Tax Changes from April 2017

There are a number of tax changes that have come into effect this month; 1) From 6th April 2017 the IR35 status of a contract in the Public Sector is to be determined by the client, and not the contractor. The client may be the agency ...

U-Turn on National Insurance

Further to my most recent post on the budget the Chancellor, Philip Hammond has scrapped changes to class 4 National Insurance following protests from the self employed, lobby groups and MP’s. The Chancellor confirmed that the ...

Budget 2017 Summary

The following are the main points of the 2017 budget affecting Small and Medium Sized businesses; – Class 4 National Insurance for the self employed to increase from 9 to 10% in April 2018 and a further increase to 11% in April ...

Autumn Statement 2016

The Chancellor’s Autumn Statement this week included some surprises, and some confirmations of previous government announcements. The main announcements affecting businesses were as follows; A new high VAT flat rate for service ...

Proposed changes for IR35 in the Public Sector

In my June newsletter I let you know about the Government proposing changes to the way IR35 works for public sector engagements. The formal consultation closed on 18th August 2016. The proposals are that, from April 2017, the ...

Making Tax Digital

In the March 2015 budget the Government announced it’s new initiative, Making Tax Digital. It has now published it’s consultation document, explaining the proposals in more depth. The Making Tax Digital(MTD) proposals only ...

Tax on Rental Income changes

In the recent budget there were a few changes to the way Rental income is taxed. Firstly, mortgage interest can still be claimed against your rental income, but the tax relief will be capped at the basic rate. Therefore if you are a ...

End of the Summer

For me, the end of the Summer seems close. I’ve been away on my hols, and I’m now thinking of what needs to be done to ensure my son starts school with tidy hair, and trousers which reach his ankles. I’m also thinking ...

Thinking of contracting?

One of the first and most important decisions for a contractor to make is whether to operate as a limited company or as an umbrella company. Operating through a limited company will have the highest percentage return of take home pay. ...

Class 2 National Insurance changes from April 2015

If you are self employed you will be used to receiving a letter from HM Revenue and Customs every few months requesting payment of your class 2 National Insurance contributions. From April 2015 the contributions will be payable through ...