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The government today announced what they refer to as their next step in rebuilding the economy. Their focus is very much around preventing unemployment whilst gradually stopping the furlough scheme, boosting the hospitality sector and kick starting the housing market. The measures announced are: Furlough bonus £1,000 bonus for keeping furloughed staff until January 2021 – Employers who have furloughed staff up until June 2020 will be given a £1,000 bonus per employee in January [...]
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As a freelancer you might well have multiple apps and resources you use to manage your business. Bringing them all together to work seamlessly could prove a challenge. At Taxevo we partner with FreeAgent to provide you access to their online platform for managing your business finances. Here we take a look at some of the other services that integrate with FreeAgent. Banking The first key integration with FreeAgent is your business bank account. It [...]
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For the 2020/2021 tax year, tax allowances and rate bands have, in the main, remained the same. In this article, we demonstrate what that means to freelancers and contractors in real terms, and offer our advice for trading as tax-efficiently as possible. 3 ways to trade tax-efficiently for 2020/2021 Use the optimum salary levels for 2020/21. There are two main scenarios for salary levels. In the majority of cases, the salary level should be: £12,500 [...]
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With Covid-19 (Coronavirus) having a massive impact on businesses across the UK, it’s understandable that our Limited Company freelancers and contractors are keen to understand the business support measures that have been announced by the Government. We’ve created a guide to all of the measures that can be read here, and below you can read the answers to most frequently asked questions that we are getting from our clients: Can I claim the self employed business [...]
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Under the Government’s Coronavirus business support measures announced this week, it has been indicated that some Limited Company contractors may be covered by the ‘Job retention scheme’ and therefore can furlough themselves if unable to work due to Covid-19. There is a distinction in law between a director with a service contract and a director with an employment contract although we believe the statement below is intended to cover all directors. This was announced as [...]
Featured
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This guide covers all of the business support measures announced by Rishi Sunak in March and is being updated as and when new initiatives are launched or changes are made to existing ones. Please bookmark this page to keep up to date. Last updated 17th June 2020: Changes to the Job Retention Scheme Additions to Grants for the self-employed Contents Coronavirus Job Retention Scheme Local authority discretionary grants Grants for the self-employed Bounce back loan [...]
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Sunak delivers Budget to meet ‘challenging times’ Chancellor Rishi Sunak delivered his first Budget, and the first since the UK’s departure from the European Union, against the backdrop of the coronavirus outbreak. The Chancellor announced a £30 billion stimulus package to support the economy through coronavirus contagion and pledged to give the NHS whatever extra resources are needed to cope. Following the news that the Bank of England had reduced interest rates to 0.25%, in [...]
Important IR35 Update
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  The proposed changes to off-payroll working, commonly known as IR35, in the private sector will go ahead from April 2020 and you may already have started to hear some chatter from fellow contractors and even your end-clients. At Taxevo, we want you to be aware of the support we can offer and help guide you with the steps to take to make sure your IR35 status is assessed correctly from April.   The background [...]
Trivial benefits
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What are trivial benefits? A statutory exemption for trivial benefits was introduced by HMRC in April 2016 to allow a limited company to provide trivial benefits of up to £50 a time to employees without any tax or national insurance implications. The conditions In order to qualify for this exemption, the following conditions must all be satisfied: the cost of providing the benefit does not exceed £50 the benefit is not cash or a cash [...]
What training expenses can I claim through my limited company?
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As a contractor, training is vitally important. It helps you hone your skills and allows you to source new contract work. But did you know that you can claim training back through the tax bill of your limited company? Find out what training you can claim in our article.   What type of training is a genuine company expense? As long as the training you receive is directly associated with your current trade, you can [...]