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 role. Once you receive a jury summons form, you have a legal obligation to attend. (more…)
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…)
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…)
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…)
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…)
“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…)
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…)
If your public sector contract is determined to fall within IR35, then the way that you enter information in the Boox app will change.
Your fee payer, (either the public sector client if you contract directly with them, your agency or a company you and your agency contract with to make the deemed payments), will be responsible for calculating the deemed payment on your invoice income, for paying the PAYE (Pay As You Earn tax) and NIC (National insurance Contribution) liabilities to HMRC and for reporting the deemed payment as salary through RTI (Real Time Information). (more…)
Contractor loan schemes are not “new” news but they’ve not gone away. Far from it, they are being aggressively promoted as a solution to contractors, particularly given the imminent reforms to IR35 in the public sector.
With less than a month before major changes to the way IR35 is applied in the public sector, HMRC’s much-touted digital Employment Status Service tool has gone live. It is intended to assist workers, or anyone taking them on, to assess their employment status for tax.