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The new HMRC rules permit small companies to claim expenses towards costs incurred for offering trivial benefits to employees and directors. There is an upper cap on the amount that can be spent for each individual employee and for each individual director, in addition to the restrictions on where the expenses can be claimed. The […]
Sole traders, also called sole proprietors, are individuals who have set up their own business. Sole traders own the business and are solely responsible for growing the business. The ultimate onus of the success or failure of the business also lies with them. They may hire other people but are the sole beneficiaries of the […]
Businesses in the UK are bound to pay the corporation tax if they function and garner profit as any one of the entities mentioned in the list below: A limited company A foreign company with a branch or office in the UK A club, cooperative or any other unincorporated company (social groups and games clubs) […]
Post the 2017 budget, as there was a redemption on tax for interest on BTL (Buy-to-Let) mortgages, there has been a tremendous increase in landlords purchasing Buy-To-Let (BTL) investments under the name of the limited company rather than their personal name. This also changed the cut-off of the net rental income on which the mortgage […]
Reports say, 14% of the world working population is self-employed. A UK data of 2016 confirms 4.75 Million people working in UK as self-employed. People working on an hourly basis or not as a permanent employee share a big portion of self-employed people in the UK. Preferred because of lack of certain skilled resources, contract […]
All businesses are required to report their annual accounts to the government for tax purposes at the end of the financial year. The annual accounting statements are also used by enterprise owners to evaluate the success of their business operations. Moreover, the Her Majesty Revenue and Customs (HMRC) regularly checks the company accounts to assess […]
Many individuals move to the UK every year to work as expat contractors. Individuals hailing from non-UK or European Union (EU) countries can avail an array of benefits by working in the UK. The UK economy faces a steep skills shortage, and people from other countries can leverage this skills scarcity to find potential work […]
IR35 is tax law that was introduced in 1999. It is also popularly called the Intermediaries Legislation, and it came into effect in April 2000 under the Finance Act. IR35 gets its name from the then Inland Revenue, which is now the HM Revenue & Customs (HMRC). The legislation covers every individual worker who functions […]
While the debate about outsourcing or continuing with in-house resources will continue for long, the undeniable fact is that outsourcing has helped businesses achieve huge cost savings without compromising on deliverables. It is the same with outsourcing accounting services, where specialized services are available at a fraction of the costs without having to maintain an […]
At times, for one of many reasons or a combination of many reasons, it may be necessary to effectively bring all business operations to a close. UK company closing procedures need to meet certain statutory requirements, and will hinge on the financial status of your company – i.e. is your company solvent or insolvent?. In […]
