INSIGHTS
In business, there are many reasons why you might choose to set up as a sole trader. However, making sure you follow the right path to sole trader registration is very important. In this article, we’ll cover the key points of how to register your business as a sole trader, including:
The benefits of sole trader registration
How to register as a sole trader
Choosing a business name
The responsibilities of a sole trader
VAT registration
Any business owner who is interested in setting up a limited company may be unsure of the process. If you want to know more, this quick-step guide breaks down the challenges of setting up a limited company as a contractor. This includes important steps such as:
Form a limited company
Open a business bank account
Get PAYE Registered
Evaluate VAT for your limited company
Handle all insurance needs
Take care of all expense records
When running a business, one of the biggest decisions you can make is hiring a contractor accountant. If you are unsure of how to hire an accountant of this kind, we recommend that you check out this article. We’ll provide you with key tips such as:
Always pick specialist contractor accountants
The best contractor accountants are IR35 compliant
Find a contractor accountant who is tech-savvy
Know what kind of accountant you need
Listen to those who know
As a company director, it’s imperative that you do what you can to make the right tax savings. If you want to better manage your finances, it pays to make use of tax tips that help you to get the most out of the money that you earn.
Executive pension scheme
Paying dividends
Claiming expenses properly
Making an investment
Further tax tips for your business
From April 2019 non-residents will be subject to capital gains tax on disposals of all UK property. In the 2017 Autumn Budget, the Government announced that from April 2019 tax will be charged on gains made by non-UK residents on the disposal of all types of UK immovable property; effectively extending the rules that currently apply to non-UK residents on disposals of UK property.
Scope of the new charge
Direct disposals by non-UK residents
Indirect disposals by non-UK residents
Anti-forestalling rule and TAAR
Interaction with the ATED rules
Conclusion
Making Tax Digital (MTD) marks the end of paper record-keeping for millions of businesses and self-employed professionals in the UK. If you have a VAT-registered business, you need to prepare for MTD by 1st April 2019. Read further on the various topics below:
What’s happening in April 2019?
What VAT records will need to be kept digitally?
How will Devonshire Green prepare for MTD?
What else is changing?
Recent tax changes have caused an increase in the number of landlords moving ownership of their property portfolio into partnerships and limited companies in order to benefit from relief from capital gains tax (CGT) and stamp duty land tax (SDLT). The key elements on this subject are:
Capital gains tax (CGT) and stamp duty land tax (SDLT)
Tax planning and negotiation with the tax authorities
Budget changes and the implications on property
Differences and similarities between limited companies and LLPs
Benefits of limited companies or LLPs
The 2019 Loan Charge is to collect taxes from anyone who is in violation and used a disguised remuneration scheme from 6th April 1999. Self Employed individuals would have received their income through a loan scheme, will be taxed from 5th April 2019. HMRC requires all of this due tax to be paid by 31st January 2020
"Bankruptcy looming”
What counts as disguised remuneration
Are you affected
Deadline
Seek advice on the 2019 Loan Charge
On 23 June 2016, via a nationwide referendum, Britain voted to leave the European Union. Britain’s exit, or ‘Brexit’, took the world by surprise. Here we look at the main consequences for workers post-Brexit.
The beginning of Brexit
Tax ramifications
The potential pros and cons for contractors
The future of contractors working in the UK
The prospects and opportunities involved for contractors due to this project is looked into and the benefits associated with Business Summits in relation to this innovative construction project is touched upon. Both the financial and social aspects of such a project are highlighted
A New Milestone for Heathrow
A Major Infrastructure Change
The M25
An Opportunity for Contractors
Business Summits
You may have heard the term IR35 before, but do you know what does it exactly stand for, or more importantly what it entails? IR35 is a tax legislation designed to deal with tax evasion by workers who are providing their services through intermediaries like a limited company, who otherwise would have been an employee if there was no intermediary used. Her Majesty’s Revenue and Customs (HMRC) refers to these workers as “disguised employees”. IR35 is a set of rules affecting the contractor’s Tax and National Insurance who works for a client through an intermediary.
What is IR35
Rules and regulations
Reasons for imposition
Financial impacts
Consequences
Running a business means coming into more contact with HMRC, with an increase in obligations for both filing, making regular tax payments and potentially more penalties if deadlines are missed. We look at the key areas below:
Self-Assessment: key dates
VAT
Corporation Tax
PAYE and Class 1 National Insurance (NI)
Meeting HMRC’S deadlines for tax returns and payments
