In April 2020, IR35 will expand from the public sector into the private sector and freelancers are worried they will not comply with IR35. IR35 is a legislation that was implemented to prohibit an employee from leaving their permanent job only to return as a contractor and provide the same service while at the same time, avoid paying tax and National Insurance at the higher rates.
In 2018, the EU -- along with any country doing business within the EU -- went through a GDPR frenzy. Massive corporations with unorganized, loose, personal data were constantly reminded that if they do not comply with GDPR rules, a massive fine would follow along with hours of labourious work to fix the problem. Many freelancers and small businesses still do not know what GDPR is exactly and do all facets of their business comply with the regulations.
In the U.K. it is expected that VAT revenue will increase to £136.6 billion in 2019-20 revealing itself to be a large contributor to the country's GDP. Read our guide to see if you should register your business for VAT declarations and how to manage your paperwork correctly so that you charge the correct rates and benefit from VAT deductions.
As Albert Einstein states: “The hardest thing in the world to understand is income tax.'' Company owners who are not educated in taxes find themselves having to keep up with two unrelated work areas. The first being paperwork and the second, bureaucracy. Declaring taxes can be a less stressful and less expensive endeavour for companies. In this article, we go through 5 tips that lighten the load during tax season.