Setting Up a Trust in the UK – A Complete Guide

Setting Up a Trust in the UK – A Complete Guide The use of a trust to protect large sums of money and other financial assets is becoming increasingly common. The usage of trusts in the UK has risen steadily. Once thought to be the sole domain of affluent individuals seeking to dodge taxes, people […]

Basic Guide to Benefits in Kind: What You Need to Know Now

Basic Guide to Benefits in Kind: What You Need to Know Now  It’s possible that you’re receiving a benefit-in-kind if you receive any other benefits as part of your job in addition to your salary (BIK), or, if you are an employer you are offering them to your employees.   You may – often rightly- think […]

10 Reasons Your Contract May Fail the IR35 Test

10 Reasons Your Contract May Fail the IR35 Test  Are you a contractor, or representative of a personal service company trying to keep your contracts outside IR35 and pass the tough IR35 test? If so, this blog post is for you. If, as an entity we just described, you sign a contract that falls under […]

Personal Service Company: What It Is and Why You Might Want to Form One

Personal Service Company: What It Is and Why You Might Want to Form One  When then-Chancellor Gordon Brown used the phrase “personal service company” to introduce the well-known legislation IR35 in 1999, it caught everyone’s attention in the world of business (and especially accounting) There is no clear definition of a personal service company (PSC), […]

Do You Need a Self-Employed Accountant?

Do You Need a Self-Employed Accountant?  Starting out as a freelancer or contractor can be intimidating, and there are numerous factors to consider, including whether to hire an accountant to handle your tax obligations and other financial issues. As you probably already know, outsourcing has a lot of benefits and drawbacks, but should your tax […]

Simple Assessment Explained

Simple Assessment Explained  Important Note: Simple Assessment was halted in May 2018 as resources were reallocated to prepare for the United Kingdom’s exit from the European Union. Because of the coronavirus outbreak in 2020, the rollout is likely to be further delayed (factual as of May 2021) and so some of what follows is based […]