15 March 2021
April 6th 2021 will be a turning point for people working on a contract basis as the new IR35 reform, end clients will be responsible for determining the contractor status (whether they fall inside or outside of the IR35 scope). So, from the beginning of the new tax year, contractors…
You can file your self-assessment tax return online if you are self-employed, or are not self-employed but you still send a tax return, for example, if you receive income from renting out a property. Late filing penalties These fines apply, even if you don’t owe HMRC any tax, but have…
4 March 2021
Excellent news for the hard-working members of the UK’s labour force, as minimum-wage earners are expected to see a notable increase in their pay this year. From April 1st, the national living wage (NLW) and the national minimum wage (NMW) 2024 rates will be as follows: The national living wage…
If you are an employee and you’re exposed to certain expenses which you need to cover yourself and that your employer does not reimburse, you might be able to get tax relief. This only applies to business expenses that relate to doing your job. There are several ways to claim…
Standard VAT rate schemes VAT on sales: where Domestic Reverse Charge (DRC) is applied, the suppliers must not enter any output tax, but only the net value of the sale. VAT on purchases: services bought which are subjected to DRC, the VAT amount must be entered as an output tax.…
