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0345 557 1287
Office Hours: 9am to 5.30pm

PAYE Tax Rates 2019/2020

If you want to find out more about the various PAYE tax rates for 2019/2020, read on. PAYE is an acronym for pay as you earn, and workers who are directly employed through companies or who work under umbrella companies are paid in this manner. Many freelancers and contractors opt to join umbrella companies to avoid the administrative burden that comes with going it alone. When you join an umbrella company, you can get all the finance admin support you need so you can focus on what you do best – doing your job.

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PAYE Umbrella or Limited Company?

If you work as a contractor, chances are you have wondered whether to operate under a PAYE umbrella company or as a limited company at some point. In this guide, we will explore the pros and cons of each option to help you come to an informed decision if you haven’t already. Each of these options has a range of advantages and drawbacks, and what’s right for one business may be completely wrong for another.

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PAYE Umbrella Explained

PAYE is an acronym for Pay As You Earn. When you are paid under the PAYE system, income tax and national insurance contributions are deducted from your wages before the money hits your account. Wages include money earned not only from the job that you do but sick pay, paternity and maternity pay.

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Are you affected by the Loan Charge?

The UK Government has been taking big steps to tackle tax avoidance over recent years and is clamping down on disguised remuneration schemes. Contractors and employers who had been in receipt of remuneration disguised as loans are facing tough penalties, with the 2019 Loan Charge targeting thousands who have used these schemes over the past two decades. Many contractors who worked for non-compliant umbrella companies may be affected by the Loan Charge.

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Could Brexit Be Good News For Contractors?

Whilst some contractors may be fairly positive about Brexit, many others may be feeling incredibly confused and uncertain about what the future holds. At the time of writing, MPs have just taken “unprecedented” control over the Brexit process from the Government, with our attention being drawn to seismic unforeseen changes seemingly every day. However, it seems that even the most pro-Remain contractors may have more reasons to be optimistic than they expect with regards to their own post-Brexit career opportunities.

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Key Dates in the Accounting Calendar

Once you become self-employed, you may spend more time thinking in accounting years rather than calendar years. If you do need help with finding out what the key dates in the accounting calendar are, read on. This guide will provide you with pretty much all the information you need to avoid missing deadlines, prevent tough penalties and keep the taxman happy. Once you know what the most important dates are, you can complete all the relevant paperwork in time, save money and avoid panic.

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Consequences Of Missing VAT Payments

It’s vital that businesses do all they can to make VAT payments on time. The payments themselves need to be made seven days after the month that follows your VAT period. If you do pay late, HMRC will either hand you a penalty or a surcharge liability notice. This depends whether you have missed your payment for the first time or have failed to pay on time on multiple occasions.

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Reduce Your Costs and Never Miss A Deadline Again

If you need are looking to reduce costs without compromising on quality, accuracy or compliance, get in touch with the One Click Group today.

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Worried About Brexit? Don’t Put Off Tax or Accounting Decisions

The uncertainty surrounding Brexit has caused headaches for contractors working in all industries. Many UK contractors are spending sleepless nights worrying not only about Brexit but issues like IR35 reform too.

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Consequences of Missing Tax Deadlines

Missing a tax deadline can be costly and place you in a great deal of hot water. However, it can be all too easy to fall behind with your tax obligations when you don’t have the support of an expert team behind you.

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