Get ready for changes to the IR35 rules
The IR35 rules will be changing next April. Here are some of the important changes that may impact on you as an engager, agent or worker. Now: If you’re a contractor providing a service through a Personal Service Company (PSC) or similar set-up, it is your responsibility to decide if the IR35 legislation applies to the contract you’re working on. Apart from: Public body clients are an exception; if you’re engaged by a public body, IR35 is their responsibility, not…
Top Five Firm at the Accounting Excellence Awards
We were thrilled to be named as a Top Five Firm in this year’s Accounting Excellence Awards, held at the Brewery in London. The prestigious award ceremony was hosted by one of our favourite comedians, the fantastic Katherine Ryan, along with entertaining radio and television announcer – the ‘Voice of God’, Alan Dedicoat. The Accounting Excellence awards are highly focused on software use within the accounts industry, with categories including cloud applications, data and expense management software, and professional tax…
Nordens receives the “Global Advisory Experts” Award for Business Turnaround Services
We are delighted to announce that we’ve won another prestigious award! It’s a huge honour for us to have been awarded the Global Advisory Experts: Business Turnaround Services Advisory Firm of the Year in England. This fantastic award recognises our high level of success at helping businesses to overcome their challenges and move forward in a smooth and profitable way. What is Business Turnaround? Quite simply, business turnaround is the process of taking a business that’s underperforming and turning it…
How to smooth a turbulent cashflow
An independent finance firm recently surveyed 1000 small businesses to find out what cash flow obstacles they’ve faced and how easy it’s been for them to overcome those issues. Hopefully you’ll agree that accountants tend to be the most trusted business advisors for SMEs; certainly 72% of business owners told ICAEW that they get added value from maintaining good relationships with their accountants. So what did the research show? Cash flow Managing cash flow is one of the biggest concerns…
Seven steps to plan positively for the next recession
Everyone seems to agree that we are on the verge of a worldwide recession. Whether or not this is the case, the economy is facing difficult times and this will affect many businesses. However, as a business owner, there’s no need to despair; a recession can be an incredible opportunity for your business. This is the time to really think about how world economics will affect you: what are you going to do, twist or bust? Whilst it’s true that…
Can you claim the employment allowance?
What is the employment allowance? The employment allowance is a recruitment incentive aimed at smaller employers. It’s worth up to £3,000 per year to set against your employer’s Class 1 NIC bill, making it a valuable allowance that many employers don’t realise they can claim. This allowance is set to change slightly from April 2020, so this is a good time to review whether you are eligible to claim. Who can claim? As long as you employ staff, you’re eligible to…
Do you qualify for a Research and Development tax claim?
Don’t immediately say no because you’re not a rocket scientist. Business owners often miss this valuable Research and Development (R&D) tax break when they are actually entitled to it for their business activities, simply because they’re not aware of it or they think they won’t qualify for this specific tax relief. In fact, you may be able to get an enhanced deduction of 130% of your R&D qualifying expenditure. Even loss-making companies can, in certain circumstances, surrender their losses in…
How Status Determination Statements will impact contractors and “end clients”
Working with many contractors across a wide range of industries, it’s important that we make sure everyone is aware of changes – and the rules for IR35 are changing. Are you a contractor thinking about how these changes will affect you? Or are you the “end client” – the business that’s contracted out the work – and therefore the one who may soon be liable for paying the IR35 tax? The new rules coming into place from 2020/21 mean that…
Sole traders often struggle to achieve success – we can help!
Taking the leap into self-employment is a popular step for many entrepreneurial people, but the realities of running your own business can be hard. The Institute for Fiscal Studies, an economic research organisation specialising in UK taxation, ran a study that has discovered: “most people who try self-employment fail quickly and very few go on to employ others or create significant ventures.” Despite the gloomy statistics, between 2000 and 2015, the number of self-employed sole traders rose by 1.4 million…
