calculating-flat-rate-VAT Not all contractors know when starting out, that you can actually earn extra money from using the VAT Flat Rate Scheme. It works in the way that you charge your customer the standard rate of VAT at 20 percent, but you are only required to pay HMRC a lower, flat rate; 14.5 percent for IT Contractors, as an example.

importance-of-ifa Whether you are a contractor or locum, freelancer or small business owner, you will know the importance of having good professional contacts that you can trust and rely on. As you are often wearing many hats already, it is essential that you are able to connect with the right people who can give you the advice you need, when you need it. These people ultimately help your business and personal finances to grow.

register-for-flat-rate-VAT If you are a contractor or freelancer, or own a small business, you may be liable for VAT. If your income reaches the threshold of £83,000 in any given tax year then you are required by law to register. The VAT Flat Rate Scheme for small businesses often works out a good option, as you get to keep some of the VAT you charge to your customers, and limit the paperwork involved with VAT return filing.

9-tax-free-benefits-for-limited-company-directorsBeing a director of a company means that you are also an employee. This means that the same rules apply to you as would if you were working for any other employer. It just so happens that you are, broadly speaking, the employer and the employee. There are therefore non-cash benefits that you can receive as an employee and some of these are even tax-free. Here are 9 to consider.

donate-with-gift-aid-for-tax-reliefAs a UK tax payer, there are benefits of donating to registered charities and community amateur sports clubs (CASCs). For every £1 you donate, the charity can claim an extra 25 pence from the government, effectively increasing the donation by 25%. In addition certain taxpayers can get tax relief - how does it work?

online-accounting-software-to-save-time-taxIn the technological world we now live, our expectations of communication and connectibility have increased signifiacntly. As you know, there are very few things that we are unable to access from anywhere in the world. All we need is a wi-fi connection and a mobile phone, tablet or laptop.

inheritance-tax-update-2016Inheritance Tax (IHT) planning can save your loved ones thousands of pounds in tax following your death. To be effective though, actions need to be taken in advance, so it is essential to keep up-to-date with the tax legislation surrounding IHT so you can ensure you are making savings. In 2015, a new tax relief for IHT on family homes was announced, to be available from 2017.

how-brexit-affects-your-financesBrexit has been very much the topic of conversation for the past three months and whether you voted for the UK to Leave or Remain in the EU, is now water under the bridge. We are all now part of a waiting game to see how things unravel in the coming weeks, months and maybe even years.