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Tag Archives for: "income tax"
 Scottish taxpayers
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0
By Michael
In Uncategorized
Posted February 25, 2016

Scottish taxpayers

Who is eligible to pay Scottish income tax? As of April 2016, Scottish taxpayers will pay the Scottish rate of income tax (SRIT), which will be charged on non-savings and non-dividend income. [...]

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 Employment intermediaries
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By Michael
In Uncategorized
Posted February 19, 2016

Employment intermediaries

An employment intermediary is a person or organisation that makes arrangements for an individual to work for a third party and is remunerated for the work done. Employment intermediaries are [...]

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 Alignment of income tax and National Insurance
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By Michael
In Uncategorized
Posted February 18, 2016

Alignment of income tax and National Insurance

The Office of Tax Simplification (OTS), which gives the government advice on simplifying the UK tax system, is currently engaged in a project that will offer increased insight into the alignment [...]

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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.