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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 [...]
Changes to off-payroll working (IR35) rules from April 2020
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The Government has confirmed that the proposed changes to off-payroll working, commonly known as IR35, in the private sector will go ahead from April 2020 with the publication of the draft legislation via the Finance Bill 2019-2020.   The Government have extended the changes made to the public sector in 2017 to the private sector from April 2020. Any contractor working through their own PSC will be affected, along with recruitment agencies and medium and [...]
Let’s go contracting
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Take the smart approach to contracting with Taxevo. Making the jump from permanent employment to contracting can be daunting. It is important that you understand everything before making a change. That’s where we can help. We’ve written a handy guide to contracting to help you understand everything before making the move. Our guide to contracting gives you all the knowledge you need to start contracting. View our guide here.   Win an iPad! Join Taxevo [...]
Fed up with your accountant?
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At Taxevo we think we have a market-leading service promise and we are that confident that you’ll love our service that we back it up with a money back guarantee if you are not 100% satisfied. Does your existing accountant do the same? Our experience has shown us that getting the service right for an affordable price is what contractors like you are looking for. Have you experienced any of these issues with your accountant? [...]
Introducing Taxevo!
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This week sees the launch of new contractor accounting firm Taxevo. As specialist contractor accountants, our focus is on providing excellent service at an affordable price. The clear pricing structure means there are no surprises and you will always speak to a real accountant. We understand that not everyone wants to get bogged down with accounting and tax so we are here to help, providing clear advice when you need it allowing you to focus [...]