An overhaul of IR35 tax rules for contractors in the private sector comes into force from 6 April 2020 when off-payroll working is extended to medium and large businesses, and LLPs. Overhaul of IR35 As from 6th April 2020 the rules for off-payroll working will be extended to the private sector. This will bring contractors … Read more
What is Marriage Allowance? Marriage Allowance lets people with income of £12,500 or less, transfer up to £1,250 of their Personal Allowance to their husband, wife or civil partner – if their income is higher. This reduces their tax by up to £250 for the 2020/21 tax year. Who is Eligable? In England and Wales you … Read more
Self Assessments online filing HM Revenue & Customs are thanking all customers who filed their Self Assessment tax returns by the 31st January deadline. A record breaking 11.1 million returns were received including 10.4 million online Self Assessment returns. About 11.7 million customers were required to file their 2018 to 2019 tax returns by 11.59pm … Read more
How you set up a business depends on what kind of business you. It could be a Sole Trader, Partnership or a Limited company. Setting up as a Sole Trader If any of the following apply then you should register as a sole trader with HMRC: Earned more than £1000 from self employment between 6th … Read more
What is the Construction Industry Scheme? The Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from payments which relate to construction work. Registering as a Contractor under the scheme You must register as a contractor under the Construction Industry scheme (CIS) if you: Pay subcontractors to do construction work If your business spends … Read more
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