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Employer's National Insurance Allowance

Saturday 16th April 2016

​From April 2016 companies that only have one person on the payroll can no longer claim the Employer's National Insurance Allowance.

Tags: HMRC, National Insurance, Salary

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Budget 2016

Wednesday 16th March 2016

March 16th 2016 - George Osborne's 8th budget and here are the main headlines that may affect you:

Tags: HMRC

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Business Entertainment

Tuesday 16th February 2016

This is a bit of strange one for contractors and freelancers but an annual event, is an allowable business expense for the company as long as the following conditions are met:

Tags: Accounts, Corporation Tax, Expenses

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Information and data protection

Tuesday 16th February 2016

Information means everything to you. If you want to understand why your business is doing so well or maybe not where you want it to be then the information from our bookkeeping system is the key. There are also some important laws regarding information or data and its protection.

Tags: Limited Company

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Dates for Ltd Companies

Tuesday 16th February 2016

Lots of important dates to be aware of - good to keep referring back to.

Tags: Limited Company, Corporation Tax, VAT

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Total Freelance and 123 Contracting

Thursday 28th January 2016

​Total Freelance and 123 Contracting have partnered up to create money-saving accounting services for independent professionals.

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Personal tax return 2014-15 - Deadline fast approaching

Friday 15th January 2016

This is our final reminder of the fast approaching personal tax return deadline. The deadline is 31 January 2016 and if your return is not filed by then you will get an automatic £100 penalty from HMRC.

Tags: Income Tax, HMRC, Self Assessment

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SA302 and HMRC tax overview

Friday 15th January 2016

​If you are applying for mortgage then you will more than likely be asked to provide several SA302s and a current HMRC tax overview. What are these I hear you say??

Tags: Mortgages

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Corporation Tax - a basic guide

Friday 15th January 2016

Corporation Tax - a basic guide

Tags: Corporation Tax

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Personal tax return - deadline will be here before you know it!

Wednesday 16th December 2015

The personal tax return deadline is approaching and it will be here before you know it. Don't leave your return until the last minute - send over your information ASAP.

Tags: Income Tax, HMRC, Self Assessment

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Merry Christmas from all at 123 Contracting

Wednesday 16th December 2015

​We would like to take this opportunity to wish all of our clients, our partners, staff and followers a very merry Christmas - we hope you all have a lovely break and we look forward to a prosperous 2016 for all freelance contractors!

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Thinking of going freelance contracting in the new year - READ THIS

Wednesday 16th December 2015

​Choosing a Contractor Accountant can be a difficult process - what should you look for, what are the main differences between the different specialist firms and why should I choose one firm over another?

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Contractor Financials launch an exclusive mortgage which could save thousands

Monday 16th November 2015

​Contractor Financials have announced the launch of a new mortgage product through Clydesdale Bank, available exclusively to Contractor Financials clients.

Tags: Mortgages

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Personal tax return season - have you sent us your information?

Monday 16th November 2015

​Personal tax return season is well underway with almost three quarters of all our client's personal tax returns submitted already - not bad when the deadline is 31 January 2016.

Tags: Self Assessment, HMRC, Income Tax

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Personal tax return season 2014-15 well underway!

Friday 16th October 2015

Personal tax return season is well underway with almost half of all our client's personal tax returns submitted already

Tags: HMRC, Income Tax, Self Assessment

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Accountant's reference

Friday 16th October 2015

​Recently we have had a few clients that have moved to 123 Contracting from other accountancy firms, require references for renting a new flat or starting a new contract with a new client. Each of these client's was shocked to hear that we do not charge an additional fee for providing these references.

Tags: Limited Company

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123 Contracting growing from strength to strength

Friday 16th October 2015

Over the last few years 123 Contracting has grown from strength to strength, as we do not undertake any paid for marking this is due almost entirely to our happy clients referring their friends and colleagues to us.

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New All Party Parliamentary Group (APPG) formed to represent freelance contractors

Wednesday 16th September 2015

​David Morris MP former ambassador for National Freelancer Day is to chair an All Party Parliamentary Group who's aim is to fight for freelance contractors and give them a voice in Westminster.

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HMRC gets slated on Twitter

Wednesday 16th September 2015

​According to statistics from Citizens Advice, HMRC has received more than 11,500 messages on Twitter in the last year.

Tags: HMRC

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IPSE survey shows freelance contractors' concerns over saving for retirement

Wednesday 16th September 2015

​A recent National survey undertaken by the Association of Independent Professionals and the Self Employed (IPSE) has shown that freelance contractors are concerned about having sufficient finances for retirement - over half (54.4%) held this opinion.

Tags: Pensions

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Personal tax return season 2015

Wednesday 05th August 2015

It's nearly that time again - it's Personal Tax Return Season! We will start preparing our client's 2014-15 personal tax returns from the start of September, we will be in touch by email to request the information we need to file your return.

Tags: Self Assessment, Income Tax

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Mortgage rates thought to be increasing soon

Wednesday 05th August 2015

​If you have been thinking about buying a house or flat but have not got around to looking into mortgages or if you need to remortgage then now is the time to do so.

Tags: Mortgages

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Freelance contracting for the first time

Wednesday 05th August 2015

​Have you been thinking about making the jump to freelancing for the last few years but are a little scared of what might happen if you do?

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Pensions - company contributions

Thursday 16th July 2015

When it comes to making pension contributions you have two choices; 1. make them personally from your savings or income or 2. have your Limited Company make contributions directly to your personal pension.

Tags: Expenses, Pensions, Limited Company

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Director's loans and tax

Thursday 16th July 2015

​We get lots of questions on overdrawn directors loans, as the devil is in the detail and the timings, we thought it would make an interesting short article:

Tags: Limited Company, Income Tax, Corporation Tax

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Employing someone and the taxes involved

Thursday 16th July 2015

​Taking on an employee might seem very daunting but there are some great tax reliefs which make it cheaper than you may have thought.

Tags: Expenses, PAYE, National Insurance, Salary

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P11D and P11D(b) deadline fast approaching

Tuesday 16th June 2015

P11D and P11D(b) need to be with HMRC by 6 July 2015.

Tags: Expenses, HMRC, PAYE

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VAT registered - charging your client expenses

Tuesday 16th June 2015

​If you are VAT registered then you need to keep in mind the rules on VAT for expenses charged to a client.

Tags: VAT, Expenses

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​Going Limited - what is the time scale for the process?

Tuesday 16th June 2015

Step 1: We set up your Limited Company by filing the incorporation application with Companies House (we do this for free).

Tags: Companies House, Limited Company, HMRC

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Registered Office and Director's Service Address

Friday 15th May 2015

​In recent months we have seen a large rise in the number of clients enquiring about how they can decrease the amount of personal data that is in the public domain.

Tags: Company Secretarial, Limited Company

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P11D time nearly here

Friday 15th May 2015

​It's P11D time! Over the coming weeks we will be in touch with those clients that will need to submit a P11D and a P11D(b). We will of course be preparing the returns for you ​and simply sending them to you to review and approve and then for you to post directly to HMRC - all the detail will be in our P11D email which you will receive in the coming week or two.

Tags: HMRC, PAYE, National Insurance, Expenses

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Dealing with overseas clients

Friday 15th May 2015

​If you take on a client that is based outside of the UK they may insist on paying you in their local currency - Euros, Dollars etc. what is the best way to receive this money so you don't end up loosing a chunk of it in the exchange rate and associated fees?

Tags: Limited Company

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123 Contracting going from strength to strength

Thursday 16th April 2015

I wanted to say a big thank you to all of those who have posted recommendations for me and 123 Contracting on our LinkedIn page over the last month or so.

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The 2015-16 tax year.

Thursday 16th April 2015

Headline tax rates and thresholds for the tax year 6 April 2015 to 5 April 2016.

Tags: Corporation Tax, Dividends, HMRC, Income Tax, Limited Company, National Insurance, Pensions, VAT

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What you might need for your mortgage application

Thursday 16th April 2015

​If you are thinking of applying for a mortgage shortly then you will need to provide a range of documents to support your application.

Tags: Mortgages, Self Assessment

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Budget 2015 - prediction for Inheritance Tax

Sunday 15th March 2015

It has long been the desire of George Osborne to change the Inheritance Tax system in the UK. Will he use his final budget before the election to role out a complete overhaul of the system?

Tags: Inheritance Tax

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Mortgage advice for freelance contractors - READ THIS!

Sunday 15th March 2015

​In January we published an article about the issues with trying to secure a mortgage when you are a freelance contractor. This article got great feedback and we and our specialist mortgage advisers were able to assist a number of client who had been told by high street banks they could not borrow.

Tags: Mortgages, Limited Company

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Making the jump to freelance contracting in 2015

Monday 16th February 2015

​Have you been thinking about making the jump to freelancing for the last few years but are a little scared of what might happen if you do?

Tags: Limited Company

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Switching from an Umbrella Company to your own Limited Company

Monday 16th February 2015

​So you've been freelance contracting for a couple of months now, dipping your toe in the water using an Umbrella Company and have realised that you really enjoy freelancing and want to move forwards with it. The answer is to switch from the Umbrella Company to your own Limited Company.

Tags: Limited Company

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End of the tax year is fast approaching - have you used all of your personal tax allowances and tax thresholds?

Monday 16th February 2015

​We're fast approaching the end of the 2014-15 tax year - 5 April 2015 - if you have not used up your personal tax allowances by this date you will loose the benefit that they provide.

Tags: Income Tax, Self Assessment

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Self Assessment tax return - FINAL REMINDER

Friday 16th January 2015

This is our final reminder of the fast approaching personal tax return deadline. The deadline is 31 January 2015 and if your return is not filed by then you will get an automatic £100 penalty from HMRC.

Tags: Self Assessment

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Thinking of buying a house - READ THIS

Friday 16th January 2015

Thinking of buying a house? Need a mortgage? Your first point of call should NOT be a high street bank!

Tags: Mortgages

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Switching from the VAT Standard Scheme to the VAT Flat Rate Scheme

Friday 16th January 2015

​We have had a number of questions in the last month about the process involved in joining the VAT Flat Rate Scheme if you are currently on the Standard Scheme.

Tags: VAT

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VAT Flat Rate Scheme - Buying assets over £2k to claim back the VAT

Sunday 30th November 2014

The vast majority of freelance contractors in the UK are registered for the VAT Flat Rate Scheme (FRS). This allows them to keep a percentage of the VAT that they have to charge to their clients which gives them an extra income stream without having to do any additional work.

Tags: VAT

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Moving house? Change of address process and our Registered Office service

Sunday 30th November 2014

When you move home there is so much to think about, one of the last things on your mind might be ensuring that HMRC and Companies House have the correct address for your business.

Tags: Companies House, HMRC

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Self Assessment 2013-14

Sunday 30th November 2014

Christmas will fast be up-on us and one of the last things you may want to be thinking about is your personal tax return.

Tags: Self Assessment, HMRC, Income Tax

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Taking on an employee - the tax reliefs

Sunday 30th November 2014

Taking on an employee might seem very daunting but there are some great tax reliefs which make it cheaper than you may have thought.

Tags: Limited Company, National Insurance, PAYE, Salary

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Halifax releases new contractor mortgages

Saturday 15th November 2014

Flash sale - Halifax limited edition mortgages for Contractors

Tags: Mortgages

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Switching from sole trader to limited company

Saturday 15th November 2014

There are a number of reasons why someone might start freelancing as a sole trader but why should you think about switching to a limited company?

Tags: Limited Company

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Self Assessment tax return - the time is now!

Saturday 15th November 2014

Personal tax return time - have you sent us your information? If not act now!

Tags: Income Tax, Self Assessment

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123 Contracting client's animation nominated for an Oscar

Friday 14th November 2014

To gain industry exposure Robert Grieves created an animated short film and almost found himself with an Oscar.

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Donating to charity and sponsorship

Monday 13th October 2014

Charitable donations made from your Ltd Company to a registered charity are always a tax deductible payment. The charity enjoys 100% of the donation and your company enjoys 20% Corporation tax relief.

Tags: Expenses, Limited Company, Corporation Tax

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Director's loans - what you might not know

Monday 13th October 2014

In April 2014 the rules with regards to director’s loan accounts changed. Previously each director could have an outstanding loan which if it didn’t reach or surpass £5,000 during the tax year......

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Osborne abolishes the pension ‘death tax’ at the Conservative Party Conference

Monday 13th October 2014

George Osborne has announced in his speech at the Conservative Party Conference in Birmingham, that the 55% inheritance tax levied on defined contribution pension pots will be abolished.

Tags: Inheritance Tax, Pensions

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Self Assessment - don't put it off, read this asap

Monday 13th October 2014

Have you sent us your information so we can prepare your return for your review and approval?

Tags: Self Assessment, Income Tax, HMRC

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NEW Contractor offset mortgage

Monday 15th September 2014

​We are delighted to announce that after 6 months of negotiation by ContractorFinancials a new Contractor friendly Lender is coming to the market with an exciting range of offset mortgage products tailored to the needs of Contractors and Freelancers.

Tags: Mortgages

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Self Assessment - have you sent us your personal tax information?

Monday 15th September 2014

Emails requesting personal t​​ax return information for the tax year 2013-14 were sent on Monday 8th September.

Tags: Self Assessment, HMRC

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New tax dog and our service record over the last year

Monday 15th September 2014

As many of our clients know, here at 123 Contracting we have a 4 year old Springer Spaniel called Archie who keeps everyone entertained during the day. He even features

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PCG becomes IPSE

Monday 15th September 2014

You may or may not have heard that the Professional Contractors Group has rebranded itself as IPSE the association of Independent Professionals and the Self Employed.

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Pensions - use your company to make the contributions

Sunday 17th August 2014

When it comes to making pension contributions you have two choices; 1. make them personally from your savings or income or 2. have your Limited Company make contributions directly to your personal pension.

Tags: Pensions, Corporation Tax, Limited Company

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Personal tax return season 2014

Sunday 17th August 2014

​It's nearly that time again (not the start of the football season!) - it's Personal Tax Return Season!

Tags: Self Assessment, Income Tax

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Trend towards part time employment and part time freelancing before going full time freelance

Sunday 17th August 2014

​Over the past few months we have seen a growing trend in new clients partially moving from permanent employment to freelance contracting.

Tags: Limited Company

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Contractor’s can beat off the challenges presented by the property market

Monday 14th July 2014

Daily headlines are suggestive of an imminent interest rate rise to ease the accelerating housing market, and to also calm down the fear that the UK economy “could be more vulnerable to income and interest rate shocks” as more households increase their level of debt.

Tags: Limited Company, Mortgages

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Higher rate taxpayers could be missing out on £225 million in tax relief

Monday 14th July 2014

You could be one of the UK’s higher-rate tax payers missing out on £225 million in tax relief each year by not paying in to a pension. The insurer Prudential recently surveyed 302 higher-rate tax payers and found that 1 in 10 make no contribution to a pension. Rolling this figure out nationwide at least 90,000 higher rate taxpayers could be paying nothing into a pension, this equates to missing out on £2,510 in tax relief a year.

Tags: Pensions

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Don’t put all your eggs in one basket, spread the risk with income protection

Monday 14th July 2014

When making the decision to go it alone as a Contractor, one possible concern is the lack of fall back on an employee benefits package. Over the years you may have been sold policies such as payment protection insurance but these will no longer be valid now that you are a Contractor. The one protection policy every working Contractor in the UK should consider is the very one most of us don’t have – income protection.

Tags: Insurance

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The majority of Brits expect the Government to help them in retirement

Monday 14th July 2014

The self-employed are facing a pensions black hole unless they start making provision and saving for retirement now. Just over a third of the nation’s 4.5 million self-employed are adequately prepared according to recent research by Scottish Widows.

Tags: Pensions

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New 123 Dividend Calculator

Tuesday 17th June 2014

Our new ​123 Dividend Calculator​ - this shows you what you can expect to pay in personal income tax for the 2014-15 tax year.

Tags: Income Tax, Dividends, Salary, Self Assessment

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IR35 Insurance

Monday 16th June 2014

​Reiterated warnings from HM Revenue and Customs are increasingly difficult to miss these days. But one HMRC matter in particular has maintained an unrelenting omnipresence since its introduction over a decade ago: the IR35 legislation.

Tags: IR35, Insurance

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Buy to Let the ‘best investment’ of the last 18 years

Monday 16th June 2014

​There has been a steady increase in Contractors investing in a Buy to Let property or indeed a portfolio of properties since their introduction in 1996. According to recent research a Buy to Let is actually the best investment in 18 years.

Tags: Mortgages, Limited Company

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Professional Indemnity Insurance - The Basics

Monday 16th June 2014

​Now more than ever, numerous insurance policies exist to cater to more or less any contractor requirement. The most popular of which taking the form of Professional Indemnity insurance.

Tags: Insurance

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SA302s and a mortgage application

Tuesday 13th May 2014

​If you are thinking of applying for a mortgage shortly then you will need to provide a range of documents to support your application.

Tags: HMRC, Self Assessment, Mortgages

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VAT and charging clients for expenses

Tuesday 13th May 2014

If you are VAT registered then you need to keep in mind the rules on VAT for expenses charged to a client.

Tags: Expenses, HMRC, Limited Company, VAT

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Found your dream house this Spring? Secure your Contractor Mortgage today

Tuesday 13th May 2014

If you were actively looking at new properties over the bank holiday weekends or made the decision to make that next move, the time has never been better to sell your property. The market has not been as buoyant for years and the tide has clearly turned.

Tags: Mortgages, Limited Company

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Savings at the highest level for a year with a cash ISA

Tuesday 13th May 2014

If you are considering saving some of your contract rate away and are uncertain where to invest then a cash ISA could be the answer.

Tags: Income Tax

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Pensions 2014-15

Wednesday 16th April 2014

Exciting times to come in the 2014-15 tax year for pension investment………

Tags: Corporation Tax, HMRC, Income Tax, Limited Company, Pensions

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Claiming the cost of lunch

Wednesday 16th April 2014

The cost of lunch can be claimed when you are working at a temporary workplace.

Tags: Expenses, Limited Company

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PCG calls for suspension of IR35 after damning report by House of Lords

Wednesday 16th April 2014

PCG has responded to a report published by the House of Lords Select Committee on Personal Service Companies........

Tags: IR35

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Buying a company van

Thursday 10th April 2014

Company vans are taxed very differently to company cars and can be more tax efficient, below are the two options if you are thinking about buying a van.

Tags: Corporation Tax, Expenses, Limited Company

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IR35 Guide

Sunday 16th March 2014

IR35 is now a well-known term in the contracting world, the tax legislation having been a hindrance to limited company professionals for over a decade. The term ‘IR35’ is the name given to the ‘Intermediaries Legislation’, a tax law introduced by HMRC targeting professionals who work through personal service companies (PSCs) as a way to avoid paying as much tax.

Tags: Dividends, HMRC, Income Tax, Insurance, IR35, Limited Company, National Insurance, PAYE, Salary

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Contractor Insurance Guide

Sunday 16th March 2014

Insurance is an effective form of protection for almost all areas of business, contracting being no different. Working as a contractor comes with the responsibilities and professional duties that a business owner/shareholder faces, therefore having the correct insurance in place gives added value and stability.

Tags: Limited Company, Insurance, IR35

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Introduction to Sponsorship

Sunday 16th March 2014

​Sponsorship is a tricky area with a number of potential pitfalls. Just like a huge number of expense claims you have to look at any potential sponsorship expense with common sense to understand how your limited company would receive tax relief.

Tags: Expenses, HMRC, Corporation Tax, Limited Company

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Choosing a Contractor Accountant

Sunday 16th March 2014

​Choosing a Contractor Accountant can be a difficult process - what should you look for, what are the main differences between the different specialist firms and why should I choose one firm over another?

Tags: Limited Company

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Tax Planning - the end of the tax year

Sunday 16th March 2014

The end of the tax year is fast approaching and there are a number of questions freelance contractors should be asking themselves:

Tags: Dividends, Income Tax, Self Assessment

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How We Compare

Sunday 16th February 2014

If you ever wondered how 123 Contracting compares to other specialist freelance contractor accountants then you need wonder no more.​ Take a look at our new How We Compare page which shows a break down of our service The 123 Way and how much we charge.

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Introduction to Principle Private Residence Relief

Thursday 13th February 2014

This is our basic introduction to Principle Private Residence Relief (PPR).

Tags: HMRC, Mortgages

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Introduction to Capital Gains Tax

Thursday 13th February 2014

This is a basic introduction to Capital Gain Tax (CGT) for individuals.

Tags: HMRC, Self Assessment

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News at 123 Contracting

Wednesday 12th February 2014

​February is very much the calm after the storm for most accountancy firms - the hectic nature of Personal Tax Return Seasons ended on 31 January and now they will be winding down to enjoy a more relaxed February.....Not us!

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Changes to P11D's might come very soon

Wednesday 12th February 2014

​P11D's are the form that is filed for the vast majority of freelance contractors telling HMRC how much you have received in benefits and expenses such as private health insurance or travel expenses.

Tags: HMRC, Limited Company, PAYE

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The best freelance contractor calculator just got better

Thursday 16th January 2014

​For a while we believe we have had the most detailed freelance contractor calculator available. ​Our calculator shows a direct comparison between many different taxes and compares what you should expect to take home from working as a permanent employed person, through an Umbrella Company, as a Sole Trader or through your own Limited Company.

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123 Referral Prize - You Really Want To Read This

Thursday 16th January 2014

For the next twenty referrals, each of the people who have referred them get entered into a prize draw to win £500 of vouchers of their choosing. YOU WANT TO READ THIS.

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Self Assessment Deadline

Wednesday 15th January 2014

The deadline for filing your personal self-assessment tax return is almost up-on-us, we understand that many people put their return off until the last minute - well this is it.

Tags: Income Tax, HMRC, Self Assessment

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PCG Chairman talks to House of Lords Select Committee

Friday 10th January 2014

​The Chairman of the PCG (the membership organisation for freelancers) met with a House of Lords Select Committee towards the end of December to answer questions on freelance contracting and IR35.

Tags: HMRC, IR35, Limited Company

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Merry Christmas and thank you!

Friday 13th December 2013

​We would like to wish all of our clients, our partners, staff and followers a very merry Christmas - we hope you all have a lovely break and we look forward to a prosperous 2014 for all freelance contractors!

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Self Assessment deadline fast approaching

Thursday 12th December 2013

​The deadline for filing your personal self-assessment tax return is fast approaching and with Christmas and New Year falling in-between now and 31 January 2014 (the deadline) many people put their return off until the last minute.

Tags: HMRC, Self Assessment

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Directors Loans - Quick Guide

Thursday 12th December 2013

​We get lots of questions on overdrawn directors loans, as the devil is in the detail and the timings, we thought it would make an interesting short article:

Tags: Corporation Tax, HMRC, Income Tax, Limited Company

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Autumn Statement - not aimed at contractors

Wednesday 11th December 2013

In the Autumn Statement George Osborne stated that HMRC would be asked to target those that are falsely classed as being self-employed.

Tags: HMRC, Limited Company, IR35

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PCG condems artificial avoidance schemes

Wednesday 11th December 2013

​PCG, the association for contractors and freelancers, has condemned artificial avoidance schemes following a recent case won by HMRC.

Tags: HMRC

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Taking your freelance contracting to the next step

Friday 15th November 2013

So you are a freelance contractor and you really enjoy the extra freedom and control it gives you over your life but you would really like to take it that step further.......how can I carry on freelancing but from a beach?

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Putting your spouse short term contract through your Ltd Company

Thursday 14th November 2013

​So you are a freelance contractor working through your own Limited Company and your spouse has just been offered a short term contract, would it make sense to put this through your company?

Tags: Limited Company, Salary, Income Tax

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Over 1.7 million 'one man band' contractors in the UK

Wednesday 13th November 2013

​Insurance company LV has released a survey into the contractor and small business market stating that there are now over 1.7 million contractors working in contracting jobs.

Tags: Insurance, Limited Company

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Travel expenses - Temporary Workplace Rules

Tuesday 12th November 2013

​Travel costs are an allowable expense as long as they are for the following: - Travelling that must be undertaken to perform your business duties. - Not journeys which, are ordinary commuting or private travel.

Tags: Expenses, Limited Company

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Freelance contractors in great demand

Monday 11th November 2013

​The demand for freelance contractors is at a six year high according to the Report on Jobs by REC (the leading recruitment body) and KPMG (one of the big four accountancy firms).

Tags: Limited Company

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Why we offer prudence

Tuesday 15th October 2013

Our clients are contractors just like you who want a tax efficient but prudent way of working in the UK. This is what we offer.

Tags: Limited Company, HMRC

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Stamp Duty - read our rant and let us know your thoughts

Monday 14th October 2013

Stamp Duty - one of the most hated taxes. Over a quarter of all property purchases in the UK last year incurred the higher rate of stamp duty having to pay over 7,500 pounds in tax to the treasury.

Tags: HMRC, Mortgages

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RTI payroll returns in the news

Friday 11th October 2013

RTI, what is that then? RTI is the new filing method for PAYE returns that came into force for all companies in the UK in April 2013.

Tags: HMRC, PAYE, National Insurance

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Self Assessment personal tax returns 2012-13

Thursday 10th October 2013

So personal tax return season is in full swing with paper returns due by 31 October 2013 and electronic returns due by 31 January 2014. You may think this is a long way off but don't, it takes time to collect all your information together, submit it to us for us to review and we usually have extra questions so now is the time to act.

Tags: Self Assessment, HMRC, Income Tax

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So did you happen to watch Panorama on BBC 1 this evening?

Monday 16th September 2013

So did you happen to watch Panorama on BBC 1 this evening? If not then you missed an HMRC appointee to a government backed panel tasked with curbing tax avoidance being outed for advising people who came to his seminars in how they could "keep money out of the chancellor's grubby mitts."

Tags: HMRC

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Refer a friend or colleague today - look at what you get!

Tuesday 16th July 2013

Why not refer a friend or colleague to 123 Contracting - it's simple and we have a great way to say thank you!

Tags: Limited Company

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Another damning report into HMRC

Monday 08th July 2013

The National Audit Office (NAO) has released it's report into HMRC and warns that HMRC failed to collect £9.6 billion of VAT in 2010-11. It has also warned that there are widespread errors and issues of fraud in the payment of personal tax credits.

Tags: HMRC, VAT

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123 Extra - Money transfer services

Thursday 04th July 2013

If you've come over to the UK to work as a freelance contractor then more likely than not you're going to want to send some of the money you earn back home.

Tags: Limited Company

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Personal tax returns 2012-13 - time to prepare your return

Wednesday 03rd July 2013

If you choose to freelance through a Limited Company then your personal finances are separate to your company’s finances - you and your company are separate legal entities, therefore you as a director have to prepare a personal self-assessment tax return each year.

Tags: HMRC, Income Tax, Inheritance Tax, Self Assessment

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Entertainment - the tax issues

Monday 01st July 2013

This is a bit of strange one for contractors and freelancers but an annual event, usually a Christmas Party, is an allowable business expense for the company as long as the following conditions are met:

Tags: Expenses, HMRC, Limited Company

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123 Extra Partner - IR35 Defence Pack

Friday 28th June 2013

HMRC have now set up four new specialist teams solely tasked with status enquiries. With around 12 inspectors in each team they have the potential to undertake over 1,200 enquiries per year. We are therefore likely to see an increase in the number of IR35 enquiries being undertaken.

Tags: HMRC, IR35, Limited Company

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Contracting - the importance of information

Wednesday 26th June 2013

Information means everything to you. If you want to understand why your business is doing so well or maybe not where you want it to be then the information from our bookkeeping system is the key. There are also some important laws regarding information or data and its protection.

Tags: Companies House, Company Secretarial, Limited Company

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Limited Company Advantages

Tuesday 25th June 2013

If you are contracting for more than 3 months, or it is your aim to contract for the foreseeable future then the limited company route is the best way to go. By contracting through your own limited company you are much more tax efficient, giving you more money in your pocket.

Tags: Limited Company

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Dividends - a simple guide

Monday 24th June 2013

Once a company has worked out it’s profit and the amount of corporation tax that is due, what ever is left can be paid out as a dividend. Dividends are paid to shareholders of Limited Companies.

Tags: Accounts, Companies House, Dividends, HMRC, Income Tax, Limited Company, Company Secretarial, Self Assessment

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Company secretarial - a simple guide

Friday 21st June 2013

A Limited Company has certain secretarial and record keeping duties that must be performed by law. The main one is to keep an up-to-date and complete set of Statutory Books. The Statutory Books contain copies of all the official documents and forms that have been filed for the company.

Tags: Annual Return, Company Secretarial, Companies House, Limited Company

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Important dates for Ltd Companies

Thursday 20th June 2013

Lots of important dates to be aware of - good to keep referring back to. Company Accounts - a company has to file it’s accounts within 9 months of its year end..........

Tags: Accounts, Annual Return, Companies House, Corporation Tax, HMRC, Income Tax, Limited Company, National Insurance, PAYE, VAT, Self Assessment

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PAYE - a simple guide

Wednesday 19th June 2013

To pay yourself a monthly salary, you need to first set-up a payroll scheme with HMRC. This is known as a PAYE scheme. You’ll be happy to know that this registration is included in The 123 Way.

Tags: HMRC, Income Tax, National Insurance, PAYE, Salary

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Limited Company - Bank accounts

Tuesday 18th June 2013

If you’ve just set up your Limited Company then one of the first things you need to do is open a Company bank account. As a Limited Company is a separate legal entity to you, you can not use your own personal current account to pay in money from clients.

Tags: Limited Company

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VAT - which scheme to choose?

Monday 17th June 2013

The Standard VAT Scheme allows you to claim back any VAT you have incurred on expenses. For instance if you were to buy a computer costing £1,200 the first £1,000 of this is the fee paid to the shop for the computer with the additional £200 being the VAT that the shop will then pay to HMRC. You would then be able to claim this £200 back from HMRC when you file your VAT return.

Tags: HMRC, VAT

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Simple guide to Corporation Tax

Friday 14th June 2013

Inland Revenue Corporation Tax is the tax due on company profits. Once the accounting profit is worked out for a company, it is then turned into the taxable profit by adding back certain expenses that are not tax deductible and taking out certain capital allowances that act as tax reliefs and reduce the company's tax bill. This is a quite a complex process as there are literally thousands or rules regarding what you can and can not claim as tax deductible.

Tags: Corporation Tax, HMRC, Limited Company

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123Books - Bookkeeping that is so easy to use!

Thursday 13th June 2013

If you haven't checked out the Client Area of our new website then now is a great time to do so. We have produced a series on short videos to help you when filling in your 123Books, each video is only a minute or so long and explains how to fill in each tab of the 123Books.

Tags: Limited Company, Accounts

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Guide to - Limited Company Accounts

Wednesday 12th June 2013

A Limited Company must prepare a set of financial accounts each year to submit to various authorities. It is the responsibility of the company directors to ensure this is done and filed within the appropriate deadline. What do Limited Company Accounts contain?

Tags: Accounts, Limited Company, Companies House, HMRC

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Freelance Contracting - advantages and disadvantages

Monday 10th June 2013

The number of benefits is huge but we will try to sum up some of the main ones. 1. Firstly you can charge a much higher rate for doing the same work as a permanent employee. This is because the client will not have to pay tax on what they pay you as they would with a permanent member of staff - they save a great deal of money so you can charge a higher rate.

Tags: Income Tax, Dividends

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Do I really need a contractor specialist accountant?

Friday 07th June 2013

Some contractors start out by thinking an accountant is an added expense that they don't need. We believe that hiring a contractor specialist accountant is one of the best moves any contractor will make. It's obvious that this would be our opinion, but we're going to explain why it makes so much sense with just two reasons.

Tags: Income Tax, Companies House, Corporation Tax, IR35, Self Assessment, VAT, Salary

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Going freelance - where to find your contracts

Thursday 06th June 2013

When starting out most freelance contractors use recruitment agencies to find their first few contracts. Over time you will build up a base of clients who will start coming straight to you. It is always a good idea to ensure your CV, show-reel or portfolio is fully up-to-date - this will really help you to secure that next contract.

Tags: Limited Company

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Switching accountants - it's very simple with The 123 Way

Wednesday 05th June 2013

If you currently have an accountant or tax adviser but you're not happy with the advice or the service you're receiving, then switching to The 123 Way couldn't be easier. The process is simple:

Tags: Accounts, Companies House, HMRC

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Ltd Company or Umbrella

Tuesday 04th June 2013

The age old question - Ltd Company or Umbrella? Well the simple fact is that freelance contracting through your own Ltd Company is much more tax efficient than working through an umbrella company. So why do some people still use umbrella companies?

Tags: Limited Company

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Travel Expenses - the two year rule

Monday 03rd June 2013

Travel costs are an allowable expense as long as they are for the following: - Travelling that must be undertaken to perform your duties. - Not journeys which, are ordinary commuting or private travel.

Tags: Expenses, Corporation Tax

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Training Expenses

Monday 13th May 2013

Over the last few years many contractors have chosen to boost their chances of winning contracts by investing in themselves. Training expenses fall into two different categories for tax, those that develop your current skills and those that give you new skills - below are the details.

Tags: Expenses, Corporation Tax, Limited Company

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Tax Allowances - have you used yours before it's too late?

Saturday 30th March 2013

We're fast approaching the end of the 2012-13 tax year - 5 April 2013 - if you have not used up your personal tax allowances by this date you will loose the benefit that they provide.

Tags: Dividends, HMRC, Income Tax, PAYE, Self Assessment, Salary

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HMRC and RTI

Monday 18th March 2013

Real Time Information or RTI as it is known is on the way, but what does it mean for you?

Tags: PAYE, HMRC, National Insurance, Salary

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The 2013-14 Tax year is nearly here

Monday 18th March 2013

The 2013-14 tax year is almost here, check out what is changing and what is not - see how it effects you.

Tags: Dividends, HMRC, Income Tax, National Insurance, PAYE

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Tax changes 2012-13

Wednesday 14th March 2012

Corporation Tax: The small profits rate paid by contractor companies stays at 20% having been reduced from 21% in April 2011.

Tags: Income Tax, Corporation Tax, Inheritance Tax, VAT, PAYE, National Insurance, Pensions, Expenses, Dividends

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Self-assessment tax returns - deadline is fast approaching

Friday 18th November 2011

The deadline to file your personal Self-Assessment tax return is 31 January 2012. This might feel like a long time into the future but it really isn't!

Tags: Self Assessment, Income Tax

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123 Contracting runner-up in the Wandsworth Green Business Awards 2011

Thursday 13th October 2011

When we started 123 Contracting we wanted to run a business that was ethical and environmentally focused. We've managed to be quite successful by creating a paperless office, sourcing our energy supplies from renewable energy sources and cycling rather than driving to the great majority of our meetings. Simple things that we believe nearly all business can implement.

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Reduce your tax bill and boost your pension with an employer contribution

Thursday 11th August 2011

Working through a limited company is almost always the most tax efficient option for Contractors; however you can reduce both personal and corporate taxation even further by using your company to invest towards an income in retirement.

Tags: Pensions, Expenses

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