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Class 2 and Class 4 NIC : The Reform

Being self-employed was becoming less popular with all the advantages around dividends and tax efficient ways of withdrawing funds from limited companies. But with the increase in dividend tax and a reduction in tax free dividends, we don’t know what is round the corner - soon may see an increase in self-employment again.   The government has a plan. As always, it’s not set in stone. But the plan is to abolish Class 2 National Insurance contributions from April next year. But we all know what these plans are like, with 8 months to go, it’s clear, its concise and [...]

By |August 17th, 2017|Blog|

Zero Rated Vs Exempt VAT

Exempt, Zero Rated, No VAT – It’s all the same right?! Wrong. Don’t get stung because of a little misunderstanding. I recently read an article about the differences between exempt and zero rated VAT and it got me thinking that they seem to be much of a muchness. It wasn’t till I read the story of a guy who sold motorbike equipment - who got a whopping tax bill (over £25K) - did I realise the severity of not understanding the terminology. In this particular story he assumed all his sales were exempt, safety equipment is (and rightly so) but [...]

By |August 9th, 2017|Blog|

Changing The Way You Give To Charity

Following on from such an overwhelming community feeling on Sunday at the Hull 10km run, we figured you may want to know how you can give tax efficient charity gifts. Gift Aid Let’s start easy, you’ve all heard of it and probably hesitated with the pen wondering if you tick the box at the bottom of a donation slip or side of a sponsorship form. If you pay tax, tick the box. It’s that simple. It won’t cost you an extra penny and will be worth 25% extra to the charity. Written declaration must be made if gift aid is [...]

By |June 22nd, 2017|Blog|

May Feature: RSPCA – Hull

Royal Society for the Prevention of Cruelty to Animals Charity Number 232225 Built almost 80 years ago and added onto over the years, the needs today for the iconic Clough Road building are a world apart to those in 1938. You’ll have all heard of the RSPCA, national campaigns on the TV and the charity shops scattered across the country. But did you know the Hull branch rely on around 50 volunteers to ensure they can keep providing an excellent service. What a lot of people don’t realise is that each branch is almost a separate entity to the national [...]

The Conservative’s Manifesto: Will it make you Blue?!

(Part 3 of a 3 part blog series) The Conservative party were the final of the three main contenders to reveal their manifesto. The early bird catches the worm… The second mouse gets the cheese… But does slow and steady win the race? The manifesto began by describing a plan through Brexit to build a stronger and fairer Britain. I mean, Theresa doesn’t strike me as the type you would find pumping iron in the gym but the word ‘strong’ became a tedious read. 30 times on the first 10 pages!! Income Tax Firstly, they are sticking with their commitment [...]

The Liberal Democrat’s Manifesto: The Future’s Bright, But Do You Think It’s Orange?!

(Part 2 of a 3 part blog series) The Lib Dem’s were the second party to reveal their manifesto last week, ahead of the snap election on the 8th June. The early bird catches the worm… But the second mouse gets the cheese… This time, the theme was to provide voters with an ‘’opportunity to change Britain’s future – by changing the opposition’’ and they didn’t hold back on dissing our current Prime Minister. The B Word was thrown all over the shop. Brexit. A second referendum to be held on the Brexit deal was the highlight point for the [...]

The Labour Manifesto: The Red Rocket Tax Launch!

(Part 1 of a 3 part blog series) Labour were the first party to reveal their brightly coloured manifesto on 16th May for the 2017 general election. The early bird catches the worm… But will they fly away with the election or get stuck in the mud? The party want to prove they are ‘’the party of low taxes for middle and low earners’’ So, let’s start with the good news. There is no NI or VAT increases. Income Tax Labour have insisted that the income tax rise will hit just 5% of earners. They want to reduce the current [...]

IR35 – What it is and what you need to know

The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships. So basically, to prevent you setting yourself up a limited company and charging your boss through it to reduce or eliminate any tax and NI payments you would owe as an employee. For example, an individual operating through a personal service company but with only one customer for whom he/she effectively works full-time is likely to be caught by the rules. On the other hand, an individual providing similar services to many customers is far [...]

Construction Industry Scheme – All the important know hows

The construction industry scheme is framework set out by HMRC and only applies to construction operations. The purpose of this framework is for contractors to deduct money from sub-contractors and pass the payments on to HMRC. So, who is a contractor and who is a subcontractor? A contractor is someone who pays subcontractors for their construction work. Usually, business developers and builders who require the aid of other skilled workers. Either this, or their business does not do construction work but they spend, on average, more than £1 million a year on construction in any 3 year period. A subcontractor, [...]

April Feature: Adrian Smith Rating Limited

Recognising reliefs and reducing rates, to help you retain your revenue! Rates aren’t as set in stone as you may think. But sometimes, you just need that expert touch to help you know where to start and one of our clients, Adrian Smith, is just the man. With over 40 years’ experience, the service provided is an efficient and cost effective one that encompasses all aspects of business rating solutions to a range of clients in a range of industries. Registered with three governing bodies, including Royal Institution of Chartered Surveyors and the Rating Surveyors Association, he is both reliable [...]

By |April 26th, 2017|Blog|