Tax Jargon Buster – what is a P11D form?

Tax Jargon Buster – what is a P11D form?

in Jargon Buster

by
Lynne Gowers
on

With the P11D deadline approaching on 6th July, the Boox tax team are busy gathering information from our limited company clients in order to file on their behalf.

In this post we take a look at what the P11D form actually is and what you need to tell us so we can file your form accurately and on time with HMRC, in order to avoid penalties for your company. (more…)

IR35 U-turn by NHS

IR35 U-turn by NHS

in Freelancing News

by
Lynne Gowers
on

NHS Improvement has revised its position on IR35 and will now allow trusts to determine IR35 status on a case-by-case basis, after admitting that its original stance was “not accurate”.

From 6th April 2017, public sector contractors providing their services through limited companies can no longer determine the IR35 status of their contract. This decision now falls to the public sector body they are working for. (more…)

Countdown to polling day: the election promises that will sway the small business vote

Countdown to polling day: the election promises that will sway the small business vote

in News

by
Lynne Gowers
on

As Britain prepares to go to the polls in Thursday’s General Election, we take a last-minute look at what may influence the small business vote in the key areas of tax, employment and Europe.
Straight from the manifestos of the Conservatives, Labour and the Liberal Democrats, here is our pick of the pledges which mean the most for freelancers and small business owners. (more…)

The ins and outs of contracting and jury service

The ins and outs of contracting and jury service

in Contracting Tips & Advice

by
Lynne Gowers
on

The Boox Marketing team is one man down this week, as one of our number has been called up for jury service. So we thought it a timely opportunity to look at what’s involved if you are called to attend for jury duty as a contractor.

Any UK citizen can be called for jury service – participants are selected at random from the electoral roll. Once you receive a jury summons form, you have a legal obligation to attend. (more…)

A Guide to Crowdfunding and Taxes

A Guide to Crowdfunding and Taxes

in General Advice

by
Lynne Gowers
on

Crowdfunding has become something of an online phenomenon of our age. It works on the principle of securing financial backing from large numbers of small investors, rather than relying on injections of capital from larger investors or a bank loan. (more…)

Is there a single solution to my retirement, tax and business planning objectives?

Is there a single solution to my retirement, tax and business planning objectives?

in Guest Blog

by
Lynne Gowers
on

The answer may well be yes, argues Simon Green, a consultant with wealth management specialists Mattioli Woods.
SIPPs (Self Invested Personal Pensions) and SSASs (Small Self-Administered Schemes) have existed since the 1980s to deliver flexible solutions to meet your retirement, tax and business planning objectives.
The crucial thing to remember in pension planning is that any existing plan you may have could be failing to meet your needs.  (more…)

Are you covered? Our essential guide to business insurances

Are you covered? Our essential guide to business insurances

in General Advice

by
Lynne Gowers
on

Most of us have various types of insurance policy for our homes, cars, pets and for when we travel. In all these aspects of our everyday lives we hope for the best, but insure for the worst. The same should go for business insurance.

Whether you are a limited company contractor, freelancer or small business, it makes good sense to mitigate risk by having appropriate professional insurances in place.

Here is our guide to the essentials. (more…)

Making charitable donations through your business

Making charitable donations through your business

in Tax Tips

by
Lynne Gowers
on

Most of us have causes that are close to our hearts and if you are running your business as a limited company, you can factor in donations to charity as part of your overall tax planning strategy.

When you give to charity through your limited company, you will pay less corporation tax by deducting the value of your donations from your business profits. The most you can deduct is the amount that reduces your company’s profits to zero. (more…)

Be a self-assessment earlybird – the benefits of filing your tax return early

Be a self-assessment earlybird – the benefits of filing your tax return early

in Contracting Tips & Advice, General Advice

by
Lynne Gowers
on

“Never do tomorrow what you can do today. Procrastination is the thief of time”  Charles Dickens

Of all the things that folk tend to put off to the last minute, tax returns must be high on the list. Over last financial year, the Boox tax team filed over two thousand self-assessment tax returns, the majority in the run up to the January 31st deadline.
But while it’s tempting to leave it to the eleventh hour, there are lots of reasons to get your self-assessment done and dusted early in the year. (more…)

Public Sector IR35 changes – fact and fiction

Public Sector IR35 changes – fact and fiction

in Contracting Tips & Advice, Freelancing News

by
Lynne Gowers
on

Major tax changes for limited company contractors in the public sector come into force from today (6th April).

Company directors can no longer decide and declare for themselves the IR35 status of their contract. This decision is now the responsibility of the public sector body they are working for.
Additionally, responsibility for making the necessary deductions is now that of the “fee payer”, ie. the party paying the limited company, which may be a recruitment agency, employment intermediary or public sector body. (more…)