de Jong and Phillips LLP

The Weekly edit

The Weekly edit

By Pamela Phillips

Our weekly round-up of essential reading for those running and working in Owner Managed Business, Creative agencies and Estate Agencies.

HMRC’s proposal for IR35 reform

HMRC recently announced its long-awaited consultation on extending off-payroll working reform to the private sector. Here’s what contractors, and employers of contractors, need to know. This blog from Simply business gives a good overview of IR35.

7 things contractors need to know about HMRC’s controversial new proposal for IR35

This Q&A session with our own Pamela Phillips in Accountingweb discusses why employers should be aware of IR35 and what can be done now to start planning for the proposed changes IR35 private sector reforms: Q&A with Pam Phillips

Employment Status

Continuing with the IR35 theme, this article in Accountingweb has an employment status matrix put together by the Association of Independent Professionals and the Self-Employed (APSE) which is a good starting point for determining employment status: A matrix to solve employment status confusion

Making Tax Digital

By now you should have heard about Making Tax Digital and may be wondering how it will affect you and your business.

This article by Xero gives a nice and simple overview of MTD including what it is, when it will come into effect and what you must do: Xero: Making Tax Digital

The good news is that Xero will be MTD compliant ready for the VAT deadline of April 2019. If you are not using Xero and are worried about how you are going to file your VAT return next April get in touch and we can help.

Late payments from customers

This article, again in Accountingweb, explains that 'The only tangible cash supporting Carillion's profits emanated from a systemic culture of late payments to its suppliers'.

Carillion’s finance directors created ‘corporate time bomb’

If your clients are consistently slow in paying, particularly if they are in the property sector, this should alert you to the possible risk that they are having cashflow problems.

If you are worried about a particular client’s ability to pay, or have large unpaid balances on your aged receivables ledger, we can help advise on, and implement, robust credit control processes in your business.

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