Dividend tax is the unpopular income tax that came into effect in April 2016. Before then tax wasn’t paid on dividends unless you were in the Higher Rate tax bracket. Now Basic Rate taxpayers have had to pay 7.5 pence on every £1 received as dividends – and...
Four factors are usually used to decide whether you are caught by the IR35 rule (working like an employee vs self-employed person). You are not caught by IR35 if: CONTROL: You decide how you work and it is not controlled by the client. SUBSTITUTION: If you have a...
As a Contractor you can handle your income in 3 different ways. Go on an agency payroll – the simplest option but you will pay PAYE and NI on your earnings; use an Umbrella Company where you again pay PAYE and NI plus pay the Umbrella Company a fee and possibly not...
Making Tax Digital (MTD) is the biggest change in our tax system since Self-Assessment was introduced. From April 2020, all businesses and landlords with annual turnover over £10,000 will have to make online quarterly submissions of key financial information to...
There are three main types of insurance that a Contractor should consider: Public liability insurance This covers physical damage or harm done by the contractor whilst representing their business. This is a legal requirement – and contracts generally require £5m...
Splitting ownership of a property and the tax implications. When 2 people buy a property they can own it in one of two ways. Owning as Joint Tenants suits couples, who would own an equal share each, which, when one dies, the other inherits the property automatically....
