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
In this blog, we delve into the key financial concepts of Direct Costs, Overheads, and Fixed Assets. We’ll explore their definitions, their roles in business operations, and how they impact a company’s Profit and Loss account. This will provide an understanding of these critical financial terms and their practical implications in business finance.
VAT on Rental Income
VAT on Rental Income: Navigating the complexities of VAT on rental income can be a daunting task for businesses. This blog post aims to shed light on the intricacies of this topic, from understanding the exemption of rent from VAT, to the implications of opting to tax rental income.
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 self-employed or a sole trader.
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…