August 22, 2018

Guide to the VAT flat rate scheme
Resources
The VAT flat rate scheme is a simplified method to account for VAT charged to your clients. You only pay a fixed rate of VAT to HMRC and you keep the difference between what you charge your clients and pay to HMRC. You do not reclaim the VAT on your purchases, except for certain capital assets over £2,000. How can I join the VAT flat rate scheme? To join the scheme your VAT turnover must [...]
Guide to use of home as office
Resources
It is likely your permanent workplace will be your home and as such you can make a claim for using your home as your office. It may be that you complete fee earning work from home or simply just take care of company administration and bookkeeping. Either way you should charge your company for the use of your home. The standard fixed rate HMRC have a fixed rate of £4 per week to cover the [...]
Guide to the Cycle to Work Scheme
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As an employer, you can easily implement a tax exempt loan scheme for employees. To qualify for the tax exemption, the loan of bicycles and safety equipment must be available to all employees. What's the scheme all about? Employers who purchase bicycles and safety equipment for loan to employees (up to £1,000) can benefit from treating the purchase as capital expenditure eligible for corporation tax relief. VAT can also be claimed back on the purchase [...]
Guide to the 24 month rule
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As a contractor, the likelihood is that your workplace is deemed to be "temporary". If that is the case, you can claim travel and subsistence expenses during your time working at that location. How can I claim travel and subsistence expenses? You are able to claim travel and subsistence expenses if your contract is for less than 24 months.   What is the 24 month rule? Your workplace ceases to be a temporary workplace when [...]
Guide to pensions and automatic enrolment
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To comply with the Pensions Act 2008, employers must operate a workplace pensions scheme and contribute towards it. This is known as automatic enrolment. If you employ at least one person, you have certain legal duties. Does automatic enrolment apply to me? Your legal duties for automatic enrolment begin on the day your first employee starts work. 1 Has a right to join a pension scheme If they ask you to, you must provide a pension [...]
Guide to onshore agency reporting requirements
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There is a requirement for all employment intermediaries and agencies to report details about their contractors on a quarterly basis. What's it all about? HMRC will require the following information: Full name National Insurance number (if no date of birth and gender provided) Address Date of birth (if not providing National Insurance number) Gender (if not providing National Insurance number) Passport number or ID card number (if not a UK citizen) Reason why income tax [...]
Guide to conduct of employment agencies
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What’s it all about? Introduced in 2004 to provide a framework for the minimum standards contractors should expect from recruitment agencies, the conduct of employment agencies regulations are aimed at the temporary workforce and those that are controlled by the end client. Most contractors are businesses in their own right and sit outside of the regulations. There will be a requirement for contractors to opt in or opt out of the regulations. Opting in will [...]
Guide to IR35
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What’s IR35 all about? As a contractor it is important that you understand IR35 (also known as Intermediaries Legislation). Introduced in 2000 to stop people starting up limited companies to carry out the same jobs as permanent employees (known as disguised employment), IR35 looks at your employment status on an assignment by assignment basis. Key factors There are several criteria to consider when reviewing your IR35 status, with three key factors. 1. Control As a [...]