Contractors unhappy and under confident due to IR35 reforms and Brexit. Accountants of contractors get affected by the IR35 reform wave. Dear contractor, are you aware of these IR35-related risks? MTD delayed; contractors yet to feel the ripple effect of IR35 reforms. Things are “still” looking up for IT & FS contractors post April 6. Contractors, build a CV that keeps your employment status in check.
£300m business rates relief package postponed due to snap election. Why are small businesses not using accounting software? New tax year 2017/18 – how your finances will be affected? Great turbulence in the public sector contracting industry post Budget 2017. Welcome to the new Bradleys website. Download: Your Budget summary report & new tax rate card 2017. Spring Budget 2017 - key points for businesses and individuals. Budget 2017 - How it affects the contractors. IR35 digital tool launched by HMRC.
Year-end accounts checklist for limited company directors. As the year-end approaches, now is a great time for limited company directors to do some housekeeping on their accounting information.
This will make tax and accounts filing easier and we hope this checklist will help you do it. What is a year-end? A year end is the end of a business's accounting year. It’s the time documents of a limited company must be filed with HMRC and Companies House. For limited companies, Companies House will set your accounting year end as a year after the end of the month in which you 'incorporated' your company. Contractors struggling to survive the storm caused by IR35 reforms. Q&A: Business Rates 2017 - Everything you need to know. There is shock and outrage in many English newspapers as it was revealed that thousands of businesses across the UK will see a dramatic increase in business rates from April 2017.
John Webber of real estate firm Colliers International, has described it as the "the largest changes to business rates ... in a generation". To ensure no one is left behind, we’ve provided an at-a-glance list of everything you need to know about business rates in 2017. What are business rates and who pays them? Business rates are statutory taxes paid on commercial properties, such as shops, offices, pubs, warehouses, factories, schools, GP surgeries, holiday rental homes and guest houses. Around 1.8 million properties in the UK are eligible for business rates. Any business with properties over the rateable value of £12,000 has to pay business rates. 85% of PSCs set to leave public sector, a new survey reveals. How can businesses prepare for new £1 coin? Businesses across the UK are getting ready for change.
They just won’t be taking the old £1 coins. With the old £1 coin scheduled to go out of circulation on March 28, 2017, all business from coin handling equipment manufacturers to individual companies in sectors with high cash transactions e.g. retail, transport and leisure industries, are gearing up for when they will only accept the new 12-sided £1 coins. The Treasury in autumn last year announced it was putting the 30-year-old pound coin out of circulation, saying the old coin was vulnerable to sophisticated counterfeiters. They had said that approximately one in thirty £1 coins in circulation were a counterfeit. Now with the deadline just over a month away, coin-accepting equipment found in payphones, gaming machines and photo booths could require upgrades, and business owners will also need to ensure staff vending machines are ready for the switch.
It’s time for contractors to get IR35-reform ready. Contractors, are you investing in your career? Making Tax Digital: 11 burning questions HMRC answered. We are just over a year away from Making Tax Digital (MTD) becoming a reality for millions of businesses and individuals across the country, and finally a few things are becoming clear.
One is that HMRC is quite a tough task master (their eagerly awaited response to the MTD consultations was published yesterday), another is that they are determined on scoring £925m from MTD by 2020/21 – and the third is that, well, a lot of what’s going on is pretty mysterious and/or confusing. Here are a few answers that were given after yesterday’s report, for your peace of mind. 1. 10 outlandish expenses taxpayers tried to claim back on their Self-Assessment returns. A holiday flight to the Caribbean?
Expensive Armani jeans as protective clothing for the painter and decorator? IR35’s digital tool has a new name, and it's making headlines! What is Making Tax Digital? Making Tax Digital is a new piece of legislation that sets out HMRC’s vision to transform the UK tax system into ‘one of the most digitally-advanced tax administrations in the world by 2020.’
HMRC will achieve this by moving all personal and business taxation online. Starting 2017, and due to be completed by 2020, it will impact a wide range of taxpayers, including most businesses, self-employed people and landlords, as well as individual taxpayers. The aim of the legislation is to make taxation more effective and efficient.
Budget 2017 date is out, and self-assessment deadline is looming. What does 2017 hold for contractors? Is setting up an umbrella company a brilliant option for contractors? Yes. Need more time to files your taxes? Here’s when you can get an extension. The January 31 tax return deadline is coming up.
Those who miss will automatically receive a £100 penalty. If you need more time to file, you are in luck. There are some ‘reasonable’ exceptions HMRC will accept. Obviously, the best option is to finish your taxes on time. 9 facts about HMRC late filing and late payment penalties. January 31 is the annual deadline for 10.3 billion taxpayers in the UK to file their personal self-assessment tax return and pay any tax they owe.
You can have a reasonable excuse and get an exemption, but for the not so lucky ones, HMRC may fine for missing the deadline and failing to pay the tax you owe. Here are 9 need-to-know facts about penalties for filing or paying late: 1. 1 day late - An instant penalty of £100 if you miss the deadline. This applies is even if you down owe any tax. 2. 3 months late - a £10 daily charge will kick in, up to a 90 day maximum of £900. 3. 6 months late - On top of the above penalties, a fine of either £300 or 5% of the tax due, whichever is the higher 4. 12 months late - Another £300 fine or 5% of the tax due, whichever is the higher, will be added to your bill on top of the penalties above. 5.
Self-assessment due on January 31, 2017. Hurry! Seven reasons you should file your Selfassessment tax return early. This article was first published on 23 December 2015 and was last updated on 21 December 2016.
It’s tempting to wait until the January 31 deadline to file your self-assessment tax return, but there are some good reasons to get started early: 1. Avoid an upfront bill by spreading your payments Taxpayers with small tax bills can secure a cash flow advantage by filing early. However, the option is only available to those in PAYE employment who earned additional income during the year on which they owe tax. If the tax owed is less than £3000 you can request HMRC to calculate whether the underpaid tax can be taken from your salary or pension in equal instalments. Self-employed workers spend 2 hours a week on bookkeeping. A poll of 5,000 self-employed workers, carried out by Intuit QuickBooks, has found that an average self-employed person spends 2 weeks a year to get their finances in order, making bookkeeping very time-consuming.
The study revealed that three-quarters (75%) of the UK's self-employed workforce use the same bank account for personal and business income. The study also found that on average, sole traders spend two hours every week separating business and personal finances. This is the equivalent of 15 working days in a year!
Unsurprisingly, one in five (19%) self-employed individuals said they were nearly put out of business because of poor financial management of processes like expenses. More worryingly, the study found that self-employed workers are faced with major challenges. Not having a predictable income (58%) the uncertainty of the future (44%) setting boundaries to stop work becoming 24/7 (23%) managing and scheduling tasks (14%) Apprenticeship Levy: What do the draft regulations say? As tax season gets in full swing a quick note about advice from the internet.
We are an ACCA accredited accountancy practice. Our accountants’ careers are focused on processing accounts and filing tax returns. It’s what we’ve been doing 365 days a year, since 1995. And we can tell you 99% of the people posting tax advice on the internet have little or no idea what they are talking about. IR35 public sector reforms: an overview of draft legislation. Top 5 Tax Tips for Individuals Tax Payers. Increased VAT for contractors, lesser savings. Uncovering Hammond’s Naked Autumn Statement with Alan McCappin: Sign up for our event in Dartford. Fancy a bit of networking with like-minded individuals who wish to decode Hammond’s ‘Naked’ Autumn Statement just as much as you do? Join us and lots of other business owners at 4Networking’s relaxed and friendly meet at The Campanile, Dartford. For this event you will be joined by Alan McCappin, Practice Manager at Bradleys Accountants. Following the government’s Autumn Statement, he has a lot of exciting announcements to share with you, and plenty of ideas to help you get inspired about more efficient ways to manage your personal and business finances.
And there is really no better way than by coming along to a networking meet such as this. Speaker profile: Alan McCappin, Practice manager at Bradleys Accountants Date: Thursday, November 29, 2016. Autumn Statement announced: key tax highlights every individual and business owner should know. Following the unveiling of Phillip Hammond’s first – and last* – Autumn Statement, it’s great that the Chancellor immediately recognised how important productivity is as the UK economy competes with other G20 members.
There were some notable highlights for business and personal taxation this year. In particular, committing to reduce the burden of business rates by £6.7 billion over the next 5 years and cutting the rate of corporation tax to 17% by 2020 (the lowest in the G20), is a much needed boost.These are just a couple of steps that will help keep the small business growth on track. It’s also great to see the government’s forthcoming commitment to raising the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of the Parliament. Increases to the personal allowance over the last Parliament took 4 million of the lowest paid out of income tax altogether.
Autumn Statement 2016 Update: What it means for contractors. Autumn Statement 2016 – Winners and Losers. Many eyes were glued to Twitter streams and live feeds for the 2016 Autumn Statement earlier this week. The much-awaited unveiling gave us the most surprising announcement that the Government will be moving to only one budget a year! This is good news as it will give taxpayers more time to prepare for changes ahead of the new tax year. Here are the winners and losers according to Bradleys Practice Manager, Alan McCappin. Is the world of contracting under attack? Maybe.
A recent study by McKinsey Global Institute revealed that 97% contractors are happier than employees who work full time. The United Kingdom currently has 14m independent professionals. This spectacular figure comprises a quarter of the UK’s working population. Out of these 14m workers, 56% of them follow the mode of self-employment – a fact that greatly emphasizes the recent shift from the traditional employment model to the independent one.
How are ecommerce retailers preparing for Christmas 2016. Ecommerce sales are becoming more and more effective. In fact, a recent survey by ChannelAdvisor found that 47% of ecommerce retailers are expecting an increase in online sales compared to 2015. Over 21% of these expect an increase of more than 10%. Contractors, brace yourself for April 2017 changes. The fact that from April 2017 the proposed new legislation will move the responsibility to determine a public sector limited company contractor’s IR35 status from the contractor himself to the recruitment agency/end client is now more or less a “done deal”. What irks the most is that the agencies and public sector bodies will surely apply a risk-adverse approach to steer clear of any troubles that HMRC might cause them. How much money can you earn before paying income tax?
Spam alert: Don't fall for fake HMRC tax refund emails. HMRC tax refund scam emails are doing the rounds again. 6 ways to reduce the impact of the National Living Wage on your small business. The launch of Osborne’s flagship policy, the National Living Wage (NLW), was the headline news in 2015. 4 implications of the National Living Wage on small businesses. How to ensure work-life balance as a contractor. Employers beware: new National Minimum Wage comes into force on October 1.
Employers across the UK are already worried about the rises in the National Minimum Wage (NMW), which are set to come into force on 1 October 2016. How all contractors can learn the art of writing CVs. The world of contracting is brutal. How to find more work as a freelancer. So you have stepped out into the world of freelancing. It’s exciting. 5 points to remember when you join a new office as a contractor.
Starting the business journey. 5 things that a contractor should know. How to design an accountant's Fakemon. Contractors & agencies: how to prepare for April 2017's IR35 changes? Enter the Fakemon design contest. Stamp duty on second homes – are couples affected? Are you making the most of Social Media? (FW Create) Should we still wait for the Autumn Statement? Three businesses cashing in on Pokemon Go (plus, what you can do) 4 points to remember before signing the dotted line. Limited companies and LLPs bid farewell to annual returns and welcome in confirmation statements.
Tax credits renewal deadline is 31 July.Make sure you don't lose out on £1,000s. Brexit – An update from our Director Pom Chakravarti. Brexit: Opportunity for change. What does it mean for businesses? What is a form P11d return and how has it changed in 2016? Read our brief guide. Public body recruitment agencies, please take note. A guide to SEED EIS and how it can help fund your start up. How can contractors build a personal brand. Shortage of skilled construction contractors behind increase in bricklayers pay. HMRC’s cyber security team prevents £103m of attempted fraud. Plus 7 tips to protect yourself.
New Tax Year: 15 of the biggest changes to personal and business taxes from April 2016. Budget 2016 – PSCs working in public sector targeted. Budget 2016 - what it means for small businesses: The key points explained, from lifetime ISA to cuts in Capital Gains Tax. What taxes do limited companies pay? New dividend tax changes from April 2016 - what limited company owners need to know. What is the IR35 5% expense rule? Concerns around auto-enrolment are largely unfounded. April 2016 tax changes – 5 things limited company contractors need to know. Puzzled SMEs still figuring how to limit auto-enrolment tsunami misery. 10 things a tax avoidance scheme promoter will not always tell you. These are maybe the most bizarre expense claims taxpayers included in their tax return forms last year.
Filing a tax return? 12 mistakes to avoid. Top tips for completing HMRC's self-assessment tax return online. Seven reasons you should file your Selfassessment tax return early. HMRC confirms no changes to IR35 until at least April 2017. Ahead of self-assessment deadline HMRC launches first digital Personal Tax Accounts. Finance Bill 2016 – Travel and subsistence expenses restricted for contractors. Tax Implications of starting a business. Autumn Statement: 6 major changes affecting small businesses. Watch Pom Chakravarti speaking live at The Business Show on 4 December. Buy-to-let still a smart investment despite changes announced in the Budget, says PWC. HMRC offers small businesses advance assurance service for R&D relief claims. The SME sector’s £92 billion digital opportunity.
Small business owners feel fortunate despite the stress. Are HMRCs proposals to tackle offshore tax evasion seriously flawed?