Sole trader vs Company: Benefits and Drawbacks
Should I be a sole trader or a company? We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…
Are you a worker or a contractor?
It was hard to miss the news last week that Pimlico Plumbers lost their case in the High Court against former employee Gary Smith. Smith argued that despite being VAT registered and paying self-employment income tax, he was…
Greater delay in HMRC answering calls
It will come as little surprise to most to discover that HMRC are taking longer than ever to answer telephone calls, and more than ever are going totally unanswered. Recent information released by HMRC shows that more than…
What can HMRC find out about you?
What can HMRC find out about you? When meeting new prospects we often hear “Well, HMRC won’t find out about that’ and we cringe. Not just because they’ve just effectively admitted tax evasion, but because HMRC can find…
Disguised Remuneration – HMRC crackdown with the New Loan Charge
HMRC has started its crackdown on disguised remuneration – basically tax evasion – and is warning against joining schemes that advertise themselves as avoiding the new loan charge. They don’t avoid the charge and may land you in…
What does my tax code mean? 18/19
What exactly do all the numbers and letters in my tax code mean? And what do I do if I think it’s wrong? HMRC generate your tax code based on the information that they hold on you, and…
The most tax efficient way to pay yourself in 2018/19
The most tax efficient way to pay yourself in 2018/19 The last tax year ended 5th April and the 2018/19 started on the 6th, meaning that new rules and allowances apply – so you need to find the…
Information to keep for your tax return
Last week saw the end of the 17/18 tax year on 5th April, for which many of us will need to produce and file a personal tax return . To make things easier, here is our list of…
What is a P11D and do you need to complete one?
What is a P11D? The P11D form is a statutory form required to be filed with HMRC detailing benefits paid to their employees and the cash equivalents of those benefits. You will also need to file a P11D(b)…
What is the Research and development Tax Credit? And can you claim?
What is the Research and Development Tax Credit? And can you claim? The Research and Development Tax credit is a generous government scheme aimed at encouraging UK companies to take part in innovation and reward them for doing…