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SAIL Business Solutions Ltd
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Offering fixed fee accounting to contractors, start ups & SMEs
Offering fixed fee accounting to contractors, start ups & SMEs

11 followers
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Labour announce plans to cut business rates

As the General Election campaign kicked off in earnest, SME’s and small business owners may be pleased to hear Labour speaking up for small business.
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Working as a contractor accountant, a question that we are often asked by clients is what is retained income? In accounting, retained earnings refers to the portion of net income of a company that is retained by the company rather than being distributed to shareholders.
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Contractors from across the country will hopefully be raising a mug of tea and celebrating National Freelancers Day today.

There are now almost five million self-employed people working in the UK which means 15% of our workforce is now choosing to earn their living in this way. 

http://www.sailsolutions.co.uk/national_freelancers_day_2014/
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35 per cent of self-employed people earn less than £10,000 each year. Is that tax planning or low pay?

http://www.sailsolutions.co.uk/rise-in-self-employment-hits-hmrcs-tax-revenues/
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Members of the ICAEW have alerted the organisation to a new variant on the numerous email scams aimed at taxpayers. Coming as we are reminding clients to consider their SA, and after recently  reporting a number of other scams, it seems pertinent to bring this new scam to your attention.

http://www.sailsolutions.co.uk/fake_hmrc_email_scam/
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The Flat Rate VAT scheme was designed to make life easier for small businesses with few expenses. As a result, it can be hugely beneficial to contractors and interim managers. For the SAIL Business Solutions guide to Flat Rate VAT, click here http://www.sailsolutions.co.uk/what_is_the_frv/
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Interim managers hired to drive rapid growth

Contractors and interim managers will welcome the news that the proportion being hired with a specific remit to drive growth has tripled in the past year. 
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Personal tax statements due to be issued in October

In October 24m people, including limited company contractors , will receive a personal #tax statement stating how their taxes were spent during the previous year. The number is around four million higher than had previously been announced in the 2012 Budget.

For more information, click the link: http://www.sailsolutions.co.uk/personal_tax_statement/
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Contractors and Freelancers expenses reviewed:

The most frequently asked questions by contract and freelance workers are regarding the rules around travel and subsistence expenses. The key concern of #contractors is to ensure you are correctly accounting for these #expenses.

For more information: http://www.sailsolutions.co.uk/contractors_expenses/
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What expenses can I claim for working from home?

Working from home has many advantages, and of course some disadvantages. Advantages include not having to do battle on the 7.02 to London Waterloo, and the fact you can claim some expenses to cover the costs in working from home.

For more details on home office #expenses, click here http://www.sailsolutions.co.uk/home_office_expenses_for_contractors/  
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