Blog | Defacto

One of these could cost you thousands of pounds in tax and National insurance. Do you know which one?

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When is a van…not a van? Are you thinking about buying a new commercial vehicle for your business? Well, tread carefully because an incorrect choice could lead to an unexpectedly large tax bill. Of the three vans pictured above, one is technically classified as a car! Read on to discover just how fine the margins…

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Are you an independent consultant? Speak now on the proposed changes to IR35 or FOREVER hold your peace!

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HMRC has released its long-awaited consultation on Off-Payroll working in the private sector (IR35) , a move that could affect over 2 million contractors. While this has already been implemented in the public sector, it now seems that HMRC want to move it into the private sector to account for a claimed tax loss of…

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George: ‘Fool-proof way to get tax relief on your pants’

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George was recently admiring the newly branded work-wear that one of his golfing buddies was sporting. A colourful, emblazoned logo stretched majestically over Eddie the Electrician’s hoodie, polo shorts, and even his waterproof outerwear. Eddie even mentioned that he gets tax relief on the clothing, since it was for work. Before long George was going…

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Top 5 Benefits of Having an External Accountant

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Top 5 Benefits of Having an External Accountant Most businesses fail because of poor financial management. This is because business owners think they can manage it all on their own. Most people don’t service their cars at home. Instead, they bring them to a professional mechanic who can keep things running smoothly and spot potential…

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george the pub accountant

Second income? No Need to pay tax!

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Can HMRC see if you are receiving a second income? Meet George. George is a retired accountant who hangs out at the members bar at his local Golf Course. People know he used to be an accountant, so they always come to him for advice. Unfortunately, George may be a little rusty when it comes…

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making tax digital MTD

Making Tax Digital – all you need to know!

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We’re only just out of dealing with the new GDPR regulation malarkey and already we need to turn our attention to the next thing on our to-do list: Making Tax Digital. Making Tax Digital (MTD) first reared its head in 2015 when it was announced that the current tax administration system was to be fully…

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Who is Defacto FD?

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Here at Defacto FD, we’ve been more than a little busy. We’ve gone through a rebranding process, designed a new website, taken on new clients, and are looking forward to making accessible and digestible content for our social media channels. But, as we move into the future and focus on all the exciting projects we…

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Entrepreneurs’ Relief

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At present, entitlement to the special 10% rate of capital gains tax may be lost when an entrepreneur’s company issues new shares and as a result causes their personal stake to fall below 5%. A proposal announced at Autumn Budget 2017, will allow an individual in this position to elect to be treated as if…

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VAT Registration Threshold: Call For Evidence

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At Autumn Budget 2017, the Chancellor recognised that the UK had by far the highest threshold in the OECD and concerns about the cliff edge nature of the threshold. However, he noted that a high threshold has the benefit of keeping the majority of UK businesses out of VAT altogether. He announced that the government…

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ISA Limits Update

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The maximum annual investment limit for Individual Savings Accounts (ISAs) will remain at £20,000 for 2018/19 (of which, for eligible investors, £4,000 may be saved in a Lifetime ISA). Although the investment limit is not rising in the new tax year, a couple will still be able to add up to £40,000 to their ISA…

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