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Articles from June 2013

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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