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Articles Tagged 'HMRC'

Budget 2018

Thursday 01st November 2018

Budget 2018 - the top 3 items for freelance contractors

Tags: Corporation Tax, Dividends, HMRC, Income Tax, IR35, Limited Company, Salary

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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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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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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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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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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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​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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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