Self-Assessment Questions & Answers

Self-Assessment Questions & Answers

January 8, 2015 | No Comments

There are usually tons of questions being asked during January about Self-Assessment. As the strap-line goes ‘tax doesn’t have to be taxing’ but unfortunately it often is for many, and as accountants we can see why! We have answered some of the common questions below but if you have any others then fire away and we will answer them for you. How do I pay the tax and National Insurance (NI) due? You have to make sure your payment reaches HMRC by the deadline, which is the 31st January. The time you need to allow depends on your choice of
Read More

IR35 put simply

IR35 put simply

June 19, 2014 | No Comments

This is a tedious subject, I know, but HMRC seem to have caused plenty of confusion with their complex guidance once again. So here are the simple facts about IR35. Why? The IR35 legislation’s main purpose is to act as a deterrent to those knowingly avoiding tax and NI contributions. HMRC announced that to abolish IR35 would lead directly to a £550m estimated loss in revenue. Ultimately, HMRC is increasing the financial burden on contractors with a confusing system – who knows why they do what they do? Who does it effect? All contractors who do not meet the Inland
Read More

Pre-budget predictions: Any good news?

Pre-budget predictions: Any good news?

March 17, 2014 | No Comments

With the budget around the corner it is time to take stock of what has been and what will arrive in its place. There are three topical areas where we can state with reasonable certainty what is set to change because of published draft clauses for the 2014 Financial Bill. These are personal tax, capital gains tax and business tax. For personal tax the expectations are: Individuals born after 5 April 1948 will be entitled to a personal tax allowance of £10,000. Employees will be able to increase the maximum value of shares acquired under Share Incentive Plans (SIP) and
Read More