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Are you employed or self-employed?

The new intermediary legislation introduced on 6 April 2016 makes important changes in order to determine whether someone is employed or self-employed. For example the right to send a substitute is no longer a pointer to self-employment. Now the level of supervision, direction and control the end user is able to exercise over the worker…Read More

What is a Service Company?

This is a question which is often asked by HMRC on many of their forms. It is a tricky question because a positive answer implies that the limited company is an intermediary, the sole purpose of which is to provide services to a client by the director of the company who, without the intermediary, would…Read More

Will Buying a Company Car Ever Result in a Tax Advantage?

Most company cars can be a rather expensive luxury for a director/employee. However, CO2 low emission cars provide an interesting alternative to company owners who are also directors of their own business. You may be interested in the car benefit calculator which you will find on our website: http://www.bestchoiceaccountancy.co.uk/resources/tax_centre/tax_calculators/car_fuel_benef.php As you can see with a…Read More

Are you starting your own business?

Most people love the idea of running a business. What factors should you keep in mind before launching into a new venture? Here is some practical advice. 1. Products & Services A product or service on its own cannot create a great business. You need to understand what it is about your offering that gives you…Read More

Is the Construction Industry Scheme (CIS) due for a review?

The UK construction sector is a vital contributor to the UK economy and a key driver of growth. Despite the challenges the sector has recently faced, construction continues to be one of the largest UK sectors and a key source of the UK’s gross domestic product and employment. According to a report by the department…Read More

Cash flow: Why so important to business?

Like the body needs food so a business needs cash to live. With our body we work or we enjoy ourselves and we carry out many other activities, but it is food that powers the body. Similarly a business may have many objectives, but it is cash which makes it possible to achieve those objectives.…Read More

Should I be registered for VAT?

VAT (Value Added Tax) is a vast subject. Although the basic VAT principles are relatively easy to understand, when a business registers for VAT, it enters a new phase which will affect its procedures and the way business itself is conducted. A business registered for VAT must keep accurate records of income and expenditure, it…Read More

Why Change Your Accountant?

Changing your accountant is a serious step. One that is normally only considered when there is a breakdown in the relationship or the fees charged are too steep in relation to the service the accountant is providing. Also, a change of location may encourage someone to look for a different accountant. However, there are other…Read More

Self-Employed vs Limited Companies: The Contractors Guide

Have you ever wondered why so many people toy with the idea of setting up a Limited Company? Maybe you are thinking about it yourself. Perhaps you think it will be easier to find work or maybe you are thinking about improving your image and profile? These are important considerations. Some clients prefer to deal…Read More

Are you due a Tax Rebate?

It is a well-known fact that every year thousands of people fail to reclaim overpaid tax. This may be due to not knowing what you’re entitled to, not knowing the procedure, not having accurate records or not having a good accountant. Tax Rebates are normally due for a variety of reasons. In construction, very often…Read More

The Contractors Guide to Handling Cash Payments

  I doubt whether there is any other industry in the country where cash payments to pay for goods and services are so frequently made. Small jobs are often paid for by cash as this is still the preferred method for many householders and others. Of course there is nothing wrong with paying by cash…Read More

Do You Make These 3 Mileage Record Mistakes?

Are you recording your mileage correctly? Claiming mileage is a very efficient way to make a claim for travel expenses. It is the only way for those who are on PAYE and for self-employed individuals it is often the best way. But, there are some common mistakes to avoid losing money on your mileage.  Want…Read More

12 Reasons to Keep Good Accounting Records

When it comes to keeping good records we all seem to acknowledge that things could be done better. But why is keeping good records important? Here are twelve reasons why it’s so important.   1. Enables you to manage your business and make it grow No one knows your business better than you do, but…Read More

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