tax jargon busterJargon Busters

Technical jargon is confusing – there’s no two ways about it. Here at the cps group we don’t want to baffle you with technical terms – we believe that understanding the terminology is half the battle, so we’ve created our own jargon dictionary to explain, in plain English, all the technical terms you may come across in your career as a contractor.

If there’s anything else that you need more information on then just let us know.

24 Month Rule

As a Contractor you are permitted to claim expenses, providing your workplace meets HMRC’s definition of a temporary site; whereby your attendance lasts no longer than 24 months. As soon Continue Reading »

AWR – Agency Worker’s Regulations

These new regulations have been introduced following a European Union Directive, and they intend to ensure that low paid agency workers are given the same basic rights as their permanent Continue Reading »

Business Insurances

Whether you’re employed, a director of your own limited company, or a sole trader, you’ll need to be covered by the appropriate insurances to protect you whilst providing your services.  Continue Reading »

Capital Gains Tax

Capital Gains Tax is a tax on the profit or gain you make when you sell, or ‘dispose of’, an asset. You usually dispose of an asset when you cease Continue Reading »

Childcare Vouchers

A salary sacrifice is when an employee gives-up part of their gross income for an alternative non-cash benefit. A salary sacrifice is often offered to employees as part of a Continue Reading »

CIS – Construction Industry Scheme

The Construction Industry Scheme (CIS) applies to people involved in mainstream construction work. If this applies to you, your cis will carry out all of the admin required for your Continue Reading »

Composite Company

Since 2007, composite companies have ceased to be a legal option for contractors. However, prior to this, composite companies were the typical way that a contractor would run his business. Continue Reading »

Contractor Accountant

An accountant will often have many different types of customers, and will offer different services to each of those customers. A contractor accountant will be an expert in the field of Continue Reading »

Contractor Calculator

Here at the cps group our contractor calculators provide you with an idea of net returns you will be likely to receive based on your own personal circumstances. As well as Continue Reading »

Contractor Limited Company

Limited Liability Companies are owned by  shareholders and is often a safer way to run a business without the risk of losing your personal assets should things go wrong. Many Continue Reading »

Contractor Tax

You’ve probably noticed by now that with the cps group you get straightforward explanations and  access to a service that best suits your needs. All of our services are designed Continue Reading »

Contractor Umbrella Company

A contractor umbrella company acts as an employer to contractors who work under temporary contracts in the UK. Usually, these contractors work through recruitment agencies, who only issue contracts to Continue Reading »

Corporation Tax

Corporation Tax is a tax on the taxable profits of limited companies and some organisations including clubs, societies, associations, co-operatives, charities and other unincorporated bodies. Taxable profits for Corporation Tax Continue Reading »

Dispensation

A dispensation is an agreement reached between an employer and HMRC which reduces the volume of administration and paperwork that an employer has to complete relating to expenses. Ordinarily, employers Continue Reading »

Employee Benefit Trust

Have you heard about services where your income is loaned to you by an Employee Benefit Trust or EBT? Have you been guaranteed a percentage return in the 80% bracket? Then Continue Reading »

Employer’s Liability Insurance

The Employer’s Liability (Compulsory Insurance) Act 1969 says that all employers who have employees working in the UK have to have at least £5,000,000 employer’s liability cover. This is to Continue Reading »

Flat Rate VAT

The flat rate VAT scheme has been running since 2002 and the main aim is to reduce the cost of having to comply with your VAT obligations. Instead of paying Continue Reading »

Holiday Pay

Most workers have the right to take a minimum amount of paid holiday. This is called statutory holiday. This includes people who work full-time, part-time, agency workers and casual workers. Only Continue Reading »

Income Tax – PAYE

PAYE, Pay as You Earn, is the system under which an employer is required by law to deduct income tax from an employee’s taxable wages or salary.  The amount is Continue Reading »

IR35

IR35, or the Intermediaries Legislation, is tax legislation introduced by the government in 1999 aimed to capture any contractors who are receiving income in a way that is not employment Continue Reading »

IR35 Tax Calculator

Here at the cps group, we use an IR35 Tax Calculator to calculate quickly and accurately how much of your contract value you will take home after tax, N.I and Continue Reading »

Limited Company Calculator

Here at the cps group, we use a Limited Company Calculator to calculate quickly and accurately, how much of your contract value you will take home after tax, N.I and Continue Reading »

Limited Company Contracting

A Limited Company (known as a Limited Liability Company) is owned by its shareholders and is a safest way to run a business without the risk of losing your personal Continue Reading »

LLP

A Limited Liability Partnership (LLP) shares many of the features of a normal partnership – but it also offers reduced personal responsibility for business debts. Unlike members of ordinary partnerships, Continue Reading »

Managed Service Company Legislation

Announced in December 2006,  the Treasury’s document Tackling Managed Service Companies introduced suggestions to HMRC to help tackle the common place use before this time of contractors receiving payment via dividends Continue Reading »

National Insurance

You pay National Insurance contributions to build up your entitlement to certain state benefits, including the State Pension. The contributions you pay depends on how much you earn and whether Continue Reading »

National Minimum Wage

Who is Eligible and How Much is it? National Minimum Wage (NMW) is in place for the majority of workers over school age in the UK and your employer legally Continue Reading »

Offshore Tax Schemes

Offshore tax schemes are best described as tax avoidance schemes as that is primarily what they are intended to do! Be warned though that any work carried out in the Continue Reading »

Partnership

Partnership involves a contract between the partners to engage in a business in order to make a profit. Assets and responsibilities are shared by the partnership. Unlike a company, a Continue Reading »

PAYE

PAYE or Pay As You Earn, is the system under which an employer is required by law to deduct income tax from an employee’s taxable wages or salary. The amount Continue Reading »


Next Page »

Follow on Twitter Connect on LinekdIn Like on Facebook Cirlce on Google+ Follow on YouTube