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Tag Archives for: "business"
 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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 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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 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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 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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 Do you know what tax relief is available to your business?
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By Michael
In Business
Posted May 18, 2016

Do you know what tax relief is available to your business?

According to a new study, almost half (46%) of SMEs in the UK admit to having a “very poor” understanding of the government tax relief available to them. This means a huge number of small [...]

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 Is your business still relying on pen and paper accounting?
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By david@purecontent.com
In Business
Posted March 30, 2016

Is your business still relying on pen and paper accounting?

We’re living and working in an increasingly tech-savvy and interconnected environment. Whatever business task you need to complete, there’s probably an app, suite or system that can [...]

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By Michael
In Business
Posted February 15, 2016

Getting the right address and contact details for your business

Even if you are a sole trader (self-employed), getting the right business address is important if you want to grow and expand your business. While many entrepreneurs start their businesses from [...]

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By Michael
In Uncategorized
Posted February 1, 2016

Tax benefits that self-employed people can enjoy

When you decide to be self-employed, your business is likely to incur various expenses. Some of these can be deducted from your taxable profit but this is only possible if they are allowable [...]

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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.