How do I switch accountants?
December 7, 2017 @ 1:53 pm by Sarah Templeton
If you’re considering switching accountants you might think the process will take several months, costing you a lot of time and money.
Switching is actually very simple. Your new accountant should take care of the formalities, with very little input needed from you.
So, if you’re thinking about making the move to a new provider, here are the steps to a smooth handover:
Step 1: Find the right accountant
The most important task is choosing the right accountant. You’ll already have an idea of what you’re looking for but here are a few things …Read More
PAYE vs Umbrella – which is best for you?
November 15, 2017 @ 2:54 pm by Victoria Iredale
Life decisions can be tricky. Buy or rent? Holiday or new kitchen? Chinese or Indian takeaway? However, with a little advice, some decisions can be made a lot easier.
That’s why we’ve put together some information on what you can expect from your payroll provider, so that you can decide what’s best for you: PAYE or Umbrella.
Whether you’re new to contracting, or you’ve been contracting for as long as you can remember, making the right decision for your payment is important. So, what are the differences between using an Umbrella Company …Read More
A warning about rogue models, plus the introduction of a loan charge
November 3, 2017 @ 2:47 pm by Damian Broughton MBE
Since IR35 reform back in April, we’ve seen an influx of schemes which either push the boundaries of the law or flout it completely, promising unrealistic take-home pay through unscrupulous means.
Vanessa Houlder of the Financial Times comments,
“Temporary workers who faced losing up to a quarter of their take-home pay in extra tax following reforms introduced in April have been flocking to non-compliant “umbrella companies” that promised to find ways around the new rules.”
It’s therefore increasingly important to be vigilant when choosing a provider, with some less reputable firms out to …Read More
CIS: Where do I start?
October 26, 2017 @ 1:29 pm by John Morley-Smith
If you’re working in construction, the government run Construction Industry Scheme can make your life easier and can be the difference between paying 20% and 30% tax! However, working out whether or not you qualify for CIS can be confusing. We’re here to help by giving you six questions to ask yourself when considering CIS subcontracting.
1. Will you be working in the UK?
Starting off with an easy one; the scheme does not apply to work that is done outside of the UK. So whether you’re a business based in …Read More
Back to School: how do Childcare Vouchers work?
September 6, 2017 @ 11:13 am by Sarah Templeton
As the kids go back to school, parents across the UK will be breathing a huge sigh of relief – with the last minute rush to get new uniforms, shoes, and stationery, you may also be a feeling a little weary and a whole lot poorer.
And as if the cost of all that wasn’t enough, many have the extra cost of after school clubs and breakfast clubs! That’s where Childcare Vouchers come in – not only can they be used to help towards nursery fees, but you can benefit from …Read More
Donating to charity? How to get the most out of what you give!
September 5, 2017 @ 9:36 am by Neil Ormesher
Today is the United Nation’s International Day of Charity, so we thought we’d do a quick guide to tax relief when donating to charity. Most of us have heard of Gift Aid, but do you know how it actually works? And did you know that there are various other ways you can get tax relief on what you give? Let’s take a look:
The most common method of claiming back tax on donations is the government’s Gift Aid scheme. Through Gift Aid any charity you donate to can claim a …Read More
Fancy winning £100K? Some things are too good to be true – is your payroll provider?
September 1, 2017 @ 2:57 pm by Victoria Iredale
Have you ever thought something was too good to be true? Like when you get a free scratch card in the paper telling you you’ve won £100,000, yet looking at the T&Cs it costs £5 per minute to call and there’s only one top prize to be won. So after 15 long minutes on the phone, speaking to an automated voice recording, you end up winning a £20 voucher for a garden centre that is 30 miles away from your 3rd floor flat. All in all, you’ve lost £55 and …Read More
Why an umbrella solution gives you the best of both worlds
August 18, 2017 @ 2:34 pm by Judith Kirby
I met with a friend recently who I hadn’t seen for few years, and of course, we went through the whole “long time no see” chat. When I said “oh, I work for an umbrella company” she looked baffled – for a moment I think she thought I was covering metal frames with water repellent fabric!
Trying to explain the role of umbrella companies and that they are very much needed in these economic times was somewhat interesting. Who builds the country’s fighter jets? Maintains the railways? Provides specialist technologies? The …Read More
Five questions to ask when you start working for yourself
August 16, 2017 @ 12:07 pm by Christopher Oxley
We know that starting to work for yourself can be an exciting opportunity, but before you make the leap you’ll undoubtedly have a few questions. Here we take a look at 5 of the many questions you should be asking yourself when going it alone.
1. How do I register as self-employed with HMRC?
Once you start working for yourself and run your business as an individual, you’re classed as a sole trader and you’ll be responsible for paying your own income tax and National Insurance Contributions (NICs).
As such you’ll need to …Read More
People should not be forced into an Employment Umbrella, but should choose to go there for the benefits
August 10, 2017 @ 8:59 am by Damian Broughton MBE
Since 6th April, when the new IR35 rules for public sector workers became law, we’ve seen a surge in the use of umbrella solutions in the contractor marketplace. However, rather than people choosing an umbrella solution, unfortunately we’ve seen evidence of some contractors being forced down that route. The wholesale transfer of groups of workers being forced down a particular route is frowned upon by HMRC, and there is no need for this action to take place.
At Danbro we’ve discussed the main two options – Limited Company and Umbrella – …Read More