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.
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Tax Payment Dates and Estimating the Values of Tax Payable
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
Corporation Tax Rate Changes
Rishi Sunak has proposed a number of changes to the way that Corporation Tax will be calculated and applied. Learn more.
Autumn Statement – Headline Changes
Autumn Statement – Headline Changes
Extracted from the ACCA Guide to the Autumn Statement 2022
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
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.
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
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,
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
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
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.
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 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
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
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
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
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
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 – 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
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
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
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
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
How to Switch to QAccounting
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
Should I use my Accountants as my Registered Office Address?
We speak with many first time contractors every day, and often we are asked the same question, where should I choose for my to register my company office? Many contractors
Choosing the Right Company Name
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
5 Reasons to Become a Ltd Company Contractor
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
5 Reasons to Switch Contractor Accountants
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
HMRC Defeated in Recent IR35 Case
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
5 Tips to Choosing a Business Bank Account
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
What is an IR35 Accountant?
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
Criminal Finances Act 2017
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
Getting The VAT Treatment Right
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
Disincorporation Relief Close to Extinction
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
Get The Shareholding Details Right
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.
Simplifying Corporation Tax
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
Tax-Free Childcare
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
Artificial Separation of Businesses
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
Let it All Out
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
Gig Economy Review Should Consider Tax
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
Mitigating IHT (Inheritance Tax)
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
Did You Claim Employment Allowance?
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
Key to the tax door
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
Moving Up a Gear
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
General election tax battleground
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
Encouraging employers to pay up – employee expenses
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
HMRC Writes to Flat Rate Scheme Traders
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
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
Spring Budget 2017
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
A Capital Idea: Company Dissolutions
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
Are Dividends Still Tax Efficient?
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
Business Expenses – Renting a Flat
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
Autumn Statement
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
Is Now the Time to Invest in a Company Pension?
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
Self Assessment Tax Deadline: What you need to know
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
Service company – a question of responsibility
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
Business Expenses – What Can You Claim?
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
Business Expense – Mobile Phone Expenses
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
What is a Director’s Loan?
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
Travel & Subsistence Changes – What Does it Mean?
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
Business Expenses
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
Dividends
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
Contract for Services
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
IR35 Tips
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
Personal Tax Return – Payment on Account Reminder
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
Summer Budget Introduction
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
IR35 Tip: Working Practises
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
New Reporting Duties for LTD Company Contractors
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.
New Reporting Obligations on Employment Businesses: Information for Contractors Working through their Own Limited Company
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.
New Changes To Pensions : Auto-Enrolment
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 Tip – Compile your Evidence
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
Contracting – The Top 5 Things to Consider
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
Spring Budget – What Did We Learn?
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
IR35 Business Entity Tests Withdrawn
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
Let the taxman help you
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
Salary & Dividend Planning
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-
Spring Budget Summary
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
Planning for Tax Year-End?
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
Personal Tax Return & Payment Deadline – 31st January 2015
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
Tax Avoidance Schemes
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
Gather Your Evidence
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
Self Assessment Personal Tax Return
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
Charity Donations
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
Accounting Jargon 101
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
The Ins and Outs of EBTs
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
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