Electric cars will be more tax efficient from 2020/21
Explaining 3 options plus pros and cons when being paid as a Freelance Contractor: Agency payroll; Umbrella or Personal Service Company.
Helping Freelancers understand different options for handling income. Salary, dividends and splitting dividends with a partner.
Common expense claims/queries that aren’t tax deductible.
New tax free allowances for various types of income.
There are 3 advantages using a Limited Company: saving on National Insurance, Taxes and Dividends being able to stay below the High Rate tax threshold.
This video describes the rules for joining the VAT scheme, when you must register and covers advantages and disadvantages of being VAT registered.
Looking at the pros and cons for 2 Freelancers working through the same Limited Company.
Splitting ownership of a property will have different tax implications, depending on whether the owners are married or business associates.
Following the Autumn Statement 2015, rules for Shareholders paying Income tax on pay outs when winding up a Company.
Describing how to exit the Flat Rate VAT scheme voluntarily - and the rules for compulsory exit.
This video looks into uses and the effects of changing the date of a Company accounting year.
Fixed Assets, particularly Tangible Fixed Assets and their value in the Balance Sheet and Depreciation
Current Assets are easily converted into cash within 12 months also Cash, Trade Debtors, Prepayments and types of Stock.
Explaining Current Liabilities, including Trade Creditors, Other Creditors, Accruals and Loans due within one year.
Get more specific tax/business advice by discussing changes in personal and business circumstance with your accountant.
High earners should start planning to avoid restricted Annual Pension Allowance and extra tax from April 17.
The new 16.5% Limited Cost Trader Flat Rate VAT category effective from April 2016 for businesses providing services.
Small Companies should be aware of the consequences to the business when issuing shares; and how to cancel the excessive shares.
Profit & Loss is a measure of money made in a year to show how well the business is doing and for calculating tax.
A balance sheet is a business’s value at a point in time, and it has to balance.
Step by step guide on completing a VAT return for overseas sales.
Step by step guide on completing a VAT return for purchases overseas.
Covering all aspects of a Company paying for a company pension for a spouse and what you need to do.
Peter Bromiley reports after a consultation meeting with HMRC re Freelancers working in the public sector.
Matt Chapman describes the AMS service for Freelancers, what it includes and how it works
Married and Civil Partnership couples have many tax advantages including no Capital Gains, and exemptions from Inheritance Tax.
Step by step guide on the basics of completing a VAT return.
As well as paying Self-Assessment, HMRC can ask you to make Payments on Account in January and July.
Steps you can take to reduce Payments on Account to HMRC in January and July.
Differences between, Invoice accounting for VAT and the Cash Accounting scheme.
This video looks at the dangers of transferring a buy to let to a Limited Company and the effects of the ‘market value’ rules.
This describes depreciation and compares it with Capital Allowances (tax relief on purchase of equipment etc.
Describing the dangers of taking a lump sum from your pension and how to get a tax refund within 30 days of claiming it.
A guide on how 100% tax relief can be claimed on fixed assets such as plant, equipment, IT Kit etc.
Explaining how employees / directors can use HMRC Benchmark Expense rates when working overseas instead of claiming actual costs.
Peter explains how a Director’s Loan Account works, repayment rules and s.455 tax
Describing the new Employment Allowance increase and the effect on Companies with only one Director/employee.
Explaining the new travel and subsistence rules for Freelancers, and the proposals for freelancers working for public sector bodies.
Peter describes tax relief changes on mortgage interest, scrapping of Wear & Tear Allowance, replacement rules and additional Stamp Duty.
Peter explains the new Dividend Tax, and the new rate of tax on overdrawn Director’s Loan Accounts (s.455)
Peter explains the new income tax bands, the change in Capital Gains Tax and pension changes.
An introduction to Limited Company Shares and their rights.
An introduction to Limited Company Dividends and steps to take when paying them out.
Introducing the Flat Rate VAT scheme (FRV), one of the few tax breaks remaining for small businesses.
Part 1 of 2 on Car expenses: Sole Traders vs Limited Companies and the differences when claiming actual costs vs mileage.
Part 2 of 2 on Car Expenses: Explaining the rules and obstacles when claiming that your car is a pool car.
Explaining new rules on mortgage interest which will be phased in over 4 years from 2017
Identifying what can and cannot be claimed as an expense when renting out a property to help minimise tax.
Explaining to Freelancers how to prioritise when they are having difficulties paying their Limited Company’s taxes.
This video explains what a Freelancer’s contract may dictate and the different insurances that they must and could have.
What Freelancers should look for in a contract, starting from first principles – including renegotiating clauses.
Freelancers should hold back money to pay future taxes. Peter talks about the stress of paying last year’s taxes from next year’s income
Explaining that Freelancers must add VAT on recharged expenses to their Agencies and legally the Agency must pay it.
Explaining the simplicity of a family setting up a Business Partnership, and warns about the pitfalls, and the importance of having a legal agreement.
Describing the tax advantages of Limited Companies vs Sole Traders and Partnerships, and which structure is the safest if the business fails.
Peter shows how it is easy to set up as a Sole Trader, how you would be taxed, and the dangers of losing personal assets.
Peter describes the pros and cons of a Limited Liability Partnership (LLP), including comparisons with a Limited Company for tax planning purposes.
Explaining that from April 2016 shareholders in Limited Companies must pay an extra 7.5% tax on Dividends and what to do to reduce it.
Peter describes IR35 to people who are new to Freelancing, and how to identify whether or not you are caught by the IR35 rule.
Explaining factors which determine if you are caught by IR35, such as ‘Control’ ‘Substitution’ ‘Mutuality of Obligation’ and ‘Financial Risk’.
As soon as a Freelancer even knows that their contract will be over 24 months they must stop claiming Travel and Subsistence.
How a Freelance Contractor can close a Limited Company, get their cash from their Company bank and minimise the taxes.
Tel: 01793 818400