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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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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 August 2020: Additions to Grants for the self-employed Contents Coronavirus Job Retention Scheme Local authority discretionary grants Grants for the self-employed Bounce back loan scheme Ban on evictions for commercial [...]
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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 [...]
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? [...]