News

Mistakes New Contractors Make

April 22nd, 2018

Going from employee to contractor is often a tricky move, especially if you’ve not worked as a contractor before. There are many factors to consider and sometimes can be quite daunting putting everything in place and the last thing anyone wants is to be told that they’re doing something wrong! However, having worked within the […]

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Choosing Your Own Working Hours Can Improve Quality Of Life

April 18th, 2018

A typical working day for many is not necessarily a 9 to 5 day! More and more people are choosing to find work that allows them to work flexible, family-friendly hours, allowing them to take control of their own busy lifestyles. The traditional 9 to 5 office job is dying and as such finding a […]

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Tips On Setting Up As A Limited Company

February 18th, 2018

Although setting up as a Limited Company is a fairly straight forward process, there are a large number of applications that are rejected each year. Last year, Companies House saw 8% of online applications and a huge 53% of paper applications, rejected. Often these are simple mistakes and ones that could be avoided if more […]

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Refer A Friend

February 16th, 2018

About the Scheme   As a valued client of 2020 Accountancy, we would like to offer you the opportunity to refer a friend or colleague to our services – in exchange you will receive 1 month’s FREE accountancy fees PER FRIEND!   We appreciate the time and effort that it takes to build a business […]

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The Importance of Risk Assessments

February 13th, 2018

Everyone (including contractors) has an obligation under the Health and Safety law in terms of risk assessments – so it is important to remain up to date!   There are five steps that should be thought about when writing a risk assessment;   Identify hazards – anything that could cause harm. Decide who could be […]

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AUTUMN BUDGET ROUND UP

December 5th, 2017

The recently announced Autumn Budget provided lots of new information for contractors, including extending the public sector IR35, targeting tax avoidance and evasion and finally, an investment in the UK housing market. Here’s what could affect you as a contractor.   IR35 Private Sector Rollout IR35 affects all contractors who do not meet HMRC’s definition […]

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GDPR Compliance – What You Need To Know

November 23rd, 2017

Definition: The General Data Protection Regulation (GDPR) is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union. It also addresses the export of personal data outside the EU.   On May 25th 2018 […]

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What Is The 24 Month Rule?

October 13th, 2017

  ‘What Is The 24 Month Rule’   If you’re a contractor claiming for travel expenses you should be aware of the 24 month rule – which we know often comes with much confusion. So, here’s a little explanation for those in doubt:   The 24 month rule has been in place since 1998 and […]

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MAKING TAX DIGITAL – WHAT YOU NEED TO KNOW

September 19th, 2017

Making Tax Digital (MTD) is an initiative by the Government that will revolutionise the UK tax system to help businesses and individuals keep on top of their affairs and submit correct tax returns. It is an attempt by the HMRC to make tax administration simple, easier to maintain and to be more efficient.   In […]

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TOP TIPS FOR CONTRACTORS

September 8th, 2017

    If you’d like a successful long term contracting career, we’ve put together a few top tips you’re going to want to consider!   Renew your CV Your CV is your very first impression. A well targeted CV is essential to get you noticed. Make sure you tailor your CV to the appropriate task, […]

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Setting up a Facebook Page as a Contractor

August 22nd, 2017

Having a Facebook Page for your Contractor Business is a must! With more than 2 billion monthly active users as of June 2017, many of whom are most likely to be interested to your business, having a Facebook Page will help reach those individuals, build awareness and increase loyalty. At 2020 Accountancy, we use Facebook […]

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How To Make Your Contracting Profile Stand Out On Linkedin

June 21st, 2017

With LinkedIn being such a strong influence in the online world, being the biggest professional network, it has become even more essential for individuals to have a LinkedIn profile, with the vital step of keeping it relevant, professional and as up to date as possible. So is it relevant for a Contractor to have a […]

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Tax Diary June/July 2017

June 2nd, 2017

1 June 2017 – Due date for Corporation Tax due for the year ended 31 August 2016. 19 June 2017 – PAYE and NIC deductions due for month ended 5 June 2017. (If you pay your tax electronically the due date is 22 June 2017.) 19 June 2017 – Filing deadline for the CIS300 monthly […]

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Claim back pre-registration VAT

June 2nd, 2017

It is possible to reclaim VAT you have paid on any business purchases before you have subsequently registered for VAT. In fact, once you have registered your business for VAT the first thing you should consider is the possibility of reclaiming input tax on purchases of goods and services prior to registration. This article summarises […]

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When does a hobby become a trade

June 2nd, 2017

An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets up an account on eBay and manages to sell for a reasonable price. Encouraged, […]

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What happens if you can’t pay your tax on time

June 2nd, 2017

Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time. If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what is the […]

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Tax due next month

June 2nd, 2017

Are you self-employed? If you are, you may need to make your second payment on account for 2016-17, due date for payment is 31 July 2017. This second payment on account will have been based on 50% of your combined Self Assessment tax and Class 4 NIC liability for 2015-16. Which raises an interesting question. […]

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Are you missing out on a �662 tax rebate

June 1st, 2017

Apparently, over 4 million tax payers are eligible to claim the new marriage allowance, but only 2 million have done so. If our math is correct, this add up to £1.3bn in unclaimed tax refunds. The allowance has been available since 6 April 2015 and is worth £212 for 2015-16, £220 for 2016-17 and £230 […]

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Possible bonus when you register for VAT

May 31st, 2017

Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales up to the date you are required to register, but interestingly, you may be able to claim back VAT you have […]

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Do you use your car for business purposes

May 25th, 2017

Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile. HMRC consider this type of mileage payment as tax exempt as long as the rate per mile paid does not exceed a certain amount. Currently, the tax-free […]

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Changes to taxable benefits from April 2017

May 23rd, 2017

The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position regarding any benefits you enjoy to be unchanged for 2016-17; as long as the benefits themselves have […]

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Preparing your Tax Return

May 22nd, 2017

2020 Accountancy provides a range of services to help you with the day to day management of your business, designed specifically for freelance contractors, sole traders and limited company contractors.   We use proven technology to ensure you have a clear view of what you can safely take out of the company, what you owe […]

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Damage limitation

May 17th, 2017

The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU? We will all likely be affected. If not directly involved in trade with Europe, we are possibly part of […]

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What is the current tax position when dividends are taken

May 15th, 2017

One of the most useful ways for owner directors of small companies to reduce their overall tax and NIC costs is to pay themselves a reduced salary – just enough to maintain their State benefits entitlements – and take any balance of remuneration in the form of tax efficient benefits and dividends. Government has changed […]

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The new Criminal Finances Bill

May 11th, 2017

New legislation to increase the powers of law enforcement received Royal Assent 27 April 2017. The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism. The act: creates unexplained wealth […]

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Change in accounts filing for small companies

May 10th, 2017

Small companies are required to file a copy of their end of year accounts with Companies House. In the past, it has been possible to file abbreviated accounts – basically, a few notes and a Balance Sheet with very little data regarding profitability – for smaller companies this has restricted the amount of financial information […]

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Under 4 year olds now eligible for tax-free childcare

May 5th, 2017

The government have issued the following press release regarding the roll-out of the new tax-free childcare scheme: From 21 April 2017, working parents can start applying for two new government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. This means that working parents […]

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Finance Bill reduced

May 4th, 2017

In order to ensure that the Finance Bill 2017, introduced March 2017, is passed before the impending general election, huge chunks of the original, published bill have been removed. In the national press this has been referred to as a “wash-up”. Significant legislation has been side-lined in the process. For example, the following charging provisions […]

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Tax Diary May/June 2017

May 2nd, 2017

1 May 2017 – Due date for Corporation Tax due for the year ended 31 July 2016. 19 May 2017 – PAYE and NIC deductions due for month ended 5 May 2017. (If you pay your tax electronically the due date is 22 May 2017) 19 May 2017 – Filing deadline for the CIS300 monthly […]

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What are approved mileage payments

May 2nd, 2017

Mileage Allowance Payments (MAPs) are the rates used by employers to reimburse employees when they use their own transport for business purposes. The current rates are well-known. They are: Cars and vans – 45p per mile for the first 10,000 miles and 25p thereafter. Motorcycles – 24p per mile Bikes – 20p per mile As […]

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