Contractor Accountant

This tag is associated with 18 posts

Changes to tax relief for travel and subsistence claims for contractors

Changes to tax relief for travel and subsistence claims for contractors In August 2014 the government outlined plans in its Autumn Statement to change the way in which it allowed tax relief on certain travel and subsistence expenses to be applied. A consultation document was subsequently published for the Summer Budget in 2015, which gave […]

Tax Efficient Life Insurance Cover

At Holcombe Financial Services we work with business owners to create bespoke financial plans that suit their personal and business goals. One area we do a lot of work on is tax efficiency. One area we cover is protection and life assurance for businesses and business owners. Many business owners are unaware that they could […]

Real Time PAYE Starts in April 2013 – Important Information

Real Time PAYE Starts in April 2013 – Important Information The stressful Year End process of P35 and P14 submission will disappear starting from 6th April 2013, replaced with a submission to HM Revenue & Customs each time your business pays its employees. This is called Real Time Information, or RTI, and it will mean […]

IR35 Update

Amendments to IR35 (intermediaries legislation) The government announced recently that the IR35 rules are to be changed to ensure that the legislation applies to office holders or anyone regarded as an office holder for tax purposes. This follows media criticism of public bodies using personal service companies in situations where it was not always clear […]

Budget 2012

Budget 2012 The Chancellor of the Exchequer George Osborne presented his Budget for 2012 to Parliament on 21 March 2012. Headline summaries of the main announcements which affect businesses and individuals and listed below (source HMRC website Income tax rates and Allowances 2012-13 and 2013-14 As announced at Budget 2011, the income tax allowance […]

Profit Extraction – 6th April 2012

Tax Planning – Maximum Profit Extraction Increases in the National Insurance (NI) thresholds from 6th April 2012 will increase the optimum annual salary for Directors. The Primary Threshold (PT), the point at which salaries become chargeable to NI for employees, will rise to from £7,228 to £7,592 per year and the Secondary Threshold (ST), the […]

ESC C16 Deadline 1st March 2012

Directors of small businesses who want to wind-up their company and distribute surplus funds to shareholders have just over two weeks to take advantage of a tax break. Further to our earlier article on the proposed changes we can now confirm the following changes. The ESC C16 tax concession – whereby money from a wound-up company […]

HMRC Unnecessary Demands and Threats to Collect PAYE Liabilities

HMRC Unnecessary Demands and Threats to Collect Payment Nobody likes to receive letters from HMRC demanding money – particularly when none is due!  However that is exactly what can happen if you do not notify HMRC that there is no PAYE liability for a period. HMRC PAYE Payments (Income Tax and National Insurance) It is […]

Budget 2011 – An Overview for Limited Company Contractors

Budget 2011 – A General Overview Earlier today Chancellor George Osborne delivered his second Budget since the election of the coalition government in 2010. Addressing MPs, Mr Osborne said he did not need to ask the public for more taxes or more spending cuts.”This is not a tax-raising Budget, nor can we afford a give-away,” […]

Are you ready to file your Employer Annual Return online?

Are you ready to file your Employer Annual Return online? Almost all employers must now file their Employer Annual Return (P35 and P14s) online. Employers with 50 or more employees are already required to file their employee in year forms (P45, P46, P46 (Pen) and P46 (Expat)) online too. If you’re a smaller employer with […]