Rules effective from April 2017 and April 2021 shifted the responsibility for deciding if IR35 applies to a contract from the worker to the client, but not in all cases. Many workers must still make the decision. What might be the consequences of getting it wrong? Old IR35 rules In 2019 First-tier Tribunal (FTT) ruled on a case involving a […]
Your latest business accounts show a loss which means it will have no tax to pay. Is it therefore worthwhile claiming extra tax deductions in the form of capital allowances or should you hold back until the business becomes profitable? Capital rules As you probably know, the timing of tax deductions for the cost of equipment etc. which you use
You’re about to be posted to another part of the country for an extended period. You’re going to let your home to a friend while you’re away. Will you be entitled to claim rent-a-room relief against the rent you receive? Rent-a-room HMRC’s simplified method for working out taxable profits from letting part of your home has been around since the
The right time to opt to tax a property and whether you apply VAT to land and buildings that you own can be an important factor in your business tax planning. What are the key factors you should take into account before you “opt to tax”? Buildings – capital goods scheme If you spend £250,000 (plus VAT, some or all
Key points from the government winter economy plan, and how it may affect you and your business The government outlined their economic plan for the coming months; here is what this may mean to you: Grants for self-employed The second self-employment grant closes on 19 October however, the government will still offer a third and a fourth grant. The
Why Should You Set up a Limited Company? And why it is better than Self-employment? Limited personal liability One of the most beneficial advantages of forming your own company is the limited liability protection. This means that if your company run into any problem, your own personal assets are secure. This is because a limited company is a separate legal
Stamp Duty Tax Holiday, Good news for Buy-to-let landlords, first time buyers and those who are planning to buy their next home. On Wednesday 8th July 2020, the Chancellor announced a stamp duty holiday for property buyers in England and Northern Ireland, starting immediately, until March 31st 2021. The stamp duty holiday means that if, for example, you are buying
[vc_row][vc_column][vc_column_text] Starting a limited company can be a very good idea if you want to start your own business and become an entrepreneur. It gives you the freedom to expand your business and take it to new heights. However, setting up a limited company has its own procedures. There are certain laws that need to be adhered to during the
As a contractor, you have the benefit of claiming business expenses. This is beneficial in the sense; you will not have to pay taxes for the amount. If you are working through your limited company as a contractor, here are a list of expenses you can claim: Meal expenses You can claim for your meal costs when you are working
