Further details have been published recently on the launch of the IR35 and suggest there will be no delay as some contractors and businesses were hoping. The review which was announced last December primarily now appears to be focusing on the implementation issues rather than investigating a delay or scrapping this altogether. Here we remind […]
Implementation of IR35
Implementation of IR35 to the private sector is looking more likely The draft finance bill was published on the 11th July 2019 and indicated that the implementation of the controversial IR35 legislation would go ahead and apply to the private sector from April 2020. The new legislation will impact an estimated 170,000 workers. From April […]
Wages and Dividends for 2019-20
Here we outline the suggested combination of salary and dividends from your limited company to make best use of the tax rates and allowances. If you are looking at taking alternative combinations of salary and dividends, additional tax and NI will be due. Tax will be payable on all dividends in excess of £2k so […]
Personal Tax – Dividends and Interest
Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules. Dividend income […]
IR35 Personal Service Companies
The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships. The rules do not stop individuals selling their services through either their own personal companies or a partnership. However, they do seek to remove any possible tax advantages from doing […]
Dividend Payments – Getting it Right
Used in conjunction with a salary at or just below the personal allowance level, the extraction of funds from the company using dividends still offers the most tax effective route to minimising your personal tax liability. […]
Loans to directors
This article concerns an announcement made in the Budget 2016 for which legislation will be introduced through the Finance Bill 2016. Where loans are made to directors and unpaid nine months after the company year end, the tax charge is now 32.5% for all funds drawn. […]
Making Tax Digital !
You may have heard of this latest new initiative from HMRC sometimes referred to simply as MTD – here we look at what this is and how it will impact you and your business. […]
Public Sector Contractors – all change from April 17!
Those who work in the public sector will be only too well aware of the additional scrutiny on the use of freelancers and how they operate their tax affairs. Over the last year, we have received calls from clients who have been asked to provide assurances about their IR35 status and tax affairs. Our advice […]
IR35 Overview
What is it all about? This ruling by the Revenue attempts to capture tax lost whereby individuals have set themselves up as Limited Companies supplying services but in reality are performing a task for a client in a manner similar to being an employee. […]