While last week’s Budget saw little help for Limited Company Directors, the government have made a number of adjustments to VAT and Self-Assessment payments that could help limited company contractors manage their cash flow at this critical time. Despite the concessions being announced last month, awareness remains low, particularly around the ‘time to pay’ facility that can help limited company contractors spread the cost of their tax bill.…
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With Covid-19 the dominant issue for the past several months, Brexit temporarily receded into the background. However, in the meanwhile, the 11 month transition period has been passing by. Less than six months before the status deadline, both sides have expressed concern about the lack of progress with negotiations.…
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Much remains up in the air regarding the government’s package of measures to support businesses during the Covid-19 outbreak. However, one measure that could significantly help limited company contractors is the announcement that VAT and Income Tax payments due between now and the end of June will be deferred for three months.…
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If you’re a limited company contractor whose turnover exceeds the upper tax threshold of £85,000, then you’ll need to register your company for VAT. In the UK, VAT or ‘value added tax’ is currently added to most products and services sold in the UK at a rate of 20%.…
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