Is The VAT Flat Rate Scheme Right For Your Business?

VAT flat rate scheme

The VAT flat rate scheme was introduced by the UK government to make it easier for small businesses to arrange their VAT payments. The scheme means that the VAT a business owes to HMRC is calculated as a percentage of turnover. Many businesses feel that the scheme has simplified their calculations and ensured that they […]

When did IR35 start?

When did IR35 start?

As official tax legislation, IR35 was implemented in the Finance Act for April 2000 and has had a significant impact on contractors around the country ever since. The term ‘IR35’ originally came from the press release reference Inland Revenue 35. The legislation has been changing and evolving regularly over the past decade and its growing […]

What does IR35 compliant mean?

What does ir35 compliant mean

To remain compliant with the IR35 legislation there are a number of steps that you should consider, especially when entering into a contract.  These steps are: Review each engagement for IR35 status – this means having an assessment of both the written terms and your working practices and comparing them against the key factors that […]

How to be outside IR35

How to be outside IR35?

A contractor working outside of the IR35 is someone who runs a genuine independent business and so falls outside of the boundaries of IR35. They pay their own salary, control their own books, are able to draw income as dividends, and are fully responsible for all taxes they need to pay to HMRC. If you […]

What is IR35?

What is IR35?

Simply speaking, IR35 is a piece of tax legislation designed by HMRC to counteract tax avoidance by taxing ‘disguised’ employment at the same rate as similar employment. It is used to assess whether self-employed individuals or freelancers are working genuinely, or if they are working as ‘disguised’ employees, with all the same responsibilities as a […]