10 Recent Blog Posts https://gorillaaccounting.com/blog/ Shows a list of the 10 most recent blog posts. Limited Company Contractor Expenses | Part 3 https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-3 <p><strong>As a limited company contractor, you will be able to claim certain expenses that have been incurred wholly, and exclusively for the purpose of running your business.</strong></p><p>We’ve listed the typical daily expenses that you may claim, along with the criteria that has to be met in order to successfully claim.</p><p>Keep in mind that for a claim to be allowable, it cannot serve a dual purpose (personal and business).</p><p>If you haven’t already, catch up with <a href="https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-2">Limited Company Contractor Expenses | Part 2 here</a>.</p><h1>Training Costs</h1><p>Training costs incurred to develop the skill-set of employees, helping them improve work performance, can be treated as an expense, and are deductible under the purpose of corporation tax, but not classed as a personal tax charge.</p><p>If training takes place at a temporary workplace, away from the permanent workplace, costs incurred can be classed as an expense.</p><h1>Business Entertaining</h1><p>If you host a business-related event which could most likely generate more revenue, this can be claimed as an expense but it will not be deductible for corporation tax.</p><p>If you are personally paying for the event, this will be after paying personal income tax, so it is worth claiming the money back as an expense.</p><h1>Annual Event</h1><p>Expenses incurred by hosting an annual event can be tax-free if the following points are met:</p><ul><li>Total cost cannot exceed £150 incl VAT per head 
</li> <li>Event open to all staff members 
</li> <li>If one partner is invited, all partners should be. 
An allowance of £150 incl VAT per head can be implemented for all partners. 
</li> <li>If more than one annual event takes place, the collective cost shouldn’t exceed £150 inc VAT per head. 
</li> </ul><h1>Childcare Costs  </h1><p>Two ways the company can contribute to childcare costs are:</p><p><strong>1. Direct Agreement –</strong> Company agrees with registered childcare provider to purchase childcare for the employee.</p><p><strong>2. Voucher Scheme –</strong> Company can purchase childcare vouchers from a childcare voucher scheme provider. The employee can then use the vouchers to purchase childcare.</p><p>To qualify for childcare costs, the following points should be met:</p><p>-       The child you provide for (in full or part) is yours</p><p>-       The child must live with you</p><p>-       The childcare provider must not be related to the child. This is acceptable if they look after other unrelated children, as part of their childcare business.</p><p>If an employee requires childcare whilst working, an allowance can be claimed from the employer, dependent on the employee’s tax position. The employer must conduct an earnings assessment, based on the employees forecasted annual salary.</p><p>Our <a href="https://gorillaaccounting.com/assets/download/Gorilla-Accounting-Limited-Company-Guide3.pdf">Updated Limited Company Guide</a> for Contractors and Freelancers discusses how you can pay yourself and claim expenses.</p><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p><p> </p> Mon, 16 Oct 2017 13:00:00 +0100 https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-3 Limited Company Contractor Expenses | Part 2 https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-2 <p><strong>As a limited company contractor, you will be able to claim certain expenses that have been incurred wholly, and exclusively for the purpose of running your business.</strong></p><p>We’ve listed the typical daily expenses that you may claim, along with the criteria that has to be met in order to successfully claim.</p><p>Keep in mind that for a claim to be allowable, it cannot serve a dual purpose (personal and business).</p><p>If you haven’t already, catch up with <a href="https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-1-">Limited Company Contractor Expenses | Part 1 here.</a></p><h1>Home Office</h1><p>You can claim expenses for using your home as an office. The most straightforward option is by claiming the flat rate allowance of £18 per month (£216 per annum).</p><h1>Mobile Phone</h1><p>The costs incurred for one mobile phone, per employee, is claimable and will be deductible for the purpose of corporation tax. This covers the cost of the mobile phone itself, line rental and call costs.</p><p>This expense can only be claimed if the contract is between the provider and the company, and all bills should be addressed to the company. All payments should be made from the company bank account.</p><h1>Accountancy Fees</h1><p>Hiring a specialist limited company accountant is vital to running your business, as HMRC legally requires companies to prepare and submit financial records. Accountancy fees qualify as an allowable expense as they contribute to the management of the limited company.</p><p>Costs incurred to prepare your self-assessment tax return are not claimable as they serve a dual purpose. </p><h1>Internet Connection</h1><p>Claiming for an internet connection at home can only be made if the following has been met:</p><ul><li>The contract should be between the provider and the company 
</li> <li>Bills should be paid directly from the business bank account 
</li> <li>Private use should not be significant</li> </ul><h1>Accommodation</h1><p>Costs incurred for overnight stays at a client’s site are claimable, and will be deductible for the purpose of corporation tax. If you are staying at your permanent residence, this will not qualify as an allowable expense, and you should not be staying with a family member.</p><p><strong>Read next:</strong> <a href="https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-3">Limited Company Contractor Expenses | Part 3 here</a>.</p><p>Our <a href="https://gorillaaccounting.com/assets/download/Gorilla-Accounting-Limited-Company-Guide3.pdf">Updated Limited Company Guide</a> for Contractors and Freelancers discusses how you can pay yourself and claim expenses.</p><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p><p> </p> Mon, 16 Oct 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-2 Limited Company Contractor Expenses | Part 1 https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-1- <p><strong>As a limited company contractor, you will be able to claim certain expenses that have been incurred wholly, and exclusively for the purpose of running your business.</strong></p><p>We’ve listed the typical daily expenses that you may claim, along with the criteria that has to be met in order to successfully claim.</p><p>Keep in mind that for a claim to be allowable, it cannot serve a dual purpose (personal and business). This blog is part of a three-part series, read <a href="https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-2">Limited Company Contractor Expenses | Part 2 here</a>.</p><h1>Business Travel</h1><p>- If you are travelling to a temporary workplace, for no longer than a 24-month period, or if you are travelling to a client site to undertake business, you are able to claim travel costs as an expense.</p><p>- If you are travelling to a temporary workplace through public transport, or when public transport isn’t available, you use a taxi - as long as you retain the receipt – you are able to claim the travel costs as an expense.</p><p>- If you are travelling to a temporary workplace using your own car, you are able to claim costs for mileage, fuel, insurance, general wear and tear, and other expenses generated through business travel.</p><p><strong>Our <a href="https://gorillaaccounting.com/assets/download/Gorilla-Accounting-Limited-Company-Guide3.pdf">Updated Limited Company Guide</a> for Contractors and Freelancers discusses how you can pay yourself and claim expenses.</strong></p><h1>Subsistence</h1><p>Whilst working at a temporary workplace, you are able to claim for lunch costs. This does not cover ingredients that have been purchased to make lunch.</p><p>If you are staying overnight at a temporary workplace, you are able to claim for food provisions and claim an extra amount of £5 per night, £10 per night if overseas.</p><p><strong>Read next:</strong> <a href="https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-2">Limited Company Contractor Expenses | Part 2 here</a>.</p><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p> Fri, 13 Oct 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/limited-company-contractor-expenses-part-1- New Small Business Commissioner steps into role https://gorillaaccounting.com/blog/new-small-business-commissioner-steps-into-role- <p><strong>Secretary of State for Business, Greg Clark, recently announced that Paul Uppal has been appointed as Small Business Commissioner, a newly-established role.</strong></p><p>Former Conservative MP, Paul Uppal, who has had 20 years small business experience in the sector of residential property will be the voice for small businesses.</p><h2>How will the SBC support small businesses? </h2><p>The new role was established to help support smaller-scale businesses in thriving and growing. The Small Business Commissioner (SBC) will assist in dispute resolution with larger businesses, helping to drive a cultural change in payment practices.</p><p>Small businesses will be supported by the commissioner’s website and an independent office.</p><blockquote> <p><i>Mr Uppal said, </i></p> </blockquote><p>“Running your own business can be a very lonely experience and my priority will be ensuring small firms feel supported as well as helping to create an overall impression that business isn’t necessarily cut throat.</p><p>“In fact, successful businesses are built on integrity, entrepreneurial spirit and trusting relationships and I want to highlight that Britain can be the best place in the world for new entrepreneurs to establish and grow their own businesses.”</p><blockquote> <p><i>Business Secretary, Greg Clark, said:</i></p> </blockquote><p>“I am delighted to announce Paul Uppal as the first Small Business Commissioner. His extensive experience as a small business owner makes him perfectly suited to champion the interests of small business and bring about a change in culture that will create a level playing field for everyone.</p><p>“Small businesses are the backbone of our economy, providing jobs and opportunities across the country. Supporting Britain’s 5.5 million small businesses is at the heart of this Government’s Industrial Strategy, and his ambition to tackle unfair payment practices will help support our goal to create an economy that works for all.”</p><p>The office of the Small Business Commissioner is expected to be operational by the end of 2017.</p><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p> Tue, 10 Oct 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/new-small-business-commissioner-steps-into-role- Simple Assessment: Marking the end of the Tax Return for millions https://gorillaaccounting.com/blog/simple-assessment-marking-the-end-of-the-tax-return-for-millions <p><strong>The <a href="https://www.gov.uk/government/publications/issue-briefing-simple-assessment-ending-the-tax-return/simple-assessment-ending-the-tax-return">Simple Assessment</a> replaced Self-Assessment Tax Returns in September; this new process of collecting tax</strong><strong> is expected to make it easier for millions of people who have had to submit a tax return in the past.</strong></p><p>Around 11 million fill out a self-assessment tax return every year, HMRC have fine-tuned the process to make it easier and less time consuming as of last month, September 2017.</p><p>HMRC will now use existing data to fill out a tax return on your behalf. If your tax affairs are a little more complicated, HMRC will get in touch to request additional information.</p><p>The new system has been titled ‘Simple Assessment’.</p><h2>Who does this apply to?</h2><p>If you’re part of one of the groups below, you will be able to take advantage of the Simple Assessment.  </p><p><strong>1)    If you’re a new state pensioner whose income was above the personal tax allowance in tax year 2016/17.</strong></p><p><strong>2)    If you’re a PAYE customer who underpaid tax and cannot have that tax collected through your tax code.</strong></p><p>HMRC <a href="https://www.gov.uk/government/publications/issue-briefing-simple-assessment-ending-the-tax-return/simple-assessment-ending-the-tax-return">states</a>, “All existing state pensioners, who receive state pension over their personal allowance, who have received a notice to file a Self-Assessment for the tax year 2016 to 2017 should complete their return as usual.</p><p>“They will be taken out of Self-Assessment for the next tax year, 2017 to 2018, and will receive a Simple Assessment notification instead.”</p><h2>What next?</h2><p>HMRC are currently in the process of writing to customers with a tax calculation, either in the form of a P800 or a Simple Assessment Letter (PA302).</p><p>If you think that the information is incorrect, you will have 60 days to get in touch with HMRC.</p><p>“Should customers miss the deadline they should contact HMRC to discuss their circumstances or financial penalties will be applied in line with current policy.</p><p>“If customers are not happy with the follow-up response from HMRC, they have 30 days to <a href="https://www.gov.uk/tax-appeals/decision">appeal against the decision</a>.”</p><p><strong>Gorilla Accounting is a specialist accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution. </strong><strong>If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p> Fri, 06 Oct 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/simple-assessment-marking-the-end-of-the-tax-return-for-millions Co-working – is it the answer for Freelancers? https://gorillaaccounting.com/blog/co-working-is-it-the-answer-for-freelancers- <p><strong>The space between 2008-2016 accounts for a 43% rise in the number of freelancers in the UK, which means that there are more opportunities for owners of co-working spaces. Not every freelancer out of the overall 2 million will want to work from home, so this is where co-working offices can fit the gap.</strong></p><h1>So, what is a co-working space?</h1><p>A co-working space is an office which has been designed for self-employed professionals who have no fixed place of work, or for workers who have different employers for each project. Sharing is a core element of co-working as you will be working in a shared space, alongside others who typically follow the same working style.</p><p>As a Contractor or Freelancer who works from home, and manages the business from the home office – as expectations grow, as income increases, and as the need for a larger office space becomes pressing – co-working could be the answer.</p><p>If you’re <a href="http://www.rombourne.co.uk/blog/much-office-space-business-really-need/">looking to expand into a full-scale office</a>, find out how much space you actually need, and how to undergo this process.</p><h1>What are the Perks?</h1><p>As a professional working from home, you can soon feel withdrawn from the traditional buzz of the office, and the atmospheric humming of the printer and coffee mugs clinking. As typically associated with a traditional office job, you would be part of a larger team who you would socialise and share experiences with.</p><p>A co-working space is similar to this but shouts independence as there is no overarching company you would need to belong to. If you feel absent from daily interactions, a co-working space is an ideal alternative.</p><p>You would usually rent a desk or office space, and prices tend to include Wi-Fi access and kitchen facilities, including tea &amp; coffee. And it’s cheaper than renting a full office and gets you out of your pyjamas and into your work gear.</p><h1>Give me the bad news…</h1><p>If you feel easily distracted, it may be worth backtracking as a creative co-working space has a community at its heart. It does lack privacy, compared to the traditional office and the home office.</p><p>There are increasing options for co-working spaces, and there's even a <a href="https://www.coworker.com/">directory</a> which can help nail the ideal spot.</p><p><strong>Gorilla Accounting is a technology-driven accountancy firm, exclusively for Contractors and Freelancers operating through a Limited Company or Umbrella Solution.</strong></p><p><strong>If you would like more information, get in touch with our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p> Wed, 04 Oct 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/co-working-is-it-the-answer-for-freelancers- Meet Our New Recruits – From Judo Artist to Prosecco Queen | Part 2 https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-2- <p><strong>Our hunt is finally over, but not for long. We were on the lookout for two Accountants, ready to help drive the Gorilla Accounting brand forward, a New Business Manager that knows the industry like the palm of her hand, and a Marketing Exec that’s digitally clued-up.</strong></p><p><a href="https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-1-">Catch up on Meet Our New Recruits: from Judo Artist to Prosecco Queen | Part 1.  </a></p><p>We’re proud to welcome our four new recruits to the Gorilla Accounting team– <a href="https://www.linkedin.com/in/rachel-bates-034bb999/">Rachel Bates</a> (New Business Manager), <a href="https://www.linkedin.com/in/daniellebynoe/">Danielle Bynoe</a> (Marketing Executive), <a href="https://www.linkedin.com/in/nabeel-ahmad-1550b858/">Nabeel Ahmad</a> (Accountant) and <a href="https://www.linkedin.com/in/jordan-reeve-885263110/">Jordan Reeve</a> (Accountant). Here are the bio’s:</p><h1>Danielle Bynoe</h1><p><strong>What sort of personality would you say you have?</strong></p><p>Highly competitive with perfectionist traits, thinks at a million miles per hour and is often mistaken for being run by a motor, often found on horseback or on the Judo mat.</p><p><strong>What relevant past experience do you have?</strong></p><p>I’ve previously worked for companies involved in: Compensation, Construction, Private Fostering, Manufacturing, Agriculture, Horticulture and Managed Print Service Providers to name a few.</p><p><strong>What actor/actress would you be?</strong> </p><p>I would probably be Ruffio from Hook. I adore the film and always thinks it looks like so much fun. I’ll just skip the bit where he dies at the end.</p><h1>Jordan Reeve</h1><p><strong>What sort of personality would you say you have?</strong></p><p>Talkative, determined and loves a brew.</p><p><strong>What relevant past experience do you have?</strong></p><p>I’ve worked in this sector for around 3 and a half years.</p><p><strong>Why Gorilla Accounting? </strong></p><p>I wanted the opportunity to directly speak with clients on a daily basis.</p><p><strong>What actor/actress would you be?</strong>  </p><p>I would be Kevin McCallister as I’d love to build traps and run around New York.</p><p> </p><p><strong>Why Gorilla Accounting?</strong></p><p>Gorilla Accounting is an accountancy firm for Contractors and Freelancers, and until this day, it lies with its founders. We aren’t backed by a private equity firm and we don’t answer to a hierarchy of management staff, never to be seen. We share the same vision and ambitions of the Contractors and Freelancers that we work with.</p><p>We’re a closely-knit team, and we strive to make the working lives of our employees as knowledgeable and enjoyable as can be - <a href="https://gorillaaccounting.com/about-us/our-team/">Meet our team</a>.</p><p><a href="https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-1-">Catch up on Meet Our New Recruits: from Judo Artist to Prosecco Queen | Part 1.</a></p><p><strong><a href="https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-1-">If you would like more information about Gorilla Accounting, get in touch by calling 0330 024 0406 or email info@gorillaaccounting.com.</a></strong></p><p> </p> Mon, 25 Sep 2017 10:00:00 +0100 https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-2- Meet Our New Recruits – From Judo Artist to Prosecco Queen | Part 1 https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-1- <p><strong>Our hunt is finally over, but not for long. We were on the lookout for two Accountants, ready to help drive the Gorilla Accounting brand forward, a New Business Manager that knows the industry like the palm of her hand, and a Marketing Exec that’s digitally clued-up.</strong></p><p>We’re proud to welcome our four new recruits to the Gorilla Accounting team– <a href="https://www.linkedin.com/in/rachel-bates-034bb999/">Rachel Bates</a> (New Business Manager), <a href="https://www.linkedin.com/in/daniellebynoe/">Danielle Bynoe</a> (Marketing Executive), <a href="https://www.linkedin.com/in/nabeel-ahmad-1550b858/">Nabeel Ahmad</a> (Accountant) and <a href="https://www.linkedin.com/in/jordan-reeve-885263110/">Jordan Reeve</a> (Accountant). Here are the bio’s:</p><h1>Rachel Bates</h1><p><strong>What sort of personality would you say you have?</strong></p><p>Hmmm, I’m professional, sophisticated with a bubbly side, hard-working and determined.</p><p><strong>What relevant past experience do you have?</strong></p><p>I’ve always worked in Sales. I started out in Advertising and Marketing at Yellow Pages, and then during the last 4 years, I worked in the Umbrella Payroll Industry from Account Manager to Business Development Manager.</p><p><strong>What actor/actress would you be?</strong></p><p>I’m torn between Julia Roberts in Pretty Woman and Sandra Bullock in The Blind Side!</p><h1>Nabeel Ahmad </h1><p><strong>What sort of personality would you say you have?</strong></p><p>I’m a dedicated and honest accountant that always strives to help others to the best of my abilities and knowledge.</p><p><strong>What relevant past experience do you have?</strong></p><p>I have a lot of experience working with different accountancy firms for Contractors and Freelancers.</p><p> </p><p><strong>Why Gorilla Accounting?</strong></p><p>Gorilla Accounting is an accountancy firm for Contractors and Freelancers, and until this day, it lies with its founders. We aren’t backed by a private equity firm and we don’t answer to a hierarchy of management staff, never to be seen. We share the same vision and ambitions of the Contractors and Freelancers that we work with.</p><p>We’re a closely-knit team, and we strive to make the working lives of our employees as knowledgeable and enjoyable as can be - <a href="https://gorillaaccounting.com/about-us/our-team/">Meet our team</a>.</p><p><a href="https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-2-">Read up on Meet Our New Recruits - From Judo Artist to Prosecco Queen | Part 2 </a></p><p><strong>If you would like more information about Gorilla Accounting, get in touch by calling 0330 024 0406 or email info@gorillaaccounting.com.</strong></p> Mon, 25 Sep 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/meet-our-new-recruits-from-judo-artist-to-prosecco-queen-part-1- Shortlisted: MEN Young Business of the Year Award 2017 https://gorillaaccounting.com/blog/shortlisted-men-young-business-of-the-year-award-2017 <p><strong>Here’s our big announcement - Gorilla Accounting has been shortlisted for the Manchester Evening News ‘Young Business of the Year’ Award 2017.</strong></p><p>The winner will be crowned at a black-tie awards ceremony on Thursday, November 9 at the Principal Hotel, Manchester.</p><p>The Young Business of the Year award which is sponsored by the Bolton School, celebrates the achievements of a company that has constantly developed and grown since its inception. </p><h2>Inception of Gorilla Accounting</h2><p>The <a href="https://gorillaaccounting.com/about-us/our-team/">directors</a> at Gorilla Accounting came together with a plan to breakthrough into the populated sector of Contractor Accounting, and until this day, we are rapidly growing.</p><p>Gorilla Accounting has experienced unprecedented growth since launching and following our success, we have now introduced <a href="https://gorillaaccounting.com/gorilla-payroll/">‘Gorilla Payroll’</a> which offers an umbrella solution for self-employed professionals.</p><h2>“Celebrating the brightest and most unique businesses”</h2><p>MEN Business Editor, Shelina Begum, said, “2017 is an exciting year for us as we mark 25 years of the M.E.N Business of the Year Awards. These awards have been celebrating the brightest and most unique businesses from across the region for over two decades.</p><p>“The quality of entries has again been of an extremely high standard with the number of entries increasing, which is a credit to the thriving business scene in Greater Manchester.</p><p>“We look forward to joining all our shortlisted businesses to celebrate their success and that of the wider business community.”</p><p>Daniel Fallows, director at Gorilla Accounting, said, ‘We are grateful to have been shortlisted for this prestigious award which recognises top performing businesses in the region."</p><p>This year also marks the 25<sup>th</sup> year anniversary of the awards ceremony which celebrates the success of companies across the region.</p><p>The full list of shortlisted businesses can be found <a href="http://www.manchestereveningnews.co.uk/business/business-news/business-year-2017-shortlist-announced-13648800">here</a>.</p><p> </p><p><strong>Gorilla Accounting is a specialist accountancy firm for Contractors and Freelancers operating through a <a href="https://gorillaaccounting.com/our-services/contractor-accountancy-services/">Limited Company</a> or <a href="https://gorillaaccounting.com/our-services/gorilla-payroll/">Umbrella</a>. For more information, get in touch with a member of our New Business team by calling 0330 024 0406 or email <a href="mailto:info@gorillaaccounting.com">info@gorillaaccounting.com.</a> </strong></p> Fri, 22 Sep 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/shortlisted-men-young-business-of-the-year-award-2017 Top Tax Tips for Ltd Company Contractors https://gorillaaccounting.com/blog/top-tax-tips-for-ltd-company-contractors- <p><strong>As the owner of a limited company, it’s important to be tax-wise and to be aware of existing allowances and incentives that are in place to help you operate as tax efficiently as possible during the 2017/18 tax year.</strong></p><p>We’ve just released our <a href="https://gorillaaccounting.com/assets/Top-Tax-Tips-Gorilla-Accounting.pdf">Top Tax Tips Guide for Limited Company Contractors</a> – and we wanted to give you a quick rundown of our shortlisted tax tips that made it to the guide.  <br><br>From taking advantage of the flat rate VAT scheme, budgeting for the annual Christmas party or making regular pension payments to planning dividend payments - we've got you covered.</p><h2>1)    Set up Direct Debit to pay VAT</h2><p>When VAT is collected via direct debit, you are given an additional 3 days to pay. Given the payment is taken automatically, it will not be late and will be one less thing to remember each quarter.</p><h2>2)    Don’t forget about child benefit</h2><p>If one parent earns £50,000 or over, your child benefit entitlement will be reduced by 1% for every £100 earnt in excess of this up to £60,000 when the entire entitlement is removed. This is paid over to HMRC with your self-assessment. If both parents earn £49,000, the child benefit will remain unchanged.</p><h2>3)    Claiming for using your home as an office</h2><p>If you use a part of your home for business purposes, you can claim an allowance of £18 per month (or £4 per week) without needing to provide any receipts. </p><h2>4)    Claiming for annual staff event</h2><p>It’s that time of the year, is it? You can put on an annual staff event for employees of your company, and providing the total cost does not exceed £150 per head, it will not be taxable.</p><h2>5)    Transfer phone to company name</h2><p>The provision of a single phone per employee is treated as a tax-free benefit in kind. The most efficient way to claim is to put the contract in the company name and pay for it from the company bank account – any other method will require apportionment of business calls and will often lead to a smaller claim.</p><p>You can view the full <a href="https://gorillaaccounting.com/assets/Top-Tax-Tips-Gorilla-Accounting.pdf">Top Tax Tips Guide for Limited Company Contractors here</a>.</p><p>The <a href="https://gorillaaccounting.com/blog/spring-budget-2017-what-contractors-need-to-know">last budget announcement</a> came with a small wave of changes for the self-employed, so it’s all the more important to take advantage of the available incentives.</p><p>As of 2018, there will just be one fiscal event of the year – The Spring Statement.</p><p><br><strong>At Gorilla Accounting, we offer our all-inclusive accountancy for just £85 plus vat per month. If you have any questions, get in touch with a member of our New Business Team by calling 0330 024 0406 or email <a href="mailto:info@gorillaaccounting.com">info@gorillaaccounting.com.</a></strong>  </p> Thu, 21 Sep 2017 09:00:00 +0100 https://gorillaaccounting.com/blog/top-tax-tips-for-ltd-company-contractors-