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Your tax year-end checklist
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Ensure you make the most of your tax-saving opportunities before April 5th. The end of this tax year is almost upon us, so now is the time to act and ensure you’ve done everything you can to reduce your tax bill. In this blog we look at the top ten ideas to consider to ensure your money work as hard as possible for you. Make use of your £20,000 ISA allowance. Ensure your partner or [...]
The VAT Deferral Scheme
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February 11th saw HMRC announce their next COVID-19 support scheme for businesses, the VAT Deferral Scheme. Designed to help with cash flow, the scheme allows businesses to defer their VAT liabilities generated between the 20th of March and 30th of June 2020. In this blog we explore the scheme further, explain how to register, and give you other essential information. How does the new scheme work? The full deferred VAT payment was due to HMRC [...]
Should you say no to IR35 contracts?
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April’s IR35 legislation changes aren’t too far away, and if you’re faced with a contract that’s inside IR35 what will you do? Will you reject it, challenge it, or take it? How do you know if that’s the right decision? In this blog we look at the different circumstances that might lead you to refuse an inside IR35 contract, and why you should always consult your decision with your contractor accountant. Each contract is unique [...]
How to challenge your client’s IR35 status determination
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From April this year, the way in which both private and public contract IR35 statuses are determined will be exactly the same. The rules for how they’re determined won’t change, but the person in charge of that decision will. In this blog we re-examine what’s changing, and how to go about challenging a client / end-hirer’s decision if you feel your status has been incorrectly determined. It’s up to the end-hirer / client It’s now [...]
Furlough extended until March, Job Retention bonus scrapped
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It has now been confirmed that the Coronavirus Job Retention Scheme has been extended until 31 March 2021. From 1 November 2020, employers can claim 80% of an employee’s usual salary while they’re in furlough, up to a maximum of £2,500 a month. Any employee that was employed and on payroll on 30 October – providing the organisation has made a PAYE RTI submission to HMRC since the scheme began in March – is eligible. [...]
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On September 24th 2020, Rishi Sunak announced that the government will cover up to two thirds of workers' wages if their hours have been reduced due to the coronavirus pandemic. It is hoped that the ‘Jobs Support Scheme’ will help to reduce the millions of job losses expected when the furlough scheme ends on October 31st 2020. Announced as part of a wider Winter Economy Plan in the Commons this afternoon, Sunak also covered other [...]
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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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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 [...]
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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 [...]