There have been unprecedented number of tax changes affecting the contractor sector recently. Below we have considered some of the changes due to affect the contractor sector this year. IR35 and Public Sector Contractors From April, most contractors working with the public sector are likely to be caught under the new IR35 rules. This means […]
In his first Autumn Statement as Chancellor, Philip Hammond, announced an introduction of a new 16.5% flat rate of VAT for businesses which have a very low cost base. These businesses will be known as a ‘limited cost trader’. From 1 April 2017, new and existing users of the Flat Rate Scheme will need to determine whether […]
The tax year runs from 6 April to 5 April to following year. You will need to complete a Self Assessment tax return if, in the last tax year any of the following applied to you: You were self-employed; You received more than £2,500 in untaxed income, for example from renting out a property or […]
The deadline for submitting your self-assessment paper tax return for the 2015/16 tax year is 31 October 2016. You need to complete form SA100, with details of any of the following sources of income: Income from self-employment Employment income Dividends Income/expenses from rental property Gains/losses made from selling assets. There are also additional sections for […]
Are you married or in a civil partnership? Is one of you a non-taxpayer? Is the other partner a basic rate tax payer? If the answer to all of these questions is yes, you may be entitled to claim the marriage tax allowance. The marriage tax allowance allows the non-tax paying partner to transfer […]
In the summer Budget, the chancellor George Osborne announced major changes to the current tax legislation which applies to dividend income. From 6 April 2016 there are 4 main changes coming into effect: The 10% dividend tax credit will be abolished. Individuals will have a £5,000 a year tax-free dividend tax allowance. This allowance will […]
In July 2015 HMRC launched a campaign to clampdown on individuals and businesses who let out rooms in their homes on the internet or sell goods on sites such as Amazon, ebay or etsy without paying tax. Many people who use these sites are unaware that they should be completing a self-assessment tax return for […]
Last year 979,526 tax returns were filed on the last two days of filing (30 and 31 January), that is over 10% of the total number of returns submitted online. So why do people leave it right to the last minute? It doesn’t seem logical, how many news stories do you read of HMRC’s portal […]
You must register for VAT with HM Revenue and Customs (HMRC) if your business’ VATable turnover is more than £82000 per year. If you want to, you can voluntarily register if your turnover is below this (unless everything you sell is exempt). Not sure what forms you have to fill in? HMRC have produced this video to […]
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