A large proportion of UK individuals will at some point experience debt problems. Levels of debt can easily get out of hand or changes in circumstances, such as an unexpected drop in income, can make previously affordable debts unmanageable.
limited company Articles
All Umbrella Companies are Equal (AUCAE) have launched a survey so that contractors can have their say on any concerns they may have about the Government’s proposed changes to tax relief on travel and subsistence that were announced in Budget 2015.
The Government has announced it may restrict tax relief on travel and expenses for some contractors where they cannot demonstrate they have control, supervision or direction of their own work.
Choosing a company name for your new business can often be a complex decision with you having to avoid similarly named businesses and exclude banned words such as implying you are a Government Body or a member of an industry/trade body (i.e. the Institute of Chartered Accountants in England and Wales (ICAEW) control the use of the term Chartered Accountant).
As a contractor you may well get invited by your end clients to join in their Christmas activities but as a contractor working through your own limited company there may be some tax breaks possible for holding your own.
A proposal to introduce a special new type of limited company called a “Freelancer Limited Company” has been submitted to the Chancellor of Exchequer by The Association of Independent Professionals and Self-Employed the IPSE (formerly PCG – Professional Contractors Group)
Umbrella Accountants are pleased to announce they have now achieved the status of FreeAgent Premium Partner.
Having moved over from their existing software supplier in mid-2014 Umbrella Accountants have migrated over 1,000 clients onto the system and have a training program in place that means 100% of their accountancy staff are FreeAgent accredited.
Operations Director Neil Armitage said “I have passed the accreditation myself as FreeAgent is now at the core of our clients’ experience so we need to reflect that across the board. Using FreeAgent has meant that we can concentrate on providing first class accounting advice and tax planning while the clients have up to date information wherever they are. By signing up with FreeAgent we have 70 plus experts working on the accountancy software for our clients and updating constantly”
Kilian Fitzsimmons-Wilson from FreeAgent added “We’re delighted to welcome Umbrella Accountants as Premium Partners. Since they joined we have seen the numbers and usage rise considerably as the company grows and it’s pleasing to know FreeAgent has been a big part of that growth.”
Some potentially good news for contractors who operate through their own limited company is that HMRC have relaxed their deadline for Limited Companies (with less than 50 employees) that are adjudged to be late filing their monthly PAYE returns and hence liable for a penalty.
At Umbrella we provide accountancy services for small owner managed limited companies and as part of this service we often act as the registered office making it easier for us to monitor Companies House and Tax Notices that require actioning.
If you are a contractor or freelancer working through your own limited company it can be useful to know that legislation exists to ensure that you, as a small or medium sized business (SME), are paid promptly for the work you perform.
Social workers operating through their own limited companies may fall under the HMRC spotlight as they look at sectors they consider to fall foul of IR35.