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Treating the Self Employed as Employed….

It is interesting that commentators are currently assuming that agencies won’t want to get involved with determining IR35 status for public sector contractors. This is effectively ignoring the fact that it could be down to passing or failing the “new” IR35 test when we have the on-line tool and agencies, or end clients, have to […]

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What us the future for contractors using limited companies?

Seems like the uncertainty over the tax status of limited company contractors is coming to a head. Prism the umbrella company are calling for the government to recognise contractors as a new self employed category. The government has historically preferred to try and treat them as employed using the IR35 Intermediaries legislation, In practice this […]

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More news about IR35 and public sector contractors

This blog provides more information about the government’s proposals to enforce IR35 will affect public sector contractors. The government have announced that the new rules will take effect from next April and will potentially affect doctors, nurses, social workers, teachers and government department contractors. Let’s see how the new rules might work in practice: Grace works through her own personal […]

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HMRC clamps down on self-employed and limited companies

Over my 40 years in practice there has been a sea change in how HMRC administers and collects all taxes. My manager used to tell me stories about members of staff who left clients records in the corner of the to do their national service in the army and then returned to their firm eighteen […]

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Tip on foreign travelling expenses

H M Revenue & Customs (HMRC) has introduced a scale rate of expenses that Employers can pay for foreign travel tax and NI free which don’t require supporting receipts. The scale rates are different for each country and HMRC updated this list in October 2015.The new rules can be used for overseas trips made since […]

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Why Employment Tax Status could be a risk!

IR35 and employment tax Status generally is still shrouded in confusion. One thing is certain, namely that if you are in business you are likely to be affected by it. This may be because you are a contractor or consultant yourself, or because you engage them. In my view, whilst a good contract between a limited […]

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IHT/Business Property:it’s your choice!

Many shareholders and business owners are under the reasonable but erroneous impression that they do not need to think too deeply about inheritance tax because their company or business will be fully covered by Inheritance Tax Business Property Relief. This relief exempts shares in qualifying companies and business from Inheritance Tax on their death. And […]

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Beware of Personal Guarantees….

If you get a loan from a bank or private lender for your business, you will probably be asked to sign a personal guarantee. Many business owners are so relieved to get the loan that they don’t read the fine print that puts them at risk. You should. And, you should attempt to negotiate. If there […]

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10 things your accountant should provide

Your accountant should be a trusted adviser and a valued part of your business support mechanism. As such he should provide the following: Free use of a registered office A meeting room for important meetings Annual accounts Management Accounts Full support with RTI and VAT queries A full company and personal tax package Tax Planning […]

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Bank On The Banks, or Borrow Elsewhere?

This blog post has been kindly contributed by Dave Farmer of Lime Consultancy and looks at what ticks the bank’s boxes in terms of agreeing business loan and overdraft facilities. If you are looking to raise finance from the banks I’m sure you will find it useful. Forthcoming blog posts will address alternative sources of […]

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