What can I claim for?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "What can I claim for?"

Transcription

1 What can I claim for? So, armed with this basic outline, what can you claim for and how can you minimise your tax obligations? An overview of some of the common claimable and non claimable costs reads like this; Trader VAT Limited Company Sole Tax VAT Tax Your own salary Yes No No No Working spouse s / partner s salary Yes No Yes No Motor expenses Business Petrol Yes Yes Yes Yes Road Tax Yes No Part No Insurance Yes No Yes No Repairs Yes Yes Yes Yes Depreciation Part No Part No Finance charges Yes No Part No Travel Taxis Yes V Yes V Train Yes No Yes No Air fares Yes No Yes No Hotels Yes Yes Yes Yes Meals Yes Yes Yes Yes (but not entertaining) Telephone & fax Yes Yes Yes Yes Mobile phone Yes Yes Yes Yes IT costs Yes Yes Yes Yes Home costs Light & heat ] ] Repairs ]Part No ]Part No Insurance ] ] Stationery Yes Yes Yes Yes Postage Yes No Yes No Advertising Yes Yes Yes Yes Insurance Equipment Yes No Yes No Public / employers liability Yes No Yes No Personal BIK Yes No No No Entertaining No No No No Interest on bank loans Yes No Yes No

2 Bank charges Yes No Yes No

3 Pensions & life assurance Life assurance No No No No Income protection No No No No Medical insurance BIK Yes No No No Mortgage protection BIK Yes No No No Earnings protection BIK Yes No No No Pension contributions Yes No TD No No Key V BIK TD = depends on whether the supplier is VAT registered = creates a taxable benefit in kind for the employee = basic rate tax credit given at source by the Inland Revenue (for individuals) This is not an exhaustive guide and is included to provide illumination rather than support but should give you a feel for what you can and cannot do. Above all, you do need to keep records and receipts for all expenditure that you want to claim for, for VAT, income tax and corporation tax purposes. State retirement pension entitlement This, although you may not realise it, is a benefit that can be bought quite cheaply. Paying either 2.20 per week in Class 2 National Insurance as a sole trader or taking a modest level of salary from your limited company, of as low as 87 per week, will help you to maintain you entitlement to a full basic state pension which is currently worth around 87 per week on retirement. Calculating and minimising your tax So, let us assume that you are billing fees of 80,000 to your clients and after deducting various costs you are left with a profit of 50,000. Your tax position, using the 2007/2008 tax year would be: Sole Trader: Limited Company paying out full salary: Limited Company paying out a low salary but some dividends: 14,050 tax and NIC payable 16,284 tax and NIC payable 9,931 tax and NIC payable Your choice as to whether you are a sole trader or limited company can have profound tax implications. So, talk to your accountant and weigh up the pros and cons. But, do be aware that the tax picture will change from year to year and what is good this year may not be so good next year. Here are some current hot issues in tax: IR35 If you are operating as an independent through a limited company and any of your contracts with your clients could be construed as being of an employer and employee nature if your limited company was hypothetically stripped away, then

4 you would need to take out most of your remuneration from your limited company by means of salary rather than dividends which means that your tax position Deleted: you re

5 could be rather worse than operating as a sole trader. IR35" is the name and style given to the Inland Revenue press release which announced this anti avoidance tax legislation in March It is an on-going and contentious piece of legislation, about which books have been written in their own right. Useful information on this subject is also available from the Professional Contractors group website at A very brief guide to how this legislation works is set out further on in this site. Paying dividends rather than salary through your limited company. Paying dividends is currently better than paying salary as already suggested. But against a backdrop of a growing government budget deficit, tax rises may occur in spring 2008 and the advantage off trading through a limited company and following the low salary / high dividend route may be further eroded What about paying your partner or spouse salary or dividends? Well, for husband and wife family companies, following the win secured at The House of Lords in the Arctic Systems case by the taxpayers, (Mr & Mrs Jones), HMRC are introducing new rules which will come into place from 6 April 2008 to ensure that income sharing arrangements between family members, non married partners and other family members will be ineffective for tax purposes so that dividends and profit sharing payments for non-working spouses, non-working partners and non-working family members are assessed on the working spouse, partner or family member respectively. There is no clear detail as to how this will work in practice as yet and draft legislation will be published over the new few months. Working tax credits and child tax credits Your level of income, (combined with that of your spouse or partner), will also impact on the level of any child tax credit or working tax credit award that you receive from the Inland Revenue. So, apart from considering the headline rate of tax do not forget that your combined income will determine the level of any means tested awards you receive. Child tax credits and working tax credits generally depend on the combined joint incomes of both you and your spouse and/or partner in any tax year. They can be a valuable source of support in your early years as an independent. Remember that you cannot backdate a claim for these benefits so you must file and claim for your entitlement early in each tax year, (preferably before 5 July for a tax year beginning on the previous 6 April), for at least a provisional award, which is then finally adjusted after the end of the tax year, (the following 5 April), when final details of your joint incomes will be known. Remember that no claim can be backdated by more than 3 months.

6 Your legal obligations to the tax man Each year whether you are a sole trader or a limited company you will have to file various sorts of tax returns with HM Revenue & Customs (and Companies House also if you operate as a limited company). Most importantly, both sole traders and limited companies must submit their accounts annually to the Inland Revenue. You must also keep records of your revenues and costs, substantiated, as far as possible, by keeping receipts, copy invoices and bank statements. Also, these records should regularly be processed, (particularly for a limited company which has an additional legal duty under the Companies Act 1985 to maintain regular accounting records). Deleted: Deleted: = Deleted: c

Most of the hard work of setting up and running a Limited Company is at the beginning of the process which Exceed will be able to assist you with.

Most of the hard work of setting up and running a Limited Company is at the beginning of the process which Exceed will be able to assist you with. Limited Companies Introduction Forming a Limited Company may appear to be very daunting to some people, and it is true that a lot of legislation is in place relating to company formation and operation.

More information

Should I be registered for VAT?

Should I be registered for VAT? one Should I be registered for VAT? If your turnover (not profit, note) is more than 77,000 a year, you have no choice. You must register for VAT. But if your turnover is less than 77,000 a year, you may

More information

Newsletter. Business Bulletin August Tax tips for small business owners. Corporation tax payable by ABC Ltd 0

Newsletter. Business Bulletin August Tax tips for small business owners. Corporation tax payable by ABC Ltd 0 August 2014 Tax tips for small business owners Limited company - tax efficient profit extraction Newsletter One of the benefits of operating as a limited company is the ability to structure how the owners

More information

Guidelines for Self-Employed Persons

Guidelines for Self-Employed Persons INLAND REVENUE DEPARTMENT Saint Lucia Guidelines for Self-Employed Persons Our Mission The Inland Revenue Department stands committed in its impartial treatment of its customers. We aim to provide efficient,

More information

Housing Benefit and Council Tax Benefit. Self employed earnings information form Please read the notes at part E before completing this form

Housing Benefit and Council Tax Benefit. Self employed earnings information form Please read the notes at part E before completing this form FOR OFFICE USE ONLY Date of issue Claim reference number Please return this form to: The Benefits Team Tel: 0118 9746000 PO Box 152 Fax: 0118 9195124 Shute End Minicom: Typetalk 0118 9746991 Wokingham

More information

Housing Benefit / Council Tax Support Full self-employed income form

Housing Benefit / Council Tax Support Full self-employed income form Housing Benefit / Council Tax Support Full self-employed income form Please complete all sections About you Name Address Claim No/ NINO Home telephone number Work telephone number Mobile telephone number

More information

Operating Guide For Contractors

Operating Guide For Contractors Operating Guide For Contractors 30 New Road Brighton BN1 1BN Tel: (01273) 324163 Fax: (01273) 323983 Email: rogerm@hsc.uk.net Website: www.hsc.uk.net Operating Guide for Contractors Introduction This guide

More information

The Comprehensive Service

The Comprehensive Service The Comprehensive Service At PML Accounting Ltd, we understand that business affairs need to be dealt with efficiently and effectively. Therefore, we have utilised and further developed a specialist accounting

More information

What Can I Claim In Expenses?

What Can I Claim In Expenses? What Can I Claim In Expenses? Please remember that as a sole director of a limited company, the HMRC view you and your company as separate legal entities. As such, some items that the company cannot claim

More information

Quantic UK s guide to Limited Company tax deductible expenses

Quantic UK s guide to Limited Company tax deductible expenses Quantic UK s guide to Limited Company tax deductible expenses QUK.06/14-1000/1 Yarmouth House Trident Business Park Daten Avenue Warrington WA3 6BX quanticuk.co.uk info@quanticuk.co.uk T: 033 3323 1199

More information

The Comprehensive Service

The Comprehensive Service The Comprehensive Service At PML Accounting Limited, we understand that business affairs need to be dealt with efficiently and effectively, so we have developed a specialist accounting service specifically

More information

Corporation Tax Computation 7 Steps Working Solution by Paul McDevitt, FCCA, F2 Examiner, July 2013.

Corporation Tax Computation 7 Steps Working Solution by Paul McDevitt, FCCA, F2 Examiner, July 2013. Corporation Tax Computation 7 Steps Working Solution by Paul McDevitt, FCCA, F2 Examiner, July 2013. Some students have difficulty in knowing how to deal with addbacks in a corporation tax question. This

More information

This form is to be used where you do not have accounts, or if your income has changed since your last accounting period/set of accounts.

This form is to be used where you do not have accounts, or if your income has changed since your last accounting period/set of accounts. Self Employed Form This form is to be used where you do not have accounts, or if your income has changed since your last accounting period/set of accounts. You can bring this form to our offices, or send

More information

Whether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business.

Whether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business. Guide to Self-Employed Expenses Whether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business. We ve put together a quick summary of the expenses

More information

What Expenses can I Claim Through a Limited Company?

What Expenses can I Claim Through a Limited Company? What Expenses can I Claim Through a Limited Company? E: info@aidhanfinancial.com W: www.aidhanfinancial.com Find out what expenses you can claim as a contractor or freelancer to help you minimise your

More information

Who we are. What we do. Why choose us? Page 2

Who we are. What we do. Why choose us? Page 2 Who we are 1 st Contractor Accountants are a specialist online firm of accountants for contractors, freelancers and small businesses. The founders of 1 st Contractor Accountants have nearly 30 years combined

More information

20 Ideas to Reduce Your Tax Bill

20 Ideas to Reduce Your Tax Bill Corporation Tax 1. Incorporate There is still plenty to be gained from incorporation. A married couple in a trading partnership with profits of 100K will pay total tax and NIC of about 27K in 2009/10.

More information

HB11b - Housing Benefit and Council Tax Support Self Employed Earnings Information

HB11b - Housing Benefit and Council Tax Support Self Employed Earnings Information Benefit Service PO Box 2, Forde House Newton Abbot, TQ12 4YR Phone: 01626 215078 Fax: 01626 215538 Email: revandbens@teignbridge.gov.uk HB11b - Housing Benefit and Council Tax Support Self Employed Earnings

More information

Business Expenses Guide

Business Expenses Guide Business Expenses Guide Sole Trader What is this about? Each year, your business must prepare a set of accounts for HM Revenue & Customs (HMRC). These accounts calculate the business profits on which you

More information

Budget 2013 Summary Guide

Budget 2013 Summary Guide Budget 2013 Summary Guide Contents Section 1: Introduction Section 2: Company/Business Tax IR35 Corporation Tax rate Capital allowances Company cars VAT measures Employment allowance Section 3: Personal

More information

Tax on buy to let properties

Tax on buy to let properties Tax on buy to let properties This article covers the basics of how the various different forms of tax may affect your rental property, you can download our guide as a free pdf to keep here. Do you pay

More information

THE TAXATION OF COMPANY CARS. Calculating the cash equivalent

THE TAXATION OF COMPANY CARS. Calculating the cash equivalent THE TAXATION OF COMPANY CARS Company cars remain a popular employment-related benefit despite the fact that income tax charges on them are generally high. The benefit of having a company car available

More information

Guide to Calculating your Income Tax Liability for 2001 - Additional Notes -

Guide to Calculating your Income Tax Liability for 2001 - Additional Notes - Guide to Calculating your Income Tax Liability for 2001 - Additional Notes - The purpose of these additional notes is to help you compute some of the more difficult calculations that you will need to do

More information

Running a limited company

Running a limited company 01 RUNNING A LIMITED COMPANY CHARTERED ACCOUNTANTS Running a limited company Supportive. Effective. Efficient. Experts in tax and finance. Running a limited company When you decide to start a limited company

More information

Record Keeping Case Study

Record Keeping Case Study Handout 1 Newly Self-Employed the basics Record Keeping Case Study John Ellis started in business as a plumber on 1 September 2011. Listed below are details of money he has paid out and cash and cheques

More information

Buy-to-let guide about tax

Buy-to-let guide about tax Perrys Chartered Accountants Buy-to-let guide about tax Introduction As a buy-to-let landlord it is important you know about tax and how it affects you and your investment. This is why Perrys Chartered

More information

Tax tips and tax return checklist

Tax tips and tax return checklist Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range

More information

click here Exclusion of Liability and Disclaimer

click here Exclusion of Liability and Disclaimer This is an excerpt from Lawpack s book Understanding Accounts Made Easy. To find out more business accounting secrets and expert guidance on understanding accounts, click here. Understanding Accounts Made

More information

Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company?

Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company? Guide to Expenses Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company? A limited company is not a panacea for claiming in all

More information

Lina's Tax Team Business Income and Expenses

Lina's Tax Team Business Income and Expenses Lina's Tax Team Business Income and Expenses General Information Taxpayer name Ownership (place X next to the applicable option below) Taxpayer Spouse Joint Business name Business address (including unit

More information

Year End Tax Guide: 2014/15

Year End Tax Guide: 2014/15 Year End Tax Guide: 2014/15 A short guide to rates, reliefs and allowances available for use by 5 April 2015 Contents Personal tax and allowances Income and personal allowances 3 Capital gains tax 3 Inheritance

More information

So, let s make up some legislation ignoring the international aspects.

So, let s make up some legislation ignoring the international aspects. THE NEW DIVIDEND REGIME Every Chancellor wants to make his mark and the Summer Budget has allowed George Osborne to give full reign to his reforming ideas for the tax system unfettered by the constraints

More information

Paying your way. Tax issues for the self employed

Paying your way. Tax issues for the self employed Paying your way Tax issues for the self employed May 2012 Tax issues for the self employed This is a brief overview of tax issues that affect the self employed. Understanding your tax responsibilities

More information

Advice for the self-employed on Housing Benefit and Council Tax Reduction

Advice for the self-employed on Housing Benefit and Council Tax Reduction Advice for the self-employed on Housing Benefit and Council Tax Reduction What does self-employed mean? Someone who is self-employed works for an income but is not employed under a contract and does not

More information

tax-deductible expenses for a property rental business

tax-deductible expenses for a property rental business Guide to tax-deductible expenses for a property rental business 2011-2012 ESSENTIAL TAX-PLANNING FOR PROPERTY INVESTORS Contents Introduction Page 3 What expenses can be deducted from rental profits? Page

More information

How can you ensure that your new business will succeed?

How can you ensure that your new business will succeed? Limited vs. Sole trader. Guide 0.1 How can you ensure that your new business will succeed? Call Us Now: 0800 0699507 Limited Company Service Accounts Direct is dedicated to helping contractors, Consultants,

More information

How to calculate your taxable profits

How to calculate your taxable profits Helpsheet 222 Tax year 6 April 2013 to 5 April 2014 How to calculate your taxable profits A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 3310 the

More information

You may also find the expenses area of our support centre a good source of additional information.

You may also find the expenses area of our support centre a good source of additional information. Tempo s Guide to Business Expenses You may also find the expenses area of our support centre a good source of additional information. Why should I record / claim business expenses? Your company s tax bill

More information

TAX PLANNING FOR LIMITED COMPANY FREELANCERS AND CONTRACTORS

TAX PLANNING FOR LIMITED COMPANY FREELANCERS AND CONTRACTORS TAX PLANNING FOR LIMITED COMPANY FREELANCERS AND CONTRACTORS 2016/17 E-Book by JF Financial Management Limited Contents Disclaimer... 3 Introduction... 4 Limited companies - an introduction... 5 Corporation

More information

PLANNING CONSIDERATIONS FOR IT CONTRACTORS

PLANNING CONSIDERATIONS FOR IT CONTRACTORS PLANNING CONSIDERATIONS FOR IT CONTRACTORS INITIAL JOBS DATA RELATING ENTIRELY TO THE PERIOD IMMEDIATELY AFTER THE EU REFERENDUM VOTE INDICATES A MARKED INCREASE IN IT ROLES. FIGURES FROM REED SHOW THAT

More information

R Stride & Co. Information Sheet 3 Directors dividends 2014/2015

R Stride & Co. Information Sheet 3 Directors dividends 2014/2015 Due to the change in tax allowances and tax bands care must be taken during 2014/2015 to ensure that directors pay and dividends do not fall outside the bands. Personal Tax allowances The current personal

More information

VAT guide should I register for VAT?

VAT guide should I register for VAT? VAT guide should I register for VAT? associates ltd Should I register for VAT? This guide will give you an understanding as to whether you should register, what the various schemes are for small businesses

More information

hours per week Is your business a Limited Company? If Yes If yes go to section 4: Company owners/directors

hours per week Is your business a Limited Company? If Yes If yes go to section 4: Company owners/directors COMPANY DIRECTOR/OWNER AND SELF EMPLOYED EARNINGS INFORMATION FORM HOUSING BENEFIT & COUNCIL TAX REDUCTION SCHEME Mae r ffurflen hon ar gael yn Gymraeg o Canolfan Ddinesig This form is also available in

More information

ebrief for freelancers and contractors Borrowing company money

ebrief for freelancers and contractors Borrowing company money ebrief for freelancers and contractors Borrowing company money The facts behind the Directors Loan Account Taking money from the business for personal use when trading as a partnership or sole trader is

More information

A QUICK GUIDE TO PERSONAL SERVICE COMPANIES (PSC s)

A QUICK GUIDE TO PERSONAL SERVICE COMPANIES (PSC s) A QUICK GUIDE TO PERSONAL SERVICE COMPANIES (PSC s) Are you caught by the IR 35 PSC Rules or not? There are 5 key status tests: (a) (b) (c) No mutuality of obligation (MOO) Are you in business on your

More information

5.2 BUDGETING; CASH FLOW FORECASTS. Introduction To Budgets And Cash Flow Forecasts. Cash Flow Forecasts. Budget And Cash Flow Exercises

5.2 BUDGETING; CASH FLOW FORECASTS. Introduction To Budgets And Cash Flow Forecasts. Cash Flow Forecasts. Budget And Cash Flow Exercises 52 FUNDING 5 BUDGETING; CASH FLOW FORECASTS Introduction To Budgets And Cash Flow Forecasts Cash Flow Forecasts Budget And Cash Flow Exercises Cash Flow Exercises P 168 INTRODUCTION TO BUDGETS AND CASH

More information

Financial Planning. Introduction. Learning Objectives

Financial Planning. Introduction. Learning Objectives Financial Planning Introduction Financial Planning Learning Objectives Lesson 1 Budgeting: How to Live on Your Own and Not Move Home in a Week Prepare a budget and determine disposable income. Identify

More information

CUSTOMER ACCOUNTS SELF EMPLOYED EARNINGS INFORMATION

CUSTOMER ACCOUNTS SELF EMPLOYED EARNINGS INFORMATION CUSTOMER ACCOUNTS SELF EMPLOYED EARNINGS INFORMATION Housing Benefit and Council Tax Benefit Central Bedfordshire Council Watling House High Street North Dunstable Bedfordshire LU6 1LF Please complete

More information

Before beginning your journey there are a number of things you will need to consider, with the most important being finance.

Before beginning your journey there are a number of things you will need to consider, with the most important being finance. Whether you have just started your own small businesses, or you are a budding entrepreneur with big aspirations, there has never been a better time to work for yourself. With the economy going from strength

More information

Personal Service Companies and IR35

Personal Service Companies and IR35 Personal Service Companies and IR35 Introduction The IR35 rules are intended to prevent the avoidance of tax and National Insurance Contributions (NICs) through the use of personal service companies and

More information

A Guide to Contracting

A Guide to Contracting A Guide to Contracting An Introduction to Contracting Going freelance doesn t mean going it alone 292 Wake Green Road Birmingham B13 9QP Tel: 0121 778 6278 contracting@lowsonward.com A Guide to Contracting

More information

Financial Statement for. Self-Employed People

Financial Statement for. Self-Employed People Financial Statement for Self-Employed People Ben SE August 2010 About this form Please fill in this form if: you or your partner are self-employed AND you are not sending any business accounts with your

More information

A guide to Profits Tax for unincorporated businesses (3) Commonly asked questions concerning partnership businesses

A guide to Profits Tax for unincorporated businesses (3) Commonly asked questions concerning partnership businesses A guide to Profits Tax for unincorporated businesses (3) Commonly asked questions concerning partnership businesses Foreword This guide is intended to explain, by means of simple questions and answers,

More information

These VAT rules apply whether you are a sole trader or a limited company.

These VAT rules apply whether you are a sole trader or a limited company. Cars and Vehicles VAT You will not be able to reclaim any input VAT on the purchase of your car, (nor will you have to charge any output VAT on sale, unless you are in the very unlikely business of making

More information

Limited Company Guide

Limited Company Guide Limited Company Guide A complete accountancy service for the small business across the United Kingdom What is a limited company? A limited company is a type of business whereby the owner s liability is

More information

Year end tax planning

Year end tax planning Year end tax planning YEAR END TAX PLANNING 2013/14 Income tax saving for couples You might be able to save tax by switching income from one spouse or partner to the other. From the start of the next tax

More information

Important: Completing the form.

Important: Completing the form. Writing a Business Case Outline Appendix 3 If you wish to receive assistance under the Business Support Scheme or are thinking about exploiting a new idea, starting a new company or purchasing new equipment

More information

TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES

TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES Information to help your business IR 135 October 2010 Help is at hand This tax guide gives you, as a self-employed person, an overview of your tax entitlements

More information

Housing Benefit and Council Tax Support Self-employed Income Form

Housing Benefit and Council Tax Support Self-employed Income Form Housing Benefit and Council Tax Support Self-employed Income Form If you want to claim Housing Benefit or Council Tax Support, fill in and return this form to tell us about any self-employment. Please

More information

IR 261 August 2014. Direct selling. Tax facts for people who distribute for direct selling organisations

IR 261 August 2014. Direct selling. Tax facts for people who distribute for direct selling organisations IR 261 August 2014 Direct selling Tax facts for people who distribute for direct selling organisations www.ird.govt.nz 3 Contents Introduction 4 www.ird.govt.nz 4 How to get our forms and guides 4 Part

More information

A step by step guide. Contracting through your own limited company.

A step by step guide. Contracting through your own limited company. A step by step guide. Contracting through your own limited company. Our straightforward guide At Simplyco, we believe in making life less complicated. That s why we created this straightforward guide to

More information

Fundamentals Level Skills Module, Paper F6 (ZWE)

Fundamentals Level Skills Module, Paper F6 (ZWE) Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) 1 Mark and Ellen Mari December 01 Answers and Marking Scheme (a) (i) Consultancy services income: The income from consultancy

More information

Sole Trader Guide. A complete accountancy service for the small business across the United Kingdom

Sole Trader Guide. A complete accountancy service for the small business across the United Kingdom Sole Trader Guide A complete accountancy service for the small business across the United Kingdom What is a sole trader A sole trader business (being self-employed) is the most simple business type and

More information

We recommend reading this document after joining ICS and referring to the relevant section below when necessary:

We recommend reading this document after joining ICS and referring to the relevant section below when necessary: Expenses Expenses Policy This document outlines the expenses you are allowed to claim as an employee working for ICS Umbrella Ltd. These guidelines will help ensure you are compliant with HM Revenue &

More information

Turnover between 320,000 and 13,000,000 ( 250,000) and ( 10,000,000)

Turnover between 320,000 and 13,000,000 ( 250,000) and ( 10,000,000) Accounts Information for General Traders Turnover between 320,000 and 13,000,000 ( 250,000) and ( 10,000,000) File Returns and Accounts Information online at www.revenue.ie Revenue On-Line Service Paper

More information

Contractor s Guide to Expenses Step-by-step Guide

Contractor s Guide to Expenses Step-by-step Guide Contractor s Guide to Expenses 1 2 3 Step-by-step Guide S J D Accountancy Chartered Tax Advisers and Accountants Contracting through your own Limited Company Who are SJD Accountancy? SJD Accountancy are

More information

Introduction. How company cars are taxed. Calculating the cash equivalent

Introduction. How company cars are taxed. Calculating the cash equivalent Introduction Company cars remain a popular employment-related benefit despite the generally high income tax charges on them. The tax charge on company cars cars provided to employees by their employers

More information

Your Guide to STARTING A BUSINESS 2015/16

Your Guide to STARTING A BUSINESS 2015/16 Your Guide to STARTING A BUSINESS 2015/16 Planning your Business Ward Williams can help you plan your business and provide answers to some of the questions you should consider before preparing a business

More information

ebrief for freelancers and contractors Contractors guide to investing surplus cash

ebrief for freelancers and contractors Contractors guide to investing surplus cash ebrief for freelancers and contractors Contractors guide to investing surplus cash Making the most of your Surplus Cash Intouch Accounting, the personal online accountant, looks at this all important question

More information

End of Year Income and Tax Planning Individuals - June 2013

End of Year Income and Tax Planning Individuals - June 2013 The tips below will assist you in your end of year income and tax planning strategies. These tips are not meant to be exhaustive nor applicable to each and every individual taxpayer. Further you should

More information

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE Never change company shareholding without conferring with us because there are tax implications. Please note the following comments 1. Cars If you sell

More information

Tax Planning Checklist

Tax Planning Checklist Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself

More information

Assumptions: This example is based on a day rate of 175 working for 48 weeks (April'14 - March'15). Therfor an annual income of 42,000

Assumptions: This example is based on a day rate of 175 working for 48 weeks (April'14 - March'15). Therfor an annual income of 42,000 Why Set Up a Company? The main benefit of operating your own Limited Company rather than under an agent or umbrella company is the tax that you can save. This is best illustrated with an example. The illustration

More information

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits:

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits: Sole trader Vs Limited company The comparison is for a trading business. Many of the points summarised here are not relevant if you want to compare individuals or companies that manage investment business.

More information

START ME UP! Starting Your Own Business CourierPost Owner Driver Contractor: IRD & ACC Requirements

START ME UP! Starting Your Own Business CourierPost Owner Driver Contractor: IRD & ACC Requirements START ME UP! Starting Your Own Business CourierPost Owner Driver Contractor: IRD & ACC Requirements Disclaimer. The information in this document is for information purposes only. You will need to ensure

More information

Contracting in Ireland

Contracting in Ireland This guide answers all your questions in relation to contracting in Ireland and overseas. Imelda Prendergast, Partner, OSK Contracting T: 01 439 4206. E: prendergasti@osk.ie Contents 1. Advantages & Disadvantages

More information

KEY GUIDE. Drawing profits from a company

KEY GUIDE. Drawing profits from a company KEY GUIDE Drawing profits from a company Constantly changing tax rules When you draw profits from an owner-managed company most people are keen to ensure that they do it in a way that minimises the tax

More information

Exchequer Accountancy Services Guide to running and managing your Limited Company

Exchequer Accountancy Services Guide to running and managing your Limited Company accountancy Exchequer Accountancy Services Guide to running and managing your Limited Company Exchequer Accountancy Services Limited, 1st Floor, The Exchange, 1 St John Street, Chester CH1 1DA T 033 3323

More information

KEY GUIDE. Drawing profits from a company

KEY GUIDE. Drawing profits from a company KEY GUIDE Drawing profits from a company Constantly changing tax rules When you draw profits from an owner-managed company it is important that you do it in ways that minimise the tax and national insurance

More information

Setting up in Business as a Sole Trader

Setting up in Business as a Sole Trader Setting up in Business as a Sole Trader Business Information Factsheet BIF363 March 2015 Introduction Many people who start their own business do so as a sole trader, often referred to as a sole proprietor

More information

2014/15. Year End. Tax Planning. With careful tax planning, it may be possible to mitigate taxes or make them much more manageable

2014/15. Year End. Tax Planning. With careful tax planning, it may be possible to mitigate taxes or make them much more manageable FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning With careful tax planning, it may be possible to mitigate taxes or make them much more manageable A GUIDE TO 2014/15 YEAR END TAX PLANNING With

More information

Pay Less Tax NOVEMBER EDITION 2008. Thorne Widgery, 33 Bridge Street, Hereford HR4 9DQ

Pay Less Tax NOVEMBER EDITION 2008. Thorne Widgery, 33 Bridge Street, Hereford HR4 9DQ Pay Less Tax NOVEMBER EDITION 2008 Thorne Widgery, 33 Bridge Street, Hereford HR4 9DQ Tel: 01432 276 393 Fax: 01432 352 657 Email:info@thornewidgery.co.uk Tax savings become more important in credit crunch!

More information

Taxation. 1. Individual Taxation in Malta

Taxation. 1. Individual Taxation in Malta Taxation The combination of Malta s tax system and its extensive double tax treaty network (over 50) means that, with proper planning and structuring, investors can achieve considerable fiscal efficiency

More information

ebrief for freelancers and contractors Claiming business travel expenses: a guide for contractors and freelancers

ebrief for freelancers and contractors Claiming business travel expenses: a guide for contractors and freelancers ebrief for freelancers and contractors Claiming business travel expenses: a guide for contractors and freelancers Could you be missing out on claiming all your business travel expenses? We all like to

More information

2014/15. Year End. Tax Planning A GUIDE TO WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE

2014/15. Year End. Tax Planning A GUIDE TO WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE FINANCIAL GUIDE A GUIDE TO 2014/15 Year End Tax Planning WITH CAREFUL TAX PLANNING, IT MAY BE POSSIBLE TO MITIGATE TAXES OR MAKE THEM MUCH MORE MANAGEABLE Atkinson White Partnership Regency House, 51 Coniscliffe

More information

Paper F6 (HKG) Taxation (Hong Kong) Monday 6 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (HKG) Taxation (Hong Kong) Monday 6 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Hong Kong) Monday 6 December 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax

More information

Housing Benefit and Council Tax Reduction: Self-employed Earnings Form

Housing Benefit and Council Tax Reduction: Self-employed Earnings Form Office use only: HB/CTR ref: Housing Benefit and Council Tax Reduction: Self-employed Earnings Form Revenues, Benefits & Customer Services, PO Box 1354, 22-26 Clements Road, Ilford, Essex IG1 1LF PLEASE

More information

Buy-to-let Tax Guide. Introduction INTRODUCTION AN INVESTMENT PROPERTY STRATEGY OWNERSHIP LIMITED COMPANIES PURCHASE MORTGAGE BANK ACCOUNTS INCOME TAX

Buy-to-let Tax Guide. Introduction INTRODUCTION AN INVESTMENT PROPERTY STRATEGY OWNERSHIP LIMITED COMPANIES PURCHASE MORTGAGE BANK ACCOUNTS INCOME TAX Introduction As a buy-to-let landlord it is important you know about tax and how it affects you and your investment. This is why Paragon Mortgages, the specialist buy-to-let mortgage lender, has teamed

More information

Off-payroll working in the public sector: reforming the intermediaries legislation. Technical note 16 March 2016

Off-payroll working in the public sector: reforming the intermediaries legislation. Technical note 16 March 2016 Off-payroll working in the public sector: reforming the intermediaries legislation Technical note 16 March 2016 1 Introduction The Government announced at Budget 2016 that it will reform the intermediaries

More information

DON T LET THE IRD NAIL YOU

DON T LET THE IRD NAIL YOU Tax-e-mail DON T LET THE IRD NAIL YOU Published by The Small Business Institute Limited ISSUE 1304 Child support Amendment Act passed Most of the Act comes into force on 1 April 2014. However, the part

More information

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants ATHANS&TAYLOR Chartered Accountants 2015 TAX RETURN CHECKLIST With the end of financial year fast approaching, we have compiled a checklist regarding income expenses that need to be on hand for the preparation

More information

Fundamentals Level Skills Module, Paper F6 (MYS)

Fundamentals Level Skills Module, Paper F6 (MYS) Answers Fundamentals Level Skills Module, Paper F6 (MYS) Taxation (Malaysia) Judlee Sdn Bhd June 20 Answers and Marking Scheme Marks (a) Income tax computation Year of assessment 200 Net profit before

More information

This chapter outlines the key issues that are peculiar to partnerships. There are five main types of partner in a conventional partnership:

This chapter outlines the key issues that are peculiar to partnerships. There are five main types of partner in a conventional partnership: Introduction A business partnership is a relationship between two or more persons who are in business together with a view to making a profit. Those persons may be individuals, companies or possibly even

More information

A guide for employees Salary sacrifice and pensions

A guide for employees Salary sacrifice and pensions A guide for employees Salary sacrifice and pensions MPEN15/D 07.16 Did you know that salary sacrifice (also known as salary exchange, SMART Pensions and Smart Pay) can provide you with an opportunity to

More information

SOLE TRADER & SELF EMPLOYMENT GUIDE

SOLE TRADER & SELF EMPLOYMENT GUIDE Sipher Accounting & Tax Chartered Certified Accountants and Business Advisers Email: info@sipheraccounting.com Website: www.sipheraccounting.com SOLE TRADER & SELF EMPLOYMENT GUIDE SIPHER ACCOUNTING &

More information

Refer us a friend today and receive 100 EXPENSES GUIDELINE

Refer us a friend today and receive 100 EXPENSES GUIDELINE Refer us a friend today and receive 100 EXPENSES GUIDELINE CONTENTS Limited company expense guidelines 1 Business Expenses 2 Salaries 2 Travel and Subsistence Expenses 2 Business Mileage 3 Company Car

More information

Starting In Business. Are you sure?

Starting In Business. Are you sure? Starting In Business This guide is for whether you have already decided to start a new business, or you are simply considering your first move into self-employment. What do you need to think about before

More information

BUY TO LET TAX GUIDE

BUY TO LET TAX GUIDE BUY TO LET TAX GUIDE Expert advice FROM START TO FINISH WE RE THE UK S LEADING FEE FREE MORTGAGE BROKER Contents p3 p4 p7 p8 Do you pay stamp duty tax on a buy to let property? Do you pay Capital Gains

More information

Contractor and Freelancer. Limited Company. Essential Guide - How to Keep Your Accounts. Made Simple!

Contractor and Freelancer. Limited Company. Essential Guide - How to Keep Your Accounts. Made Simple! Contractor and Freelancer Limited Company Essential Guide - How to Keep Your Accounts Made Simple! Contents Introduction... 5 IR35... 6 What is IR35... 6 What can I do to protect myself?... 6 The Rules

More information

Taxation Northern Ireland. Sample Paper 3 Questions & Suggested Solutions

Taxation Northern Ireland. Sample Paper 3 Questions & Suggested Solutions Taxation Northern Ireland Sample Paper 3 Questions & Suggested Solutions INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY For candidates answering in accordance with the law and practice of the Northern

More information