Download your copy of our budget report below:
The Budget 2018
(2 minutes to read)
On Monday 29 October 2018 Philip Hammond delivered the last Budget before Brexit. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
Our accountant Sophie Tyler MAAT has reviewed the key points:
- IR35 private sector to have same public sector rules from April 2020, with the focus on large and medium size businesses. Support needs to be given to agencies and contractors to ensure they do not issue a blanket inside IR35 decision on all contracts/contractors. HMRC have said they will be exploring further options for consequences of businesses failing to use reasonable care when making their decisions
- Apprenticeship levy has been halved for smaller businesses so this will be a welcome change for the smaller businesses caught by the levy.
- Entrepreneur relief has been extended to two years, this will not affect the long-term contractors that have been trading for more than two years. However, anyone thinking of closing their limited company will need to discuss their tax planning with their accountant to maximise any relief or allowances available to them.
- VAT registration threshold is remaining the same for another 2 years. It will be interesting to see in the future how this will affect contractors as some simply do not wish to be registered for VAT.
- Restriction on R&D tax relief for SMEs to be restricted to three times the PAYE and NIC liability so there is the potential for this to have a considerable effect on previously qualifying PSCs who do not incur a large PAYE/NIC tax bill.
If you do have any questions please contact your Dolan Accountancy Accountant or if you’re not yet a client please call us on 01442 795 100 or email firstname.lastname@example.org.
Why Dolan Accountancy?
Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:
- Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
- Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
- A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
- Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
- Free Business Banking – We have decided to waive our commission so our clients can use CashPlus free of charge for the first year, saving you £69.
- Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
- Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
- Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email email@example.com or firstname.lastname@example.org.