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How do Director’s Loans work?

By |December 17th, 2019|Running your business|

HMRC classes a Director’s Loan to be “money that is taken from the company that isn’t either a salary, dividend or expense repayment, or money that you’ve previously paid into or loaned the company.” A Director’s Loan can be useful if you’re cash-short or for some reason, you find yourself with a large number of expenses. You can, in fact, [...]

How are Director’s Loans taxed?

By |December 9th, 2019|Finance, Running your business|

A Director’s Loan can be taken when you need money to cover a personal expense, or if you need to purchase a new piece of work equipment, for instance. In fact, there are no rules detailing what the money can be used for, but there are strict rules governing what taxes are due on a Director’s Loan. For a full [...]

Everything you need to know about Director’s Loan

By |December 2nd, 2019|Tax|

Being a director of a limited company comes with lots of responsibilities. One aspect of the role, which sometimes gets played down, is understanding the myriad of complex rules and legislation that come with running a limited company. A Director’s Loan is one of these complicated pieces of legislation that director’s need to be familiar with.  Don’t panic if you [...]

Social media and your IR35 status

By |November 26th, 2019|IR35|

IR35 status is a major concern for most contractors, as depending on where your fall, i.e. ‘inside or outside’, determines what taxes you’ll pay. Status determination is based on satisfying several conditions, specifically; Direction and Control, Right of Substitution and Mutuality of Obligation, and other factors including equipment, risk, payment, integration, exclusivity and business. How these conditions affect the determination [...]

What to expect from an HMRC IR35 inspection

By |November 12th, 2019|IR35|

It’s hard to say how many IR35 inspections HMRC undertakes each year, but figures place it between 250 -1000+. If you need a refresher on what IR35 is and how it can affect you as an independent contractor, then everything you need to know can be found in our ‘Ultimate Guide to IR35’ Being the target of an HMRC IR35 [...]

How will my take-home pay be affected by IR35?

By |November 12th, 2019|IR35, Salary/dividends|

Working through a limited company is one of the most tax-efficient ways to work as an independent contractor. This set up tends to work well for contractors who are deemed as working ‘outside of IR35’, but if you’re caught ‘inside IR35’ it’s highly likely you’ll pay more tax. Let’s look at how your take-home pay can be affected by IR35. [...]

Are you inside or outside of IR35? 

By |November 5th, 2019|IR35|

The Intermediaries Legislation or ‘IR35’ as it’s most commonly referred to is a complex piece of legislation and knowing whether you’re ‘inside’ or ‘outside’ of it can be just as confusing. This article discusses what it means to be inside or outside of IR35 and explains who is responsible for determining your IR35 status. First, let’s recap why the Intermediaries [...]

Top things to consider when choosing a contractor accountant

By |October 29th, 2019|New to contracting|

If you’ve chosen to become a contractor, firstly, congratulations as you’re joining a growing club of skilled specialists. If you’re on the fence and aren’t 100% sure if contracting is right for you, download our free guide to contracting and see what it involves. Contracting opens up opportunities for you to work on different projects for differing clients here in [...]

Important IR35 update: be prepared for April 2020

By |October 21st, 2019|IR35, News|

You will no doubt be aware of the proposed changes to IR35 (often referred to as the ‘off-payroll rules’) set to come into force from April 2020. Our aim here is to ensure you are aware of the support that we can offer and also the steps that you can take in order to ensure your IR35 status is assessed [...]

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