Flat Rate VAT Scheme Guide

Significant changes are being made to the VAT Flat Rate Scheme from the 1st April 2017. For many contractors who incur limited direct costs, the scheme has provided a  great cash benefit. For example, if the contractor invoiced a client £15,000 in a VAT quarter, the contractor would have have charged the client a further £3,000 in VAT. […]

Personal Service Company versus the Umbrella Company

Many freelancers and contractors are attracted to the idea of an Umbrella Company to maximise their earnings. But the Personal Service Company can achieve the same tax advantage, plus you can benefit from lower monthly administration costs and other benefits described below. For example, as a freelance journalist you will receive an income probably from a […]

New focus on IR35 by HMRC

HMRC are again starting to focus their attention on IR35, so watch out Contractors! Over the last 20 years there has been a significant increase in the number of freelance contractors. Depending on the sector different terminology is used. The writer himself spent a significant period of his career working as an ‘interim’ Accountant. In […]

Corporate Governance and the smaller company

For most SMEs there is no distinction between management and ownership and as such they would argue that corporate governance is an expensive and unnecessary luxury.  Why introduce systems which impose limits on how they conduct business? They could impact profitability, creativity and speed of response. For many companies happy with what they are, then […]