractors be wary about working for a client over a long period of time?
What Do Our Contractor Accountancy Packages Include?
All your accountancy needs and more, for one fixed fee.
How Does A Director’s Loan Work? A pitstop guide to Director’s Loans for Contractors The more experience you gain as a contractor, the more familiar you become with accountancy terms, such as dividends, payroll, VAT, Corporation Tax and,
Off-Payroll Working: Is IR35 Reform Still Going Ahead?
The latest IR35 news explained to contractors in layman’s terms
How Contractor Accountants Can Help You Build Wealth When you engage a contractor accountant, it’s likely that you’re looking for a trusted expert to take over the day-to-day bookkeeping responsibilities, sort your annual accounts and to help ensure your personal
Contractor News Round-Up For April The events last month that impact freelancers and contractors Faltering business confidence resulting from COVID-19 continued to dominate the headlines in April, with the impact of the virus far-reaching and, in some
Why Switching Accountants Doesn’t Need To Be Painful Switching to a new contractor accountant isn’t as difficult as you might imagine For freelancers and contractors, the very thought of the hassle that tends to be involved with switching accountants is
How Important Are Contractor Legal Services? How important are contractor legal services? What are contractor legal services, and why might you need them? Despite a backdrop of economic uncertainty and tumultuous legislative reform, the UK’s self-employed workforce has
What Help Is There For Contractors During COVID-19? The financial support available to limited company contractors affected by Coronavirus The last year has been a whirlwind for the self-employed and in particular, limited company contractors. From the IR35 private sector
Why Might You Need A Contractor Expenses App? When it comes to the world of accounting, most contractors will wholeheartedly agree that technology – and in particular, expenses apps – make keeping on top of finances altogether easier.
What Contractors Should Know About The Delay To IR35 Reform The changes, their implications and your options explained The delay to off-payroll working reform in the private sector means contractors will carry on setting their IR35 status until 6th April
What Does An IR35 Accountant Do? How to find an accountant who genuinely specialises in IR35 If you’ve been shopping around for a contractor accountant recently, you may have seen a few marketed as ‘IR35 accountants’.
HMRC Announces 12-Month Delay To IR35 Reform Coronavirus puts the brakes on IR35 reform, which will now be enforced in 2021 The COVID-19 outbreak has led the Government to postpone the extension to the off-payroll working rules
What is a Contractor? If you’ve landed here, then chances are you’re considering self-employment. Perhaps you’ve been thinking about contracting so you can take full control of your career. Maybe you’re facing redundancy and
Why Engage a Contractor Accountant in the 2020/21 Financial Year? Helping you navigate Brexit, IR35 reform and the 2020/21 financial year There are many advantages to engaging a contractor accountant – from saving you time and money to ensuring your
What Is Off-Payroll Working & What Does It Mean For Contractors? Reform to the IR35 rules has been paused, but only until April 2021. According to HMRC statistics, only around 10% of limited company contractors who should comply with the off-payroll
What Are The Benefits of Accounting Packages? Fixed-fee accounting packages are perfectly suited to freelancers and contractors Whether it’s ensuring tax compliance, offering important financial advice or taking care of your everyday accounts, the benefits of engaging
A Contractor’s IR35 Reform Checklist The private sector IR35 reform is rapidly approaching – it’s now just a month away. Despite a call for evidence issued by the House of Lords (which closed on the
What does IR35 mean for contractors? Demystifying the tax legislation that has hounded contractors for two decades. The IR35 legislation can be confusing, even to those with a fairly strong grasp of the rules. If you’re
Why work as a limited company contractor? If you’re thinking about becoming a contractor or have recently gone self-employed, it’s well worth forming a limited company, which you can provide your services to clients through. In the
Why Should You Engage an Online Contractor Accountant? The benefits of hiring a trusted online contractor accountancy From saving time to maximising tax efficiency and ensuring compliance, there are plenty of reasons why many contractors choose to engage
What do contractors need to know about approaching IR35 reform? Ever since the IR35 rules were rolled out two decades ago, contractors have feared this complicated tax, that was introduced with the aim of stopping ‘disguised employment.’ But now, perhaps
What do contractors need to know about the Self-Assessment Tax Return? For lots of reasons, January can be a challenging month. After a well-earned break, returning to work with a Christmas hangover can make starting the new year tricky to say
How can Boris Johnson ‘unleash’ contractors in 2020? After the General Election, Boris Johnson has an opportunity to win back the support of contractors in 2020, many of whom feel they have been let down in recent years.
I’m a Contractor: Can I Prepare for IR35 Reform in 2020? How to Prepare for IR35 Reform in 2020 If you’re a contractor with a personal service company, also known as a PSC, it’s very likely that you’ll have heard of
Why Should You Engage a Contractor Accountant? A Closer Look at Why You Should Engage a Contractor Accountant As you take the leap into freelancing or contracting, you’ll likely ask yourself an important question: ‘should I engage
LTD Company Contractor – What are the Responsibilities? What are your responsibilities as a limited company contractor? With nearly 5m people now working for themselves in the UK, there are more freelancers, contractors and small businesses on these shores
What to do about an IR35 Letter from HMRC What to do if you receive an IR35 letter from HMRC. In the past month, contractors have become acutely aware of HMRC’s approach to enforcing IR35 compliance. According to The
Are Recruiters Ready for IR35 Reform? Fresh concerns raised about recruiters’ readiness for IR35 reform Are Recruiters Ready for IR35 Reform? Well with little over six months to go until IR35 reform is extended to the
Contractors – A Lack of Faith? Not for the first time, contractors impacted by IR35 outline a lack of faith in HMRC With further IR35 reform on the horizon, contractors have made it clear to the
Contractors Make Stand Against IR35 Ultimatum Contractors poised to leave projects if handed IR35 ultimatum What would you do if, as a limited company contractor working outside IR35 in the private sector, next April you were
IR35 Reform Plans Revealed Specific plans for further IR35 reform revealed Last week the Government released the draft legislation for IR35 reform in the private sector, revealing the details for changes which will see
5 Tips to Staying Outside IR35 Our best tips for Staying Outside IR35 From April 2020, contractors working with medium and large private sector companies will no longer be able to determine their own IR35 status.
What Are The Options When Working Inside IR35? What are your options when working inside IR35? While incoming IR35 reform does not necessarily mean that as a contractor you will be placed inside the rules by your engager,
IR35 – Clients and Recruiters Must Act Study suggests clients and recruiters must act ahead of IR35 reform New research released by QAccounting partner, Qdos Contractor, strengthens the argument that the private sector must begin preparing for
IR35 – Impact on Oil & Gas? How could IR35 reform impact the oil and gas sector? While statistics tell us that Britain’s oil and gas sector accounts for around just 1% of the oil produced globally,
IR35 Reform – Mistakes to Avoid Mistakes to avoid when preparing for IR35 reform. A sea change in the contracting world will hit the private sector next April. Under new rules for administering the IR35 legislation,
IR35 – Is HMRC Ignoring the Problem? CEST to be improved, but is HMRC ignoring the real problem? There was some anticipation in the air earlier this month when the Office of Tax Simplification (OTS) – an
HMRC’s IR35 Tool – Cause for Concern? What are the main concerns contractors have about HMRC’s IR35 tool? Despite being in action for more than two years, contractors and IR35 experts are now scrutinising HMRC’s Check Employment
IR35 Decisions – A Blanket Approach? New evidence suggests blanket IR35 decisions are widespread in the public sector Even before the arrival of IR35 reform in the public sector in 2017, many contractors feared they would
HMRC Guidance on IR35 Reform Latest HMRC guidance on private sector IR35 reform disappoints Expectations that HMRC would make serious efforts to help recruitment agencies and end-clients implement incoming IR35 reform fell flat last week,
Does Your Company Have the Right Insurance in Place? Company Insurance Insurance for contractors is one of those necessities that we would rather do without. Whether you require business insurance as a contractual obligation or you want to take
Give Your Business a Health Check Time for a Business a Health Check Commonly a typical contractor spends 10 months a year working on contracts with only short periods of respite in between. As a result
When did you Last Speak to your Contractor Accountant? Personal Approach It doesn’t matter how many technological advancements occur in the world of accounting, whether it is automated bank reconciliation, virtual document hubs, mobile expense tracking or online accounting
5 Tips for Staying Productive Between Contracts All contractors will at one time find themselves on the bench. This is the period between contracts when your latest assignment has finished, and your new contract has either yet
Think You’re Inside IR35? Are You Inside IR35? Many contractors are aware of the IR35 legislation and some put measures in place to ensure that they are protected should the Revenue ever launch an
How Important is Building a Brand for LTD Company Contractors? Building a Brand There are many important factors that business owners consider when setting up which take much planning and investment, and important examples of these are brand awareness, marketing
Why Get a Contractor Accountant? Getting a Contractor Accountant Being a one-man band Ltd Company Director/Shareholder can seem a daunting undertaking for those taking their first steps into contracting. We speak with many first-time contractors
New Year, New Accountant Switching to a New Accountant With the hangover of New Year’s Eve now a faint and distant memory, you will have undoubtedly witnessed the barrage of social media posts pledging
Can I Claim Expenses for the Use of my Home Office? If you are a professional operating via a Limited Company, then you may be aware that several business expenses are tax-deductible if incurred wholly and purposefully as a result of
5 Tips for Contractors Working in the Cold Weather With winter fully underway, we thought we would share some tips that we’ve picked up as contractor accountants for working in the colder months. Whether you work on an oil
What Happens if a Contractor is Called for Jury Duty? Being a Ltd company contractor means that we take on the responsibilities of a company owner, Shareholder and Director, and lose many of the benefits previously enjoyed as employees. Certain eventualities
Are Office Christmas Parties IR35 Friendly? As a specialist IR35 accountant, we receive many queries related to office Christmas parties. With talks of Secret Santa, corporate festivities, and the office Christmas party getting more and more
Accounting for Limited Companies Why use accounting for limited companies? Having an accountant in place is vital in running and maintaining a successful business. Companies large and small are required to declare income to
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