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If you are a self-employed contractor or freelancer, you will undoubtedly have heard of IR35 and the likelihood is that you are confused by it – it is infamously complex and more changes are set to come into effect in 2020.Read more
IR35 is tax legislation designed to combat tax avoidance by people who work in a similar way to full-time employees but bill for their services via their limited companies to make their business more tax efficient.Read more
From 1st October 2019 HMRC will implement the new reverse charge system for VAT accounting within the construction sector.Read more
Choosing the right heading for expenditure on buildings can be tricky. For accounting and tax purposes expenditure on repairs of buildings is fully deductible from profit. Whereas expenditure on improving buildings should be recorded as an increase in value of the asset.Read more
The basic tax rule is that assets given or lent to employees wholly or partly for private use count as a benefit in kind (BIK). This includes clothing provided to employees. The good news is that in some circumstances the law or HMRC practice exempts them from liability.Read more