What is the VAT Flat Rate Scheme?

Posted on 06/02/2012 by Matthew Durrant

What is the VAT Flat Rate Scheme? Any business in the UK with a turnover of more than £82,000 must be registered for VAT. This means adding on 20% VAT to your normal sales invoice and paying the 20% VAT over to the VAT office. However, there is a scheme called “The Flat Rate Scheme”

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Whats the latest on IR35 reform?

Posted on 09/06/2011 by Claire Thirtle

Treasury Minister David Gauke has recently explained that the government has no intention to suspend or replace the IR35 legislation. Instead, improvements in the way the legislation is administered will be brought about. To this end, a specialist helpline will be set up and guidance will be published by HMRC. An IR35 forum will also be

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Tax effect of Equipment and training costs

Posted on 13/05/2011 by Claire Thirtle

I have often been asked about the Tax effects of Equipment and training costs to the one person owner/director/worker limited company. Firstly the tax effect is that if the corporation tax rate is 19% (as it is currently) then the actual net cost to the company is 81% of what is paid for the equipment.

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Beware of take home pay calculators for contractors

Posted on 13/05/2011 by Claire Thirtle

Beware of take home pay calculators on Contractor Accountant websites and wild claims that “if you sign up with us, we will arrange it so you take home over 85% of your turnover”. How practical and realistic are these calculators? To build in to the calculation that the optimum dividends are taken precisely in given

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Online security and discontinuity of cheques

Posted on 10/05/2011 by Claire Thirtle

Online security is set to become even more important due to the cheque guarantee scheme being discontinued on 30th June 2011 and the widely argued discontinuity of cheques which is expected to happen by 2018. This will be an issue for many small businesses who are used with taking payment in this form.  Many businesses

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