Autumn Statement 2016

[lucyclarityumbrella]

I'm an equal opportunities eliminator in that respect

[youngguy]

How do brolly fees stack up against costs for accountancy, insurances etc? As a very rough estimate these come out to around £2,500 pa for me.

Around £25-30 per week you invoice, depending on the company I believe .

[ContractorBanking]

Is there any clarity on the "goods" test for FRS?

I thought I read in CUK the goods test would be revealed on 5th Dec - have I missed something?

[TheCyclingProgrammer]

Is there any clarity on the "goods" test for FRS?

I thought I read in CUK the goods test would be revealed on 5th Dec - have I missed something?

There seems to have been a few updates to here:

https://www.gov.uk/government/public...technical-note

Unless I'm mis-remembering, this stuff seems new:

Goods must be used exclusively for the purpose of the business - this means that you must not include the cost of any goods that are used in full or in part for your own private use. For example, printer ink and stationery that are used for both your office and your home would not be included. It would also exclude goods acquired with the intention of giving them away or donating them to a third party.

Would seem to exclude some people's clever ideas of buying stuff to sell onto others just to get around it but of course, its yet another case of the government introducing a stupid new rule, realising how easy it would be to get around it and trying to prevent abuse by adding yet more rules, which are likely to be utterly unenforceable.

Also, it would seem that buying hardware and choosing not to capitalise it in your accounts is going to be a non-starter too, because the definition of capital goods is the one used for VAT purposes, regardless of your accounting treatment:

Examples include equipment such as a computer, mobile phone, office furniture, a tablet or a printer, even if they are not necessarily treated as capital assets for accounting purposes. The legislation that describes capital expenditure goods can be found in VAT Regulations 1995, 55A (1).

Draft legislation was supposed to have been published yesterday but I've not found a link to it yet. Anyone?

[mudskipper]

Draft legislation was supposed to have been published yesterday but I've not found a link to it yet. Anyone?

https://www.gov.uk/government/public...at-rate-scheme

[Gibbon]

Pensions

Does anyone know how you pay into a pension out of this public sector farce. With the new drawdown rules seems the best way to save some extra dosh up.

[DaveB]

Does anyone know how you pay into a pension out of this public sector farce. With the new drawdown rules seems the best way to save some extra dosh up.

Pay it from the personal income from the contract and claim the relief through your SA return for a guess.

[teapot418]

Pay it from the personal income from the contract and claim the relief through your SA return for a guess.

Nope, it says that pension payments can be deducted before calculating PAYE. What's not very clear is exactly where the Employers NI comes from - if the engager is paying it (i.e. your rate is reduced accordingly) you're unlikely to get that back. If the engager is deducting it on your behalf and paying it for you, then you might.