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…)

App Update: IR35-caught  in the public sector

App Update: IR35-caught in the public sector

in Boox Developments

by
Dan Blake
on

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…)

Spring Budget 2017 at a glance

Spring Budget 2017 at a glance

in News

by
Lynne Gowers
on

Chancellor Philip Hammond (aka “Spreadsheet Phil”) has delivered his first Budget, which was also the last to be held during Spring as it will now move to Autumn. It means that this year there will be a second Budget to accommodate the timetable switch.

(more…)

Flat rate VAT changes explained

Flat rate VAT changes explained

in Contracting Tips & Advice, News

by
Lynne Gowers
on

From 1st April 2017, the government is introducing a new 16.5% Flat Rate VAT scheme that will affect many businesses with a very low cost base, including limited company contractors providing services.

The new rules apply to “limited cost traders”, which are defined as businesses who spend less than 2% of their sales on goods (not services) in an accounting period.

(more…)

Going freelance? A guide to getting started

Going freelance? A guide to getting started

in About Freelancing

by
Lynne Gowers
on

If you are reading this you have made the decision to ditch the 9 to 5 and put yourself out there as a freelancer in your chosen field.
Success in freelancing, like life, very much depends on how good a start you get. New freelancers have a lot to contend with; getting clients and keeping them happy as well as all the other day to day aspects of running a business.

(more…)

Introducing Making Tax Digital or MTD

Introducing Making Tax Digital or MTD

in General Advice, News

by
Lynne Gowers
on

How many times this week have you completed some sort of transaction online?
From ordering groceries, to booking cinema tickets, to paying bills; every day millions of us are embracing the simplicity and speed of digital services. Going forward the Government is also embracing technology and is working to modernise the UK’s tax system.

(more…)