What all freelance contractors should know about VAT
Value Added Tax is a tax levied on the supply of goods and services. It is applied at each stage of the supply chain. There are several rates, which are set annually in the budget, ranging from the...
View ArticleThe flat rate vat scheme for freelance contractors
In 2002, HMRC introduced the Flat Rate Scheme (FRS) for small businesses. Its primary aim is to greatly simplify the calculation of VAT by removing the need to account for VAT on all the items that...
View ArticleI want to close down my contractor limited company
If for any reason you want to close down your limited company, there are a number of things you have to do. The full details can be found on the Companies House website but the basic process for the...
View ArticleWhen should I register my contractor limited company for VAT?
It is a legal requirement that if you are trading as a business you have to register for VAT as soon as your turnover exceeds £68,000 (from 2009 – the threshold is periodically reviewed). This is based...
View ArticlePre Budget Report 2009 – crystal ball set of predictions for contractors
With the PBR set for 9 December, it will be interesting to see what changes the Chancellor makes to help struggling contractors, operating either via their own limited company or through umbrella...
View ArticleWill the Flat Rate Vat Scheme change in 2010?
For many contractors, the Flat Rate VAT (FRV) Scheme provides a simple and often lucrative alternative to accounting for VAT using standard VAT accounting principles.
View ArticleGood accountants are FREE
Once again I’ve got embroiled in the argument about what is a good price to pay for an accountant’s services. Let’s face it, there isn’t a lot of bookkeeping to be done with the typical nano-business...
View ArticleTime to think seriously about the VAT deadline
The deadline for online VAT returns is drawing close. As from April 1st this year, it becomes mandatory to file online.
View ArticleIs the UK tax system too complex?
According to the results of a new survey by Sage, the UK tax system needs to be radically simplified. This is the view of over 2,000 self employed contractors and small companies who took part in the...
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