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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 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 if you [...]
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With Covid-19 (Coronavirus) having a massive impact on businesses across the UK, it’s understandable that our Limited Company 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 support package? [...]
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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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Updated 26th March - addition of Help for the self-employed Updated 26th March - addition of Ban on evictions for commercial tenants Updated 25th March - addition of 3 month extension for filing business accounts On Friday 20th March 2020 The Chancellor Rishi Sunak announced measures to help UK businesses and individuals due to the impact of Coronavirus (Covid-19). We have put together our commentary on those measures announced and will be updating this post [...]
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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 [...]
Changes to off-payroll working (IR35) rules from April 2020
Latest News
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 [...]
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 [...]
Top tips when setting up a limited company
Ltd Company
So, you have made the decision to set up a company, but what do you do next? There are several key steps to follow when forming a limited company. Here are the key things:   Name your company You will need to come up with a name for your company. This is your opportunity to put your stamp on your business and can be fun thinking up unique names. You can use the Companies House [...]