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Recent Posts

Basis Period Reform

The article helps self-employed sole traders and partnerships to understand how basis period reform will impact their business in the 2023/24 transitional tax year, and what steps need to be taken to ensure they do not lose any brought forward tax reliefs and remain compliant!

George Ian Hope

Tax Payment Dates and Estimating the Values of Tax Payable

The article outlines the typical tax payment dates and methods of estimating the values of tax payable for each type of tax, including VAT, PAYE, NIC, CIS, Corporation Tax, and Dividend and Personal Taxes.

George Ian Hope

Corporation Tax Rate Changes

In the March 2021 Budget Rishi Sunak proposed a number of changes to the way that Corporation Tax will be calculated and applied and these changes will come into effect from 1st April 2023.

George Ian Hope

Autumn Statement – Headline Changes

This guide summarises the main tax changes included in the Autumn Statement and summarised by the ACCA for the benefit of members.

George Ian Hope

P11D Reporting Benefits In Kind and Non-Allowable Expenses

In advance of the deadline for the submission of these returns (6th July each year), we wanted to give our clients some guidance as to what these are and when they are required to be submitted to HMRC.

George Ian Hope

Preparing for BREXIT

Many of our clients have received communications from HMRC over the last year to assist them to prepare for BREXIT.  However as this is a complex and new area, this article is designed to further help you to assess how these changes may impact both you and your business.

George Ian Hope

Further Economic Support

On Sunday 31st October 2020 the Government announced a number of updates to existing economic support measures.

George Ian Hope

Updates to the Job Support Scheme

In summary this is a new grant scheme to operate from 1st November 2020 for 6 months. The purpose of the scheme is to help businesses retain employees in times of low demand by allowing the employees to recover a percentage (2/3) of the wages that they would otherwise have lost by not working.

George Ian Hope

Using Existing Company Funds in a Property Company

It can be a complex decision for clients when it comes to determining how best to use existing private or limited company funds in another property company.

George Ian Hope

Why Use An Expenses App?

The benefits of filing your expenses via an expenses app Today, there seems to be an app for just about everything. Calorie control? Yep. Daily steps? That too. An app to control...

Muhammed Patel

Do I Need An Accountant If I’m Using Accounting Software?

Why accounting software should be used in harmony with your accountant.

Vikash Patel

What Expenses Can Freelancers & Contractors Claim?

From office costs to travel and marketing spend, find out the business expenses you can claim

Muhammed Patel

Why Might Contractors Need An Accounting Package?

For unlimited support, help with budgeting and a full accounting service

Vikash Patel

What Do Our Contractor Accountancy Packages Include?

All your accountancy needs and more, for one fixed fee.

Vikash Patel

How Does A Director’s Loan Work?

A pitstop guide to Director’s Loans for Contractors The more experience you gain as a contractor, the more familiar you become with accountancy terms, such as dividends, payroll, VAT, Corporation Tax and,...

Vikash Patel

How Contractor Accountants Can Help You Build Wealth

When you engage a contractor accountant, it’s likely that you’re looking for a trusted expert to take over the day-to-day bookkeeping responsibilities, sort your annual accounts and to help ensure your personal...

Vikash Patel

Why Switching Accountants Doesn’t Need To Be Painful

Switching to a new contractor accountant isn’t as difficult as you might imagine For freelancers and contractors, the very thought of the hassle that tends to be involved with switching accountants is...

Vikash Patel

Why Might You Need A Contractor Expenses App?

When it comes to the world of accounting, most contractors will wholeheartedly agree that technology – and in particular, expenses apps – make keeping on top of finances altogether easier....

Vikash Patel

Why Engage a Contractor Accountant in the 2020/21 Financial Year?

Helping you navigate Brexit, IR35 reform and the 2020/21 financial year There are many advantages to engaging a contractor accountant – from saving you time and money to ensuring your...

Vikash Patel

What Are The Benefits of Accounting Packages?

Fixed-fee accounting packages are perfectly suited to freelancers and contractors Whether it’s ensuring tax compliance, offering important financial advice or taking care of your everyday accounts, the benefits of engaging...

Vikash Patel

What does IR35 mean for contractors?

Demystifying the tax legislation that has hounded contractors for two decades. The IR35 legislation can be confusing, even to those with a fairly strong grasp of the rules. If you’re...

Muhammed Patel

Why work as a limited company contractor?

If you’re thinking about becoming a contractor or have recently gone self-employed, it’s well worth forming a limited company, which you can provide your services to clients through. In the...

Vikash Patel

What do contractors need to know about approaching IR35 reform?

Ever since the IR35 rules were rolled out two decades ago, contractors have feared this complicated tax, that was introduced with the aim of stopping ‘disguised employment.’ But now, perhaps...

Muhammed Patel

What do contractors need to know about the Self-Assessment Tax Return?

For lots of reasons, January can be a challenging month. After a well-earned break, returning to work with a Christmas hangover can make starting the new year tricky to say...

Muhammed Patel

What to do about an IR35 Letter from HMRC

What to do if you receive an IR35 letter from HMRC. In the past month, contractors have become acutely aware of HMRC’s approach to enforcing IR35 compliance. According to The...

Muhammed Patel

IR35 Reform Plans Revealed

Specific plans for further IR35 reform revealed Last week the Government released the draft legislation for IR35 reform in the private sector, revealing the details for changes which will see...

Muhammed Patel

IR35 – Clients and Recruiters Must Act

Study suggests clients and recruiters must act ahead of IR35 reform New research released by QAccounting partner, Qdos Contractor, strengthens the argument that the private sector must begin preparing for...

Muhammed Patel

IR35 – Is HMRC Ignoring the Problem?

CEST to be improved, but is HMRC ignoring the real problem? There was some anticipation in the air earlier this month when the Office of Tax Simplification (OTS) – an...

Muhammed Patel

HMRC’s IR35 Tool – Cause for Concern?

What are the main concerns contractors have about HMRC’s IR35 tool? Despite being in action for more than two years, contractors and IR35 experts are now scrutinising HMRC’s Check Employment...

Muhammed Patel

IR35 Decisions – A Blanket Approach?

New evidence suggests blanket IR35 decisions are widespread in the public sector Even before the arrival of IR35 reform in the public sector in 2017, many contractors feared they would...

Muhammed Patel

Give Your Business a Health Check

Time for a Business a Health Check Commonly a typical contractor spends 10 months a year working on contracts with only short periods of respite in between. As a result...

Muhammed Patel

Think You’re Inside IR35?

Are You Inside IR35? Many contractors are aware of the IR35 legislation and some put measures in place to ensure that they are protected should the Revenue ever launch an...

Vikash Patel

How Important is Building a Brand for LTD Company Contractors?

Building a Brand There are many important factors that business owners consider when setting up which take much planning and investment, and important examples of these are brand awareness, marketing...

Vikash Patel

Why Get a Contractor Accountant?

Getting a Contractor Accountant Being a one-man band Ltd Company Director/Shareholder can seem a daunting undertaking for those taking their first steps into contracting. We speak with many first-time contractors...

Vikash Patel

Can I Claim Expenses for the Use of my Home Office?

If you are a professional operating via a Limited Company, then you may be aware that several business expenses are tax-deductible if incurred wholly and purposefully as a result of...

Muhammed Patel

5 Tips for Contractors Working in the Cold Weather

With winter fully underway, we thought we would share some tips that we’ve picked up as contractor accountants for working in the colder months. Whether you work on an oil...

Muhammed Patel

Accounting for Limited Companies

Why use accounting for limited companies? Having an accountant in place is vital in running and maintaining a successful business. Companies large and small are required to declare income to...

Vikash Patel

How to Switch to QAccounting

Switching to QAccounting Here at QAccounting, we have many clients switch to us successfully from their previous accountants. There are many reasons why contractors decide to transfer their accounts to...

Vikash Patel

Choosing the Right Company Name

We speak with numerous professionals every day looking to set up and trade via a Ltd company. One of the most frequently asked questions when starting out is what a...

Vikash Patel

5 Reasons to Become a Ltd Company Contractor

We support many Ltd company professionals and most made their leap into contracting after careful deliberation. Some go Ltd because of a change in circumstances, some want more freedom in...

Vikash Patel

5 Reasons to Switch Contractor Accountants

Thinking of a new accountant service that will have a service more in-line with your needs? Why not switch contractor accountants? We examine five key reasons why contractors change their...

Vikash Patel

HMRC Defeated in Recent IR35 Case

In a time of apparent reform for the IR35 legislation, Her Majesty’s Revenue & Customs’ charge against non-compliance is stopped in its tracks as they lose First Tier Tax Tribunal...

Vikash Patel

5 Tips to Choosing a Business Bank Account

Anyone who is operating via a Ltd company is required to have a bank account set up attributed to their business. Having one of these in place is very important...

Vikash Patel

What is an IR35 Accountant?

With online information and misinformation on IR35 rife within the industry, we discuss what contractors should look out for when seeking correct information on HMRC’s legislation. With more and more...

Vikash Patel

Criminal Finances Act 2017

Need to know facts about the Criminal Finances Act 2017. Having been announced in April of this year, the Criminal Finances Act 2017 was officially enforced on 30th September. It...

Vikash Patel

Getting The VAT Treatment Right

A Sorry Tale of Misunderstanding There are three rates of VAT: Standard rate of 20%; Reduced rate of 5%; and Zero rate. There are also exempt supplies which do not...

Vikash Patel

Disincorporation Relief Close to Extinction

OTS warning over neglecting relief Disincorporation relief was introduced as a temporary measure from 1st April 2013 following recommendations by the Office of Tax Simplification (OTS) to remove the tax...

Muhammed Patel

Get The Shareholding Details Right

Confusion as to who owns shares will prove costly When establishing a company, it is important to identify who owns the shares and get the correct paperwork put in place....

Muhammed Patel

Simplifying Corporation Tax

OTS proposes changes to reduce tax burdens The Office of Tax Simplification (OTS) has recently published its recommendations for making corporation tax (C.T) easier in its report, ‘Simplification of the...

Muhammed Patel

Tax-Free Childcare

Registration opens for new initiative 21st April saw the introduction of the Government’s Tax-Free Childcare scheme, available to parents of children under 4 and disabled children under 17. It will...

Muhammed Patel

Artificial Separation of Businesses

Splitting hairs There are some businesses that seek to avoid registering for VAT using something know as artificial separation, where their business activities are split into two so that each businesses...

Muhammed Patel

Let it All Out

Reminder of HMRC’s Let Property Campaign Each one of our accounting packages gives our clients full, unlimited access to our in-house experts and an important part of their job is...

Muhammed Patel

Gig Economy Review Should Consider Tax

LITRG wants Taylor Review to look beyond employment issues The Low Incomes Tax Reform Group (LITRG) has urged the Taylor Review to examine the relationship between taxation and the growth...

Muhammed Patel

Mitigating IHT (Inheritance Tax)

Making use of IHT reliefs and exemptions IHT is principally a death duty and to a lesser extent a tax on lifetime gifts. Other than spending all your wealth before...

Muhammed Patel

Did You Claim Employment Allowance?

Historical NIC Employment Allowance claims still possible In the Budget of 2013, the then Chancellor of the Exchequer, George Osborne, announced that as from 6th April 2014 employers would be...

Vikash Patel

Key to the tax door

Tax implications of key person insurance Companies may sometimes take out a policy (key person insurance) insuring them against loss of profits resulting from the death, critical illness, sickness, accident...

Muhammed Patel

Moving Up a Gear

Single property landlords will be pushed into higher rate tax bracket The restriction on the deduction of finance costs from 6th April 2017 has meant that single property landlords could...

Vikash Patel

General election tax battleground

Political pledges on tax that affect contractors As general election campaigning intensifies, we look at what the three main parties are promising on tax in their manifestos and how this...

Vikash Patel

Encouraging employers to pay up – employee expenses

Non-reimbursed employee expenses costing the Exchequer Many employees will incur expenses during the course of the performance of their job, in particular business travel. If their employer does not pay...

Muhammed Patel

HMRC Writes to Flat Rate Scheme Traders

Warning about the new limited trader rate HMRC has started writing to all those currently using the flat rate scheme (FRS) due to the introduction of the new 16.5% VAT...

Muhammed Patel

Spring Budget U-Turn

Spring Budget U-Turn – No increase to Class 4 NIC afterall The Chancellor of the Exchequer has delivered the final Spring Budget. This is not the first time this has...

Vikash Patel

Spring Budget 2017

Small business singled out again The Chancellor of the Exchequer has delivered the final Spring Budget and one which was not particularly impressive. Dividend tax allowance As from 6th April...

Vikash Patel

A Capital Idea: Company Dissolutions

Tax treatment of the final distribution of assets For contractors contemplating winding up their company, the tax treatment of the final distribution of assets will either be income, ie a...

Muhammed Patel

Are Dividends Still Tax Efficient?

Dividends – taxed differently from 6 April 2016 For many years owners of SMEs have sought to reap the rewards of their labour by extracting profits from their companies in...

Vikash Patel

Business Expenses – Renting a Flat

Can I claim the cost of Renting a Flat as one of my business expenses? The costs of accommodation incurred by employees whilst working at a temporary workplace are relieved...

Vikash Patel

Autumn Statement

How the VAT Flat Rate Scheme changes will affect you In a week when Prime Minister Theresa May spoke at the CBI conference reassuring UK business of the government’s “unashamedly...

Muhammed Patel

Is Now the Time to Invest in a Company Pension?

As disconnected employees, pensions can seem like a background activity that is – as people say – for your own good. Similar to a person’s National Insurance (NI) Contribution it...

Muhammed Patel

Self Assessment Tax Deadline: What you need to know

As we fast approach the January 31st Self Assessment Tax deadline, here’s a reminder of what you need to do with regards to your tax obligations. Do I need to...

Muhammed Patel

Service company – a question of responsibility

As a contractor, you no longer need to worry about the service company question on personal and employer self-assessment tax returns. HM Revenue & Customs (HMRC) has scrapped this much-maligned...

Vikash Patel

Business Expenses – What Can You Claim?

It is always beneficial for you to claim Business Expenses through your Company where applicable. Business Expenses submitted for your Company are tax deductible and subsequently, reduce the amount of...

Muhammed Patel

Business Expense – Mobile Phone Expenses

If you are a Limited Company Director, you are considered to be both an employer and an employee of your Company. As the employee of your Limited Company you may...

Muhammed Patel

What is a Director’s Loan?

A Director‘s Loan is when you take money from your company that isn’t a salary, dividend or expense repayment and you’ve taken more than you’ve put in. You must keep...

Muhammed Patel

Travel & Subsistence Changes – What Does it Mean?

Recently proposed travel & subsistence changes reinforce the importance of IR35 compliance. Ahead of the autumn statement, contractors were wary of George Osbourne’s plans for the LTD company worker, and...

Vikash Patel

Business Expenses

It is always beneficial for you to claim Business Expenses through your Company where applicable.  Business Expenses submitted for your Company are tax deductable and subsequently reduce the amount of...

Vikash Patel

Dividends

Following on from our recent introduction of Dividend Vouchers, we have now enhanced this service to our clients by providing a separate Dividend Voucher for each Dividend withdrawal.  This will...

Vikash Patel

Contract for Services

In order to accurately process your timesheets and ensure the timely delivery and ultimate payment of your invoices, it is imperative we hold a valid contract on file. Please note...

Vikash Patel

IR35 Tips

Anyone who is operating via a limited company, regardless of whether they are a newbie in the industry, or a seasoned veteran, should be made well aware of IR35 and...

Vikash Patel

Personal Tax Return – Payment on Account Reminder

REMINDER – If your 05 April 2014 Self Assessment tax liability was in excess of £1,000, your second Payment on Account (50% of total 05 April 2014 liability) towards your...

Vikash Patel

Summer Budget Introduction

The first Budget after a general election is traditionally the time for introducing unpopular measures. The Chancellor is not constrained by a coalition partner and has nearly five years until...

Vikash Patel

IR35 Tip: Working Practises

Anyone who is operating via a limited company, regardless of whether they are a newbie in the industry, or a seasoned veteran, should be made well aware of IR35 and...

Vikash Patel

New Reporting Duties for LTD Company Contractors

From 6 April 2015, employment intermediaries are required to collect, store and report to HMRC the personal information of workers for whom they do not deduct PAYE and national insurance....

Vikash Patel

New Reporting Obligations on Employment Businesses: Information for Contractors Working through their Own Limited Company

From 6 April 2015, employment intermediaries are required to collect, store and report to HMRC the personal information of workers for whom they do not deduct PAYE and national insurance....

Vikash Patel

New Changes To Pensions : Auto-Enrolment

Changes to Workplace Pensions has been much publicised recently. The new law is only applicable for Company’s with more than 1 Employee. If your Limited Company employs 2 or more...

Vikash Patel

IR35 Tip – Compile your Evidence

IR35 can have devastating effects on a limited company, and because of this, compliance is essential for anyone operating on a contract basis. Qdos have been helping contractors achieve compliance...

Vikash Patel

Contracting – The Top 5 Things to Consider

For those who are thinking of taking the leap into the contracting profession, or for all of you veterans who want to swat up on on your industry knowledge, here...

Vikash Patel

Spring Budget – What Did We Learn?

The spring budget is much more than a battle of wits and words over beer tax and wine duty from our country’s ‘finest’ politicians. For businesses, budgetary changes can affect...

Vikash Patel

IR35 Business Entity Tests Withdrawn

HMRC have announced that after only 3 years, they are scrapping the IR35 business entity tests. HM Revenue & Customs (HMRC) will withdraw the business entity tests (BETs) and example...

Vikash Patel

Let the taxman help you

If you are a company director and pay for your own life cover, getting your company to take out cover on your life could save you money. Relevant life policies...

Vikash Patel

Salary & Dividend Planning

As a Contractor working through your own Limited Company you can maximise your post-tax earnings by paying yourself a low salary and the balance in dividends from your Company profits-...

Vikash Patel

Spring Budget Summary

Following last weeks Budget, please see below our summary which may be of interest to you.   Economy • Inflation set to fall to 0.2% this year • Unemployment rate...

Vikash Patel

Planning for Tax Year-End?

The run-up to the tax year end on 5 April 2015 is the perfect time to consider tax planning opportunities and here are just some ideas to consider before the...

Vikash Patel

Personal Tax Return & Payment Deadline – 31st January 2015

As we fast approach the January 31st Personal Tax deadline, here’s a reminder of what you need to do with regards to your personal tax obligations. Do I need to...

Vikash Patel

Tax Avoidance Schemes

If you are contacted by a company offering unusually high levels of take home pay, the likelihood is it’s a tax avoidance scheme. There are hundreds of such schemes in...

Vikash Patel

Gather Your Evidence

At Qdos, we have dealt with over 1,300 IR35 cases, and are currently receiving an average of three new IR35 investigations per week which we handle on behalf of our...

Vikash Patel

Self Assessment Personal Tax Return

As a Company Director you are required to complete a Personal Tax Return annually.   If you have instructed us to complete your Personal Tax Return,  we require details of all...

Vikash Patel

Charity Donations

We are often asked if Charity Donations can be processed through a Company. The good news is that Donations to a charity can be offset against Corporation Tax if the...

Vikash Patel

Accounting Jargon 101

Getting your head around your accounts is vital in ensuring your business thrives. You can be the best in your field but with bad cash flow, your business might not...

Vikash Patel

The Ins and Outs of EBTs

EBTs (Employee Benefit Trusts) are schemes which have been marketed as genuine tax saving plans whereby the client receives a non-repayable loan or a loan on favourable terms, gifts or...

Vikash Patel

Understanding Your Annual Accounts

Your company’s Annual Accounts contain a great deal of financial information and accountancy terms that are not always easy to understand, so to help gain a better understanding of the...

Vikash Patel

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