Accounting

Factors that determine IR35 status

How do I know if IR35 rules apply to my contract? Determining whether IR35 applies is complex and must be considered at the individual contract level. You should seek specialist advice (Crunch can provide this service), however there are three key principles that will determine your IR35 status: C...

Information for Crunch customers applying for a VISA Reference, or sta...

Because the United Kingdom Border Agency (UKBA) are very strict in their reporting requirements you must be very careful about how you record events in Crunch that relate to paying yourself and taking money from your company. Our recommendations on this page deviate from standard accounting practic...

Do I have to make payments on account?

If you owe more than £1,000 from the previous tax year, and less than 80% of it has already been collected, you may have to make payments on account. What does this mean? HMRC will require you to make two payments, due on 31 January and 31 July respectively, with each instalment being half the tot...

Can I put a different type of business through my company?

You are able to put multiple 'businesses' through your limited company as a limited company is not restricted to a single trading activity. You can also have different trading names for the separate businesses but if you were to do this you would normally need to open separate bank accounts for a n...

What is Research and Development (R&D) Relief?

Research and Development (R&D) Tax relief and Tax Credits can help limited companies reduce their Corporation Tax liabilities. In order to qualify for R&D relief, you need to be trying to innovate how you conduct your business. There are a few ways you could do this, for example: ...

CIS and how to handle your invoices and payments

This guide will explain how to record invoices when you’re paid by a CIS registered contractor (member of the Construction Industry Scheme/CIS). Implication of being a CIS registered subcontractor When you’re registered under CIS you’ll typically receive 80%* of the total amount invoiced to yo...

Handling CIS with Subcontractors in Crunch

Next, you will need to create the Supplier. The name of your subcontractor should be used as the name of the supplier. When setting this up you can set the default expense type to be Subcontractor Costs. Warning - You will need to check with your subcontractors whether they are VAT Registered, a...

Why do I have to have a limited company?

What is a limited company? A limited company is a private company whose owners are legally responsible for its debts but only to the extent of the amount of capital they invested. A company can either be limited by shares or guarantee, which means members agree to pay a fixed amount in the event of...

How much National Insurance do I need to pay and when?

When you are self employed - i.e. if you work for yourself and not through a limited company - you will need to pay National Insurance if your profits are above £5,965. You’ll pay more when your profits rise above £8,060. 2015/16 rates: Annual profits Class 2 Class 4 Up to £5,965 ...

How do I deregister as self-employed?

You will need to call HMRC on 0300 200 3310 and inform them you are no longer self-employed or alternatively, you can do this online by following the link below - you will need your National Insurance Number and Unique Tax Reference (UTR) to hand. https://online.hmrc.gov.uk/shortforms/form/CeaseTra...

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