Recent content by jf-financial

  1. jf-financial

    Sole Trader Tax questions

    Hey, When you're a sole trader, what you take out of your business (your drawings) has no bearing on your tax bill - your tax is calculated based on your taxable profit, not based on how much cash is in your bank or not. In very simple terms your taxable profit will be your income less your...
  2. jf-financial

    VAT for marketing/ad agency

    Be careful with the flat rate scheme as you have to think about the relatively new 'Limited Cost Trader' category which is 16.5% which you may be captured under: https://jf-financial.co.uk/2016/12/07/vat-flat-rate-scheme-changes-2017-limited-cost-traders/
  3. jf-financial

    Hiring someone on a freelance basis to assist with admin?

    Be careful of employment status also, some initial info below: https://www.gov.uk/employment-status/selfemployed-contractor
  4. jf-financial

    Eligible for R&D Tax credits?

    GrantTree (one of many R&D specialists) have a quiz below you can work through which may be helpful: https://granttree.co.uk/
  5. jf-financial

    Sole Trader Mobile contract

    If you use it pretty equally for both personal and business then I'd simply claim 50% for business
  6. jf-financial

    Sole Trader Mobile contract

    You can claim the business use proportion when you're a sole trader. Note, you can't do this when a limited company, the contract needs to be in the companies name and then you can claim all of it without a BIK.
  7. jf-financial

    Confirmation Statement

    Hey, you can file your confirmation statement through Companies House here: https://ewf.companieshouse.gov.uk
  8. jf-financial

    Working with companies in the US

    If you fill in the W-8BEN-E form this should stop them from withholding tax
  9. jf-financial

    Best software for recording expenses and VAT?

    You don't have a business bank account with Natwest do you? If you do you should be able to ask them for a free FreeAgent license
  10. jf-financial

    Getting Payments - Direct Debit

    Another fan of GoCardless here - very simple to use - both from your end and the clients end when it comes to setting up a DD
  11. jf-financial

    VAT Planning Query

    Sounds risky to me - the VAT disaggregation rules block this kind of thing
  12. jf-financial

    Business Bank Accounts- Help please!

    As per previous poster it is worth considering Natwest as they'll give you a free FreeAgent license - also quite a few of our recent clients seem to be going with Tide
  13. jf-financial

    Freelance VAT

    As very general advice only, if you are new to being a freelance sole trader and you're trading below the VAT threshold then I would keep things simple for now and not VAT register for the time being. Yes you may have some costs on which you could claim back VAT if you were VAT registered but...
  14. jf-financial

    Limited company or sole trader while remaining employed elsewhere?

    As Scalloway says, if you're both higher rate tax payers a limited company could work well as you'll pay corporation tax at 19% of taxable profits (17/18 rate) and you can take up to £5,000 of dividends each out of your company tax free under the dividend allowance, subject to there being...
  15. jf-financial

    Sole Trade -v- Limited Company

    Hi daisy13, We have an updated article on the topic of sole trader vs limited company for 16/17 here thanks John
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