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  This is a big area for a lot of businesses and one that causes much confusion to contractors, freelancers and small businesses. HMRC has a heavy penalty regime for VAT , so it is important you get this right What is VAT? Essentially, VAT is a sales tax, which you collect by charging it [...]

During these uncertain economic times, many people are viewing this as a good opportunity to start a business.  However, as accountants we often get asked the sole trader versus limited company question. Firstly let’s go through the definitions: A sole trader is when there is no separate legal distinction between you and your business.  As [...]

10 things you need to consider! A contractor is someone who provides a service, not as an employee but as a director of a company. To help you decide if contracting is right for you, following are 10 things you should think about if you are considering contracting. However before you take the leap, make [...]

Top 5 tips for NHS Contractors. >>Nimble Jack Accounting has dealt with many contractors, freelancers and small business who supply services to the NHS. Clients range from locum doctors, I.T analysts and vascular scientists. Recently Alyx Peteres who is the vice chair of REC (recruitment employment confederation) has stated that the NHS contractors play a [...]

Annual Investment Allowance increased to £250,000 From 1st January 2013, the government increased the Annual Investment Allowance (AIA) from £25,000 to £250,000.  This is incredibly generous and is designed to stimulate the economy through increased capital spending. What is Annual Investment Allowance? The AIA is the amount of spending on things like furniture, computers, machinery, [...]

Automatic FreeAgent bank feeds are here There has been some great news – FreeAgent have finally announced automatic bank feeds.  This news has been long awaited by loyal FreeAgent users and here at >>Nimble Jack Accounting we are very excited about it. We truly believe that the FreeAgent bank feeds have propelled the product from [...]

Umbrella versus Limited Company, which one is right for me? An umbrella company means effectively you are an employee, hence income tax upto 50% and national insurance of 12.8%. There is a lot of confusion out there on whether you should be on an umbrella scheme or operate through a limited company.  Here is why: The simple answer [...]

Contractor pensions and related tax savings As a contractor or freelancer have you given any thought to a pension?  Combine government mismanagement of public finances and a generally aging population base, you might be lucky to receive £100 a week by the time you retire. On top of this there are huge tax savings to [...]

What is VAT Flat Rate Scheme (FRS)? This is a special VAT scheme designed for contractors, freelancers and small businesses with turnover below £150,000.  It allows you to still charge 20% VAT on invoices, but only pay HMRC back at a smaller percentage – depending on your business category. Who is it for? As part [...]

Use of home office: all your options This blog explains the two methods you can use and gives you a simple and easy to use template to maximise your home office claim. Using our free templates and expertise, our clients have saved £1,000′s of tax.  Don’t miss out and contact us today to get your [...]