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Business

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By Michael
In Business
Posted January 26, 2016

Operating costs that you can claim

There is no way you can start your own venture without incurring a cost. Many of the costs start before your business activity begins. Expenses that you incur seven years before your business [...]

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By Michael
In Business
Posted January 19, 2016

Sole trader or limited company status?

Choosing between becoming a sole trader and starting a limited company can be tough when you start out. As a sole trader and under limited company status, you can continue your employment with [...]

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By Michael
In Business
Posted January 14, 2016

Expand your business network to grow and succeed

Even self-employed professionals need a network to succeed and grow their business. Today, cold calling, sending unsolicited emails or even lifting the phone and contacting a prospective customer [...]

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By Michael
In Business
Posted January 5, 2016

Choosing your business name carefully as a sole trader

Even if you intend to work as a sole trader, you should not disregard your business or trading name. Typically, the company and business has the same name and this offers some level of [...]

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By Michael
In Business
Posted December 23, 2015

Keeping your bookkeeping records in order

As a trader or self-employed individual, you need a proper system in place to keep track of your revenue, expenses, profits, and also to reconcile your bank account every month. Whether you opt [...]

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By Michael
In Business
Posted December 21, 2015

Offer your services through a personal service company

Of late, it has become quite popular for individuals to offer their services through an intermediary company. Such individuals should think of establishing a personal service company, as it [...]

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By Michael
In Business
Posted December 18, 2015

Never neglect business compliance

Regulatory compliance is an important part of running a business. Whether you are self-employed, operating a trading company or investment venture, you are subject to compliance and regulations [...]

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By Michael
In Business
Posted December 16, 2015

Is trading or investment business the right one for you?

Starting your own venture can be exciting and thrilling. However, you have to make an informed decision to choose the right business entity, as it will have an impact on your tax and National [...]

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By Michael
In Business
Posted December 14, 2015

Establishing your business entity is important for your tax

When someone decides to start their own business, there are many things that need to be arranged. In the initial days, you will be running around to find the right resources and work, you also [...]

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 Banking on Technology
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By Michael
In Business
Posted November 12, 2015

Banking on Technology

So much of how we lead our lives today has been directed somehow by the remarkable evolution of consumer technology. Not so long ago, computers seemed to be of interest primarily to gamers or [...]

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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.