We are proud to announce that Martax Accountants has achieved Gold partner status with the leading cloud-based accounting software, Xero. We are one of the few businesses in Surrey that have reached this status. We are Xero Certified Advisor since we established our accountancy practice in 2013. With the additional training and support from Xero,
Contractors Archives - Martax Accountants
April 22, 2021
April 18, 2019
Changes to IR35 rules from April 2020
HMRC has provided a list of how to prepare for the changes of the off-payroll working rules starting from 6 April 2020 that will help to guide medium sized and large business within the private sector. The changes will make the involved organisations in control of taking decision if IR35 applies to services they receive
July 13, 2017
The Marriage allowance
The marriage allowance was introduced to take effect from the tax year 2015/16. The marriage allowance allows certain individuals who are married or in a civil partnership to elect to transfer some of their personal allowance to their spouse or civil partner. Who will get the benefit? The election will be relevant to those couples
July 13, 2017
Flat Rate VAT Scheme and Limited Cost Traders
A business is a limited cost trader if its VAT inclusive expenditures on relevant goods is either: Less than 2% of your VAT Flat rate turnover Greater than 2% of your VAT flat rate turnover but less than £1,000 per year or £250 for the quarter You are required to check every quarter if you
July 13, 2017
National Minimum Wage and National Living Wage rates from April 2017
The hourly rate for the minimum wages depends on your age and whether you’re an apprentice. The National Minimum Wage (NMW) is the minimum pay per hour almost all workers are entitled to by law. The National Living Wage (NLW) is higher than the NMW – workers get it if they’re over 25. The government’s
July 13, 2017
Tax Rates and thresholds for the tax year 2017/18
Taxable Income bands and corresponding rates 2017/18 2016/17 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate of saving income 0% 0% Dividend ordinary rate (effective rate with tax credit) 7.5% 0% Dividend higher rate (effective rate with tax credit) 32.5% (25%) 32.5% Dividend additional rate (effective rate with tax
July 13, 2017
VAT Flat Rate Scheme changes from April 2017
The autumn statement included the decision to introduce a new flat rate of 16.5% for ‘Limited Cost Traders’ (LCTs) from 1 April 2017. These are defined as people who incur costs on goods in a return period of: Less than 2% of their gross turnover; or More than 2% of their gross turnover but less
July 13, 2017
New Rules for contractors in public sectors – from April 2017
The government announced at Budget 2016 that it will reform the intermediaries (often known as IR35) legislation for public sector engagements to ensure that individuals who work through their own company pay employment taxes in a similar way to employees. Here is a summary of the upcoming changes: Legislation will be introduced in Finance Bill
July 13, 2017
Should A Director Submit A Tax Return?
It is mandatory for a company director to submit a tax return with HMRC if a return has been issued. But what about if a Self-Assessment tax return has not been issued to a director he does not have a tax liability? As per the above HMRC guidance, you must complete a tax return if
July 13, 2017
Do I Need To Submit A Tax Return With HMRC?
As per the HM Revenue and Customs (HMRC) guidelines, you must submit a tax return if any of the following applies: You are self-employed You have untaxed income of £2,500 or more You have saving income of £10,000 or more before tax You made profits from selling assets such as shares, second home or other