HMRC and the target of the phoenix

HMRC and the target of the phoenix

in Contracting Tips & Advice

by
Lynne Gowers
on

It might sound like the latest Harry Potter book, but in fact what we are talking about here is the government’s Targeted Anti-Avoidance Rule (TAAR) on winding up companies.

This rule was specifically introduced in 2016 to target “phoenixism”. This the practice whereby a limited company is wound up in order that its shareholders can receive a capital payment instead of a dividend, so reducing their tax liability. This is quickly followed by the formation of a new company, effectively “rising from ashes” of the old one, and carrying on the same trading activity. (more…)

Know your limited company responsibilities – how one company director floundered

Know your limited company responsibilities – how one company director floundered

in News

by
Lynne Gowers
on

The owner-director of a fish & chip shop in Aberdeen has found himself on the hook with HMRC and Companies House for failing to keep proper accounting records.

Keith McGilvray was disqualified as company director for 7 years after an Insolvency Service investigation found he had failed to maintain proper accounting records and caused his company to trade on a cash basis. (more…)

Choosing a Registered Office – all you need to know

Choosing a Registered Office – all you need to know

in Contracting Tips & Advice, Jargon Buster

by
Lynne Gowers
on

Starting a business is an exciting time, with a flurry of activity and lots of decisions to be made.
If you are running your business as a limited company, one of the first things to think about at the outset is the registered office address of the company.

As opposed to your trading address, from where you run most of your business activities, the registered office address of your company is the address that is displayed on public documents and your company literature, and also where statutory paperwork from HMRC and Companies House are sent. (more…)

Why use a chartered accountant over a firm that isn’t?

Why use a chartered accountant over a firm that isn’t?

in General Advice

by
Lynne Gowers
on

It may surprise you to learn that legally, anyone can call themselves an accountant.
So one of the first things you should ask when choosing an accountancy provider, is whether or not they are chartered – the term is an internationally recognised designation and is the hallmark for quality and professionalism in accounting. (more…)

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…)