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Umbrella or Limited Company

Getting paid through Umbrella or Limited Company? What is best? Let us assume that you work as a contractor through an agency and you get paid £30,000 per year. How much tax will I have to pay as an employee through the Umbrella, and what tax will I have to pay if I setup [...]

By |January 1st, 2017|Categories: News|

Company car tax free

Company car tax free, no car benefit where cars leased to Employees by Employer This case involves Apollo Fuels group and HMRC where the company leased cars at market value to their employees. HMRC claimed that the company has provided company cars and the NI contribution should have been deducted and [...]

By |January 29th, 2017|Categories: News|

HMRC Late Penalty Charges

HMRC Late Penalty Charges & Company house If you are required to file a tax return for the year 2014/15 tax year and you have not done so by 31/01/2016, then you will be charged a penalty for late filing charge. The charges works like this: if you have not filed [...]

By |February 1st, 2017|Categories: News|

Rent room relief

Rent a room relief scheme in you house The rent a room relief scheme allows owner occupiers and tenants to receive tax free rental income if you provide furnished room in your main home. You can rent a room in your house and earn up to £7500 income tax free for [...]

By |February 1st, 2017|Categories: News|

Taken cash from the business

Taken cash from the business A) Director's Loan B) Salary C) Reimbursable expenses. D) Dividends E) Pension Director's Loan: When starting a new business, you usually give a loan to the business before it starts making sales, and when cash flow is low. This is considered a loan like any other [...]

By |February 1st, 2017|Categories: News|

Auto Enrolment

AUTO ENROLMENT: AUTO ENROLMENT ELIGIBILITY: PENSION ARE YOU READY? A new system of pension in the UK introduced called Auto enrolment, where an employer will have to enrol all their staff into this new system of pension, starting from October 2012 until by February 2018 every company would have been enrolled. However each [...]

By |March 1st, 2017|Categories: News|

Construction Industry Scheme

CIS Construction Industry Scheme Getting gross payment status: Construction Industry Scheme When you register for CIS Construction Industry Scheme  in order to get payment in full without deduction at source by the contractor, you will need to apply to HMRC to allow you to get gross payment. Then in order to be eligible [...]

By |April 21st, 2017|Categories: News|

Contractors loan scheme

Disguised Remuneration / Contractors Loan Scheme / Take home 90% of your income tax free There are companies or individual that will sell you A) Disguised Remuneration B) Contractors Loan Scheme C) 80 to 90% of your income tax fess. What are all those schemes all about? in short all such schemes [...]

By |September 16th, 2017|Categories: News|

Claiming VAT Before Registration on Vehicles

You can claim VAT on good and services made before registration, in terms of Good up to 4 years if the goods still available or is been used to make goods which are available still Services up to 6 months. Buying a new car You can all the VAT on the [...]

By |November 8th, 2017|Categories: News|

Contractor loan schemes-misleading advertising

The Advertising Standards Authority (ASA) has ruled against misleading advertising of contractor loan schemes by scheme promoter, Williams Gordon. read full article, here... https://www.gov.uk/guidance/contractor-loan-schemes-misleading-advertising-spotlight-42?utm_source=HMRCLinkedIn&utm_medium=OwnedLinkedIn          

By |March 1st, 2018|Categories: News|