The press coverage of the current outcry over public sector figures working via their own personal service companies has resulted in many inaccurate tax claims being made by the media.
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Small Business Guides on Tax and Business Accounts
If you operate a PAYE (Pay-as-you-earn) scheme via your limited company, you should be aware of upcoming changes to the way your communicate payroll data to HMRC from April 2013.
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Contractors’ organisation, IPSE, runs an ‘Accredited Accountant’ scheme to provide limited company owners with extra reassurance that member firms are fully qualified and trained to deal with the specific needs of contractors and freelancers.
The organisation was previously known as the Professional Contractors Group (PCG).
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Although many specialist accountants have offered some type of online service to their clients in the past, the arrival of cloud computing in the past few years has revolutionised the web, and the way both small businesses and their accountants communicate.
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BN66 is a term used to the refer to the Government’s implementation of s.58 of the Finance Act 2008, which has enabled HMRC to reclaim back taxes tax from users of offshore schemes (particularly trust arrangements), who would otherwise have been liable to UK taxation.
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Until April 2013, all employers (even companies with a sole employee) were required to file an Employer Annual Return by 19th May following the end of the previous tax year, consisting of forms P14 and P35. The Real Time Information (RTI) changes, implemented on 6th April 2013, have changed the way payroll data is communicated with HMRC in future tax years.
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From 1st April 2012, with very few exceptions, all businesses must submit their VAT returns electronically, and pay any VAT liabilities due online.
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Today’s Budget contained few surprises for limited companies, and was broadly pro-business, but will probably be remembered for the additional income tax rate cut than anything else.
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When you hire an accountant to take care of your limited company affairs, you need to formally authorise them to deal with HMRC on your behalf. This is achieved by filling in Form 64-8, or using the online client authorisation system.
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If your limited company makes a dividend declaration, you must record the fact in the company records, and in most cases provide each shareholder with a dividend voucher.
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PAYE stands for ‘Pay As You Earn’. Every limited company, even if the director is the sole employee, must register to set up its own payroll, which deducts income tax and National Insurance Contributions from salaries paid to all staff employed by the company.
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The Extra-Statutory Concession C16 enables limited company owners to distribute any remaining company funds during the winding up process to shareholders as a capital gain. To clamp down on perceived tax avoidance, a £25,000 cap will be applied to capital gains made after 1st March 2012.
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If you are new to the contracting world, one of your first tasks (aside from finding that first contract) will be to choose an accountancy firm to look after your finances.
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There are literally hundreds of specialist contractor accountancy service providers operating in the UK. They vary in size, what they offer, and of course – how much they charge.
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