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Author Archive for: "Michael"
 FCSA criticises IFS tax report claims
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By Michael
In Business
Posted February 9, 2017

FCSA criticises IFS tax report claims

Another major organisation representing contracting professionals has criticised the recent report from the Institute for Fiscal Studies (IFS) for misleadingly claiming that freelancers and the [...]

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 IPSE slams IFS’ “ludicrous” assertions about freelancing
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By Michael
In Business
Posted February 6, 2017

IPSE slams IFS’ “ludicrous” assertions about freelancing

A new report from the Institute for Fiscal Studies (IFS) has claimed that self-employed people enjoy an unfair tax advantage over those in traditional employment. Describing the differences in [...]

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 Contractors will be the backbone of workforce
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By Michael
In Business
Posted February 2, 2017

Contractors will be the backbone of workforce

Senior HR professionals should begin putting measures in place to source and engage freelancing and contracting professionals without delay, leading talent acquisition and management solution [...]

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 Professional contracting grows despite Brexit uncertainties
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By Michael
In Business
Posted February 1, 2017

Professional contracting grows despite Brexit uncertainties

The latest survey data from the Association of Professional Staffing Companies (APSCo) shows that placements for both contracting professionals and permanent candidates climbed year-on-year by [...]

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 Getting to grips with Making Tax Digital
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By Michael
In Business
Posted August 31, 2016

Getting to grips with Making Tax Digital

The government’s Making Tax Digital programme is a big change to the way the self-employed and micro businesses report their tax affairs. As well as requiring them to keep digital tax records, [...]

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 Finance chiefs prioritise technical competence
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By Michael
In Business
Posted August 24, 2016

Finance chiefs prioritise technical competence

Finance chiefs believe technical competence is the top quality required by the finance professionals of tomorrow, according to a new survey. The Institute of Chartered Accountants in England and [...]

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 Further warning against planned public sector IR35 changes
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By Michael
In Uncategorized
Posted August 22, 2016

Further warning against planned public sector IR35 changes

Contractor accountancy firm Pocket Accounts LLP has submitted its formal response to HMRC’s consultation paper “Off-payroll working in the public sector: reform of the intermediaries legislation” [...]

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 Overworked? Let technology take the strain
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By Michael
In Business
Posted August 17, 2016

Overworked? Let technology take the strain

A new report has found that 70 per cent of small and medium-sized enterprise (SME) owners in the UK do not like to delegate responsibility to others, and that almost 75 per cent say their [...]

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 Getting your tax right in the sharing economy
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By Michael
In Uncategorized
Posted August 10, 2016

Getting your tax right in the sharing economy

The sharing economy is an umbrella term that originally referred to peer-to-peer sharing of goods and services within the open source community, but gradually broadened to cover online [...]

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 Could you benefit from automating your accounts processes?
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By Michael
In Business
Posted August 3, 2016

Could you benefit from automating your accounts processes?

The vast majority of small businesses are looking to increase the automation of their accounting processes to increase efficiency, according to a new report, but despite this, only around five [...]

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  • Please note our opening hours on a Saturday are 10am-2pm

Assumptions

  • Based on a contractor working 37.5 hours per week.
  • Full employee personal tax allowance of £11,000 per year (tax code 1100L).
  • Contractor has no additional income during the tax year.
  • Subsistence based on the HMRC’s benchmark scale rates model.
  • Annual business mileage calculated at 45p/mile for the first 10,000 miles and at 25p/mile thereafter.
  • Expenses calculated between £3.16 and £355 and is restricted by allowable expenses and expenses reasonably incurred by an employee working and staying away from home.
  • Weekly calculation based on 52 weeks per full tax year.
  • Monthly calculation based on 12 months per full tax year.
  • All Tax, NIC’s and employers NIC’s based on 16/17 tax year.

Additional assumptions for Crystal calculation

  • SDC (Supervision, Direction or Control) does not apply during any contract assignment throughout the tax year.
  • All legitimate business expenses incurred during each assignment will be paid as part of your regular Crystal payment package. Any incurred expenses over the pre-agreed amount can be received as a tax refund from HMRC after the tax year-end on 5th April.
  • All Crystal payments include holiday pay.
  • All Crystal payments do not include pension contributions.

Additional assumptions for Pocked Accounts calculation

  • All assignments fall outside the scope of IR35.
  • Director’s wage of £8,060 per year.
  • Pocket Accounts Premium package is used for the purpose of this calculation.
  • Only one owner and director is involved in the company.

Please note, you may be eligible for the HMRC’s flat rate VAT scheme. Our consultants would be happy to discuss this with you.