It was announced in the Autumn Statement 2018 that the changes to IR35 that came into effect in April 2017 for the public sector will be extended to the private sector from April 2020. Responsibility for operating the off-payroll rules will be transferred from the individual to the organisation, agency or third party engaging the…
The planned abolition of the childcare vouchers scheme for new claimants has been deferred for 6 months. It was announced in George Osborne’s last Budget two years ago that the Childcare Vouchers scheme would be replaced with Tax-Free Childcare. The two have similar goals, but radically different structures which have created winners and losers. The…
A reminder to you all that there is now tax on dividend! This has been the case since 6 April 2016. The tax-free dividend allowance is £5,000 currently in the 2017/18 tax year (up to 5 April 2018). This is reducing to £2,000 for 2018/19 (from 6 April 2018). What I have done is gone…
On Wednesday 22 November 2017, Chancellor Phillip Hammond delivered his second budget to the House. He had to put on a good performance to keep his job after criticism following the Spring Budget and with rumours that Michael Gove (Secretary of State for Environment) is circling for the job of Chancellor. Although this was a…
The Chancellor announced in the Autumn Statement the introduction of a new 16.5% flat rate of VAT for ‘businesses with limited costs’. This will be effective from 1 April 2017. It will be the responsibility of the business/limited company to determine whether they meet the definition of a limited cost trader. This also applies to…
We have a new Prime Minister and a new cabinet and on Wednesday 23 November the new Chancellor gave his first Autumn Statement. Below we have highlighted some of the salient points as it would affect you. IR35 and government contractors It was announced that the government will reform the off-payroll working rules in the…
You would have been sent a letter from us regarding Tax Fee Protection insurance. I have gone through some FAQs you might have on this below. You should also look at the policy wording and summary of cover pdfs available on https://bannerqdosdirect.qdosconsulting.com/home/tfp-insurance What is it? Every individual and limited company is at risk of an enquiry…
As most of you will probably know the dividend tax rates are going up from 6 April 2016. The dividend tax credit of 10% and the dividend tax rate of 10% are being removed and a new £5,000 tax free dividend allowance introduced and a new basic rate tax on dividend of 7.5%. We go…
If you have children who are at Nursery then you may want to consider taking childcare vouchers from your limited company. You can take tax free up to £243 per month in childcare vouchers which will help towards the cost of your childcare. In order to take advantage of this you must sign up…
The changes in the dividend tax rates which come into effect from 6 April 2016 are widely known and publicised and we have written about this in our Summer Budget update. However, HMRC is at it again, this time looking into ‘Distributions in winding up’. After the crackdown in Capital Distributions under Extra-Statutory Concession C16 (ESC C16)…