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Author Archive for: "Michael"
 What are the benefits of using cloud accounting systems?
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By Michael
In Business
Posted July 26, 2016

What are the benefits of using cloud accounting systems?

With HMRC looking at rolling out its Making Tax Digital initiative over the next few years, there’s never been a better time to take a look at your accounting system and perhaps give it a [...]

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 Should you be a sole trader or limited company?
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By Michael
In Business
Posted July 20, 2016

Should you be a sole trader or limited company?

When you start a new business you will have to make a choice between setting up as a sole trader and setting up as a limited company. There is no ‘right’ decision, because circumstances vary from [...]

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 Outgoing Chancellor floats Brexit corporation tax cut
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By Michael
In Business
Posted July 13, 2016

Outgoing Chancellor floats Brexit corporation tax cut

Outgoing Chancellor George Osborne has floated the idea of slashing corporation tax as part of a series of moves intended to retain existing investors and entice new ones to the UK in the wake of [...]

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 A brief guide to self-assessment tax return
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By Michael
In Business
Posted July 6, 2016

A brief guide to self-assessment tax return

There are more self-employed people in the UK than ever before, with numbers rising by 209,000 to 4.7 million in the three months up to April 2016. If you are newly self-employed, you may find [...]

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 4 record-keeping steps for freelancers and the self-employed
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By Michael
In Business
Posted June 29, 2016

4 record-keeping steps for freelancers and the self-employed

According to a report from think tank the Institute for Public Policy and Research (IPPR), the UK is the self-employment capital of Europe; over the past 13 years, the number of self-employed has [...]

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 EU audit reform rules come into force
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By Michael
In Uncategorized
Posted June 22, 2016

EU audit reform rules come into force

New EU audit rules, aimed at promoting high-quality audits in larger businesses throughout the EU and enhancing investor trust in the financial information of companies, came into force last [...]

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 Will HMRC put back quarterly reporting by another year?
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By Michael
In Business
Posted June 15, 2016

Will HMRC put back quarterly reporting by another year?

It was announced a couple of weeks ago that the publication of crucial consultation documents on the Making Tax Digital project would be delayed until after the now-looming EU referendum. The [...]

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 Business decision-makers are taking their admin home with them
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By Michael
In Business
Posted June 8, 2016

Business decision-makers are taking their admin home with them

According to a new study, the majority of business decision-makers and top executives regularly spend time during out-of-office hours catching up on administrative tasks. According to research [...]

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 Using technology to cut through accounting admin and red tape
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By Michael
In Business
Posted June 1, 2016

Using technology to cut through accounting admin and red tape

More than half of smaller businesses in the UK believe their growth is being held back by administrative tasks and the burden of red tape, according to a new survey. The Federation of Small [...]

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 Don’t get caught out on payroll errors
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By Michael
In Business
Posted May 25, 2016

Don’t get caught out on payroll errors

According to a new report, HMRC has been cracking down on payroll errors, and SMEs have been particularly targeted. In the 2014 – 2015 tax year, HMRC gathered in £737 million from [...]

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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.