The new chancellor Jeremy Hunt has reversed the IR35 repeal announced by the former chancellor. The new chancellar said in his statement on 17th October 2022: “We are not continuing with … the reversal of off-payroll working reforms.” This means…
Year: 2022
Direct costs, Overheads and Fixed Assets
Direct costs are those costs incurred directly for products, services or projects, and include items such as raw materials, labour, equipment and tools. Overheads are those costs incurred for general operations of the business and they are not directly…
VAT on Rental Income
Normally rent is exempt for VAT. When a business wants to charge VAT on rental income, HMRC needs to be notified within 30 days. When the business has opted to tax for the rental income, all of the VAT…
Self-employed/Sole Traders: Personal Bank Account vs Business Bank Account
It’s not a legal requirement for sole traders to have business bank accounts. It’s fine if you use your own personal bank accounts. However, there are a number of benefits of setting up a business account if you are…
3 Ways for directors to withdraw money from the company
For company directors, depending on how much and how often you need to withdraw money from the company, there are 3 options: 1. Taking salaries Salaries are tax deductible for corporation tax and you can take a salary even…
Home Office for Company Directors and Tax Implications
1. If your home office is for 100% business use 1) First of all, you will need to have a formal agreement between the company and yourself stating that the home office is for 100% business use. 2) The…