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Archives

Author Archive for: "Michael"
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By Michael
In Uncategorized
Posted December 2, 2015

IR35 and Travel and Subsistence

Quite possibly the biggest challenges facing the UK’s professional contracting community in the year ahead derive from the discussion document on IR35 Intermediaries Legislation and the [...]

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By Michael
In Uncategorized
Posted November 30, 2015

2015 Autumn Statement – a summary

The Chancellor’s Autumn Statement on 25 November was not as seismic from a tax perspective as some pundits had predicted. Nonetheless, it contained a number of previously unannounced tax [...]

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 New Thinking in Sales
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By Michael
In Uncategorized
Posted November 25, 2015

New Thinking in Sales

One of the business world’s favourite clichés is that success is more about who you know than what you know. Whether or not this is actually true in practice, it is fair to say that networking [...]

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 Brand Building
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By Michael
In Uncategorized
Posted November 24, 2015

Brand Building

Few can deny that social media represents the future of communications. The ever-growing range of social media platforms have given us an unprecedented level of connectivity and the ability to [...]

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 Working Remotely
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By Michael
In Uncategorized
Posted November 23, 2015

Working Remotely

Working from home has long been a popular concept in principle, particularly with employees, but does not always work well in practice. Some of the biggest challenges have historically been from [...]

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 Outsourcing and Finance Directors
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By Michael
In Uncategorized
Posted November 20, 2015

Outsourcing and Finance Directors

Outsourcing as a concept is nothing new in the world of recruitment. For several industries, it has always been the way they have brought the right people with the right skills on board at the [...]

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 The Importance of Transparency
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By Michael
In Uncategorized
Posted November 19, 2015

The Importance of Transparency

The world of finance has changed, and continues to change. Not just from a technical or functional point of view, but from a cultural one as well. The relationship between financial companies and [...]

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 The Power of the Crowd
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By Michael
In Uncategorized
Posted November 18, 2015

The Power of the Crowd

Crowdfund Capital Advisors ran a study recently which yielded some astonishing facts and figures. Consider the following … Companies with successful crowdfunding campaigns can expect [...]

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 A Boost for New Businesses
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By Michael
In Uncategorized
Posted November 17, 2015

A Boost for New Businesses

The dramatic growth in automation has helped to boost one of the most attractive and exciting features of the technology sector: the spirit of innovation and entrepreneurship. The industry has [...]

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 The Big Data Revolution
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By Michael
In Uncategorized
Posted November 16, 2015

The Big Data Revolution

Businesses have traditionally described either their people or their product as their greatest asset. While some may say this is still the case, more and more organisations are describing data as [...]

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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.