News

The article helps self-employed sole traders and partnerships to understand how basis period reform will impact their business in the 2023/24 transitional tax year, and what steps need to be taken to ensure they do not lose any brought forward tax reliefs and remain compliant!

The article outlines the typical tax payment dates and methods of estimating the values of tax payable for each type of tax, including VAT, PAYE, NIC, CIS, Corporation Tax, and Dividend and Personal Taxes.

In the March 2021 Budget Rishi Sunak proposed a number of changes to the way that Corporation Tax will be calculated and applied and these changes will come into effect from 1st April 2023.

This guide summarises the main tax changes included in the Autumn Statement and summarised by the ACCA for the benefit of members.

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.

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.

On Sunday 31st October 2020 the Government announced a number of updates to existing economic support measures.

In summary this is a new grant scheme to operate from 1st November 2020 for 6 months. The purpose of the scheme is to help businesses retain employees in times of low demand by allowing the employees to recover a percentage (2/3) of the wages that they would otherwise have lost by not working.

It can be a complex decision for clients when it comes to determining how best to use existing private or limited company funds in another property company.

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...

Why accounting software should be used in harmony with your accountant.

From office costs to travel and marketing spend, find out the business expenses you can claim

For unlimited support, help with budgeting and a full accounting service

All your accountancy needs and more, for one fixed fee.

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,...

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...

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...

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....

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Switching to QAccounting Here at QAccounting, we have many clients switch to us successfully from their previous accountants. There are many reasons why contractors decide to transfer their accounts to...

We speak with numerous professionals every day looking to set up and trade via a Ltd company. One of the most frequently asked questions when starting out is what a...

We support many Ltd company professionals and most made their leap into contracting after careful deliberation. Some go Ltd because of a change in circumstances, some want more freedom in...

Thinking of a new accountant service that will have a service more in-line with your needs? Why not switch contractor accountants? We examine five key reasons why contractors change their...

In a time of apparent reform for the IR35 legislation, Her Majesty’s Revenue & Customs’ charge against non-compliance is stopped in its tracks as they lose First Tier Tax Tribunal...

Anyone who is operating via a Ltd company is required to have a bank account set up attributed to their business. Having one of these in place is very important...

With online information and misinformation on IR35 rife within the industry, we discuss what contractors should look out for when seeking correct information on HMRC’s legislation. With more and more...

Need to know facts about the Criminal Finances Act 2017. Having been announced in April of this year, the Criminal Finances Act 2017 was officially enforced on 30th September. It...

A Sorry Tale of Misunderstanding There are three rates of VAT: Standard rate of 20%; Reduced rate of 5%; and Zero rate. There are also exempt supplies which do not...

OTS warning over neglecting relief Disincorporation relief was introduced as a temporary measure from 1st April 2013 following recommendations by the Office of Tax Simplification (OTS) to remove the tax...

Confusion as to who owns shares will prove costly When establishing a company, it is important to identify who owns the shares and get the correct paperwork put in place....

OTS proposes changes to reduce tax burdens The Office of Tax Simplification (OTS) has recently published its recommendations for making corporation tax (C.T) easier in its report, ‘Simplification of the...

Registration opens for new initiative 21st April saw the introduction of the Government’s Tax-Free Childcare scheme, available to parents of children under 4 and disabled children under 17. It will...

Splitting hairs There are some businesses that seek to avoid registering for VAT using something know as artificial separation, where their business activities are split into two so that each businesses...

Reminder of HMRC’s Let Property Campaign Each one of our accounting packages gives our clients full, unlimited access to our in-house experts and an important part of their job is...

LITRG wants Taylor Review to look beyond employment issues The Low Incomes Tax Reform Group (LITRG) has urged the Taylor Review to examine the relationship between taxation and the growth...

Making use of IHT reliefs and exemptions IHT is principally a death duty and to a lesser extent a tax on lifetime gifts. Other than spending all your wealth before...

Historical NIC Employment Allowance claims still possible In the Budget of 2013, the then Chancellor of the Exchequer, George Osborne, announced that as from 6th April 2014 employers would be...

Tax implications of key person insurance Companies may sometimes take out a policy (key person insurance) insuring them against loss of profits resulting from the death, critical illness, sickness, accident...

Single property landlords will be pushed into higher rate tax bracket The restriction on the deduction of finance costs from 6th April 2017 has meant that single property landlords could...

Political pledges on tax that affect contractors As general election campaigning intensifies, we look at what the three main parties are promising on tax in their manifestos and how this...

Non-reimbursed employee expenses costing the Exchequer Many employees will incur expenses during the course of the performance of their job, in particular business travel. If their employer does not pay...

Warning about the new limited trader rate HMRC has started writing to all those currently using the flat rate scheme (FRS) due to the introduction of the new 16.5% VAT...

Spring Budget U-Turn – No increase to Class 4 NIC afterall The Chancellor of the Exchequer has delivered the final Spring Budget. This is not the first time this has...

Small business singled out again The Chancellor of the Exchequer has delivered the final Spring Budget and one which was not particularly impressive. Dividend tax allowance As from 6th April...

Tax treatment of the final distribution of assets For contractors contemplating winding up their company, the tax treatment of the final distribution of assets will either be income, ie a...

Dividends – taxed differently from 6 April 2016 For many years owners of SMEs have sought to reap the rewards of their labour by extracting profits from their companies in...

Can I claim the cost of Renting a Flat as one of my business expenses? The costs of accommodation incurred by employees whilst working at a temporary workplace are relieved...

How the VAT Flat Rate Scheme changes will affect you In a week when Prime Minister Theresa May spoke at the CBI conference reassuring UK business of the government’s “unashamedly...

As disconnected employees, pensions can seem like a background activity that is – as people say – for your own good. Similar to a person’s National Insurance (NI) Contribution it...

As we fast approach the January 31st Self Assessment Tax deadline, here’s a reminder of what you need to do with regards to your tax obligations. Do I need to...

As a contractor, you no longer need to worry about the service company question on personal and employer self-assessment tax returns. HM Revenue & Customs (HMRC) has scrapped this much-maligned...

It is always beneficial for you to claim Business Expenses through your Company where applicable. Business Expenses submitted for your Company are tax deductible and subsequently, reduce the amount of...

If you are a Limited Company Director, you are considered to be both an employer and an employee of your Company. As the employee of your Limited Company you may...

A Director‘s Loan is when you take money from your company that isn’t a salary, dividend or expense repayment and you’ve taken more than you’ve put in. You must keep...

Recently proposed travel & subsistence changes reinforce the importance of IR35 compliance. Ahead of the autumn statement, contractors were wary of George Osbourne’s plans for the LTD company worker, and...

It is always beneficial for you to claim Business Expenses through your Company where applicable.  Business Expenses submitted for your Company are tax deductable and subsequently reduce the amount of...

Following on from our recent introduction of Dividend Vouchers, we have now enhanced this service to our clients by providing a separate Dividend Voucher for each Dividend withdrawal.  This will...

In order to accurately process your timesheets and ensure the timely delivery and ultimate payment of your invoices, it is imperative we hold a valid contract on file. Please note...

Anyone who is operating via a limited company, regardless of whether they are a newbie in the industry, or a seasoned veteran, should be made well aware of IR35 and...

REMINDER – If your 05 April 2014 Self Assessment tax liability was in excess of £1,000, your second Payment on Account (50% of total 05 April 2014 liability) towards your...

The first Budget after a general election is traditionally the time for introducing unpopular measures. The Chancellor is not constrained by a coalition partner and has nearly five years until...

Anyone who is operating via a limited company, regardless of whether they are a newbie in the industry, or a seasoned veteran, should be made well aware of IR35 and...

From 6 April 2015, employment intermediaries are required to collect, store and report to HMRC the personal information of workers for whom they do not deduct PAYE and national insurance....

From 6 April 2015, employment intermediaries are required to collect, store and report to HMRC the personal information of workers for whom they do not deduct PAYE and national insurance....

Changes to Workplace Pensions has been much publicised recently. The new law is only applicable for Company’s with more than 1 Employee. If your Limited Company employs 2 or more...

IR35 can have devastating effects on a limited company, and because of this, compliance is essential for anyone operating on a contract basis. Qdos have been helping contractors achieve compliance...

For those who are thinking of taking the leap into the contracting profession, or for all of you veterans who want to swat up on on your industry knowledge, here...

The spring budget is much more than a battle of wits and words over beer tax and wine duty from our country’s ‘finest’ politicians. For businesses, budgetary changes can affect...

HMRC have announced that after only 3 years, they are scrapping the IR35 business entity tests. HM Revenue & Customs (HMRC) will withdraw the business entity tests (BETs) and example...

If you are a company director and pay for your own life cover, getting your company to take out cover on your life could save you money. Relevant life policies...

As a Contractor working through your own Limited Company you can maximise your post-tax earnings by paying yourself a low salary and the balance in dividends from your Company profits-...

Following last weeks Budget, please see below our summary which may be of interest to you.   Economy • Inflation set to fall to 0.2% this year • Unemployment rate...

The run-up to the tax year end on 5 April 2015 is the perfect time to consider tax planning opportunities and here are just some ideas to consider before the...

As we fast approach the January 31st Personal Tax deadline, here’s a reminder of what you need to do with regards to your personal tax obligations. Do I need to...

If you are contacted by a company offering unusually high levels of take home pay, the likelihood is it’s a tax avoidance scheme. There are hundreds of such schemes in...

At Qdos, we have dealt with over 1,300 IR35 cases, and are currently receiving an average of three new IR35 investigations per week which we handle on behalf of our...

As a Company Director you are required to complete a Personal Tax Return annually.   If you have instructed us to complete your Personal Tax Return,  we require details of all...

We are often asked if Charity Donations can be processed through a Company. The good news is that Donations to a charity can be offset against Corporation Tax if the...

Getting your head around your accounts is vital in ensuring your business thrives. You can be the best in your field but with bad cash flow, your business might not...

EBTs (Employee Benefit Trusts) are schemes which have been marketed as genuine tax saving plans whereby the client receives a non-repayable loan or a loan on favourable terms, gifts or...

Your company’s Annual Accounts contain a great deal of financial information and accountancy terms that are not always easy to understand, so to help gain a better understanding of the...