Spring Statement 2018

Today saw the Chancellor Philip Hammond deliver his first ever Spring Statement and we’re pleased to say that the future is looking positive for contractors. The Chancellor was upbeat about the recovery of the UK economy and spoke of continued investment in public services and large infrastructure projects. The announcement of a consultation on extending tax relief on training funded by the self-employed plus a review of late payments made to small businesses both also bode well for the future.

We had our ears open for news of the IR35 private sector consultation that was announced in the Autumn Statement last year, and although it wasn’t mentioned in the announcement itself, further information published following the Chancellor’s speech has confirmed that a consultation will be published in the coming months.

Philip Hammond’s written statement announced: “In the coming months the Government will publish: Off-payroll working – a consultation on how to tackle non-compliance in the private sector, drawing on the experience of the public sector reform. The Government will work with businesses and individuals to mitigate the potential administrative burdens of any future changes.”

We would now urge the Government to take time to consider the right approach based on input from across the industry and will of course keeping close to any future announcements.

The IR35 saga has been rumbling on for so long that you may have lost track of the backstory. So, if you want a quick potted history of IR35, what’s happened, why it matters and what might happen next, then read on…

What is IR35?
IR35 is the tax legislation which determines whether an individual is truly self employed, or working as a ‘disguised employee’ in permanent employment in order to take advantage of certain tax relief schemes which permanent employees cannot. If you are ‘inside’ IR35 you are considered a permanent employee and will therefore be taxed as such. If you are considered to be ‘outside’ IR35, you are considered self employed. IR35 applies to all business sectors and specialisms and your status can vary from contract to contract, depending on the nature of the work and details of the contract.

Until April 2017, the contractor was responsible for determining whether their contract was inside or outside of IR35, according to the rules set out by HMRC.

IR35 in the Public Sector
From April 6th 2017, legislative reforms meant that the burden and responsibility of determining IR35 status for Public Sector Contracting was now with the client, not the contractor. This legislative move was perceived by some commentators as HMRC ‘testing the water’ in advance of potentially rolling out the reforms to the Private Sector.

However, the implications of the Public Sector reforms have been more wide-reaching than anticipated, with Public Sector entities like the NHS blanket-applying IR35 across all contracts for fear of getting it wrong and incurring fines. Not wanting the associated administrative burden of payroll management, they also insisted on their contractors using umbrella companies. This double whammy of having the Employer’s National Insurance costs passed down to the worker (and not borne by the Engager) plus the cashflow disadvantage of being taxed at source and still having to pay the umbrella fee left contractors substantially out of pocket. Many decided to work elsewhere, return to permanent employment, or work only in the Private Sector in future if their skills were transferrable.

IR35 in the Private Sector?
Following speculation that the IR35 reforms might be rolled out into the Private Sector imminently, contractors were relieved by the announcement in the November 2017 budget that a full review and consultation would be carried out before any decisions being made. We’ll be watching closely for the results of this consultation which may be published in the coming weeks or months.

If you have any questions relating to IR35 or want to find out more about our Contractor Accounting service, call us now on 01202 375 562.

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

Public bodies urged to use IT freelancers

When is the best time to set up an IT contracting business? This is an almost impossible question to answer, as it largely depends on your individual circumstances. But if you’ve assessed your current situation and decided that you’re ready to become a contractor, then as far as the industry is concerned, 2018 could prove to be a stellar year.

 

Research from TechMarketView, discussed in a Contractor UK article, has urged the public sector to make more use of freelance consultants this year, in a bid to address the persisting digital skills gap. The market analysis firm said that public organisations will have to think of ‘more creative ways’ to gain the skills they need, ‘including the use of public freelance marketplaces.’

 

TechMarketView acknowledged that taxpayer-funded bodies may find it difficult to conduct business efficiently ‘without looking beyond their own four walls.’ This news comes after an IR35 update last year and its ‘off-payroll rules,’ which many believe has dissuaded freelancers from providing their services to the sector.

 

‘Fled in droves’

Mike Gibson, Managing Director at Ethical Consulting, who has been petitioning against IR35, argued the above point to the government’s business department, after it published a strategy on IT provision to its staff, ‘and the people and businesses we serve.’ This strategy is, in Gibson’s words, “[beautifully] written and composed, professionally created and ultimately pointless.

Delivery will be dependent on a veritable army of flexible and temporary resource – who have fled the UK [public sector] in their droves as a result of IR35 changes in April 2017.”

 

Options available

Gibson said that for the government department to achieve its aim – which is, to ‘make the best use of digital, data and technology (DDat) in our everyday work’ – then either one of two things need to happen:

The first option is for the body to pay 22% more to PSC contractors who possess the necessary skills, to counteract the hike in tax the IR35 reforms result in. Alternatively, it must accept that DDat-related work will be carried out by ‘inside IR35’ consultants willing to take a 22% cut to their wages. But, referring to the latter, Gibson said, “I don’t see the top-drawer [DDaT] people doing that when they don’t need to.”

It will be interesting to see how the next few months pan out and if any proactive steps are taken by the sector to address the continuing IT skills shortage. In the meantime, if you’re thinking of contracting and want to know how IR35 legislation affects you, contact the experts at Intouch Accounting now…

 

Sources:

TechMarketView – Public Sector Predictions 2018 – New Research

ContractorUK – Get IT Freelancers in for 2018, public bodies told

GOV.UK – BEIS digital data and technology (DDat) strategy

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

 

 

 

 

 

 

 

 

 

Intouch Accounting wins Best Contractor Accountant (Small/Medium) in the ContractorUK reader Awards 2017

Everyone at Intouch is delighted to hear that our clients have voted us ‘Best Contractor Accountant (Small/Medium)’ in the ContractorUK Reader Awards 2017, retaining our title from last year.

This award is important to us as it is voted for by clients, and excellent client service from personal accountants is our number one goal. So we’d like to say a massive THANK YOU to all those clients who took the time to vote. You can find out more about what makes our service so special here.

We’re also delighted to prove to our new backers that they made the right decision! Coming shortly after the acquisition of Intouch by The Brookson Group, Andrew Fahey, MD of Brookson One who is facilitating the Intouch handover says; “This win is testament to the great service provided by the team at Intouch who put the client experience at the heart of everything they do. I’m delighted to welcome Intouch to the Brookson Group and this award just re-affirms our plans for Intouch to remain a stand-alone business with no change to this high service ethos. Thank you to all the Intouch clients who voted this year to help Intouch retain the crown.”

We look forward to another great year of continuing success and providing excellent service to all of our clients.

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

IR35 textbooks and legislation aside: we’re all still guessing about the public sector

What the team at Intouch thinks will happen next

It’s one thing to know the ins and outs of the legislation, and another to anticipate how everything will play out in practice over the coming months. Everyone, including Intouch, has a view on this and it does of course depend upon the attitude to risk of the public sector body. For example, TfL’s approach of “no more PSCs, thank you” compared to the MoD’s “let’s assess everyone fully then decide”. Outcomes will also be influenced by the degree of reliance upon the technical expertise involved and ability to substitute or replace the worker.

 

Unhelpful influences and how they will affect implementation of the legislative changes

Intouch cannot escape the conclusion that issues of morality, political correctness and “following the line of least resistance” will lead to many workers being shoe-horned into deemed employment without getting the associated and deserved employment rights.

 

For them, and any other vulnerable workers, many will and should return to agency payroll or permanent positions, where take home pay is comparable and employment rights follow.

 

However, for the vast majority of independent knowledge workers in the public sector, the unhelpful influences remain as follows:

 

  • Agency fee payers or end hirers may just avoid risk and conclude (based on varying degrees of evidence gathering or not) that the arrangements are within IR35. They will apply tax at source, the end hirer will be happy, and a victim will be found to bear the employment taxes.
  • Agencies will want to avoid PSC risk and “encourage” their workers to return to Umbrellas. Umbrellas will continue to pay rebates, rewards and doughnuts for introductions made by agencies and the losers of margin will be the contractor.
  • Competition between agencies will intensify as they all seek a “Hail Mary” solution that enables them to offer something better to their workers than the offering of a competitor. This will prompt the emergence of new models.We are seeing a new breed of intermediary arise which can be “inserted” into the supply chain between the current fee payer (agency) and the worker’s PSC. This is one form of a new body built to absorb risk and not liked by HMRC. Parties are already referring to these entities as “redundant intermediaries”.
  • Also, we recommend extreme caution if tempted by other so-called “compliant” models. The stigma of failed EBTs and offshore arrangements all fall foul of rigorous anti-abuse and tax avoidance regulations.

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

Brexit: tax implications for contractors

Tax implications for contractors

Seven weeks after the EU Referendum vote and there has been little clarity on what will happen, when and by whom! In fact, until Article 50 is triggered, sparking the start of exit negotiations, we’re likely to remain in a haze of uncertainty at least until the Autumn. Our own political parties need to get their houses back in order before they can start divorce proceedings.

 

But a lot of people, understandably, are not keen on playing the waiting game and want at least some idea of what the future holds, now. Here we take a look at what Brexit is likely to mean for contractors and their taxes in the short-, medium- and longer-term. Before we get started, it’s important to stress that even once Article 50 is triggered it’ll be at least another two years until changes come into effect, following what will undoubtedly be complicated negotiations between UK and EU officials. Until that time, existing arrangements will remain in play.

 

In the short-term

Many in the accounting world expected progress to kick start on the Making Tax Digital consultations following a remain outcome. It now seems likely this will slip far down the priority list, unlikely to reemerge at least until a new Cabinet is in place. Any delay in progressing this already unpopular proposal will be music to many contractors’ ears.

 

With the Finance bill 2016 already behind schedule, further delays seem inevitable meaning a delay in the Finance Act due to be passed in October, while the Government sorts itself out.

 

There are already 40 pieces of tax legislation which have been already delayed during the Referendum so these will now be reactivated with a view to most coming into force later this year and early next.

 

One thing we can be pretty certain on, is that an emergency Budget will be held before the year is out.

 

In the medium-term

If the emergency Budget follows the blueprint which Osborne forecast when he was Chancellor during the Referendum campaign, then we can expect £15bn of tax rises and £15bn of spending cuts. If this does happen, we’re likely to see rises in income tax and National Insurance, with the campaign forecast suggesting a 2 pence rise in the basic rate of income tax; a 3 pence rise in the higher rate and a 5% inheritance tax rate to 45p.

 

As an incentive to companies to stay in the UK, it is expected that the rate of corporation tax will probably not increase.

 

There are two key guiding principles relating to the application of taxes within the UK:

1. Direct taxes are imposed by UK law but in accordance with EU law.

2. VAT is imposed and operated in accordance with EU law.

 

So for the next two years nothing can change relating to VAT without complying with the existing EU arrangements.

 

In the long-term

During the transition period (which is likely to continue to late 2018), VAT – like all the other tax and regulation tied to European law – won’t change. Despite the Leave campaign’s promise to cut VAT rates on domestic fuel, this is unlikely to happen in reality as it generates £115bn a year for the UK government. We may even see VAT rates increasing as it is easy to implement the change and is a more straightforward way to boost the government’s coffers.

 

Once fully out of the EU, sales going in and out of the UK will be treated as imports and exports and so subject to different VAT treatments to now, where they are considered as intra-EU movements. VAT on expenses incurred in other EU countries will probably be more difficult to recover.

 

For UK businesses selling digital services in the EU, VAT MOSS will continue to apply but on a non-EU basis, meaning the operation of VAT-MOSS is likely to become more complicated.

 

Since the decision was made to exit it has come to light that the UK and EU have disagreed on several occasions over the scope and operation of UK taxes including patent box, changes to the taxation of controlled foreign companies, differential rates of insurance premium tax and capital duty.

 

Once out of the EU, the powers in London, Edinburgh and Belfast will dictate tax rates and structures according to the UK’s needs and subject to whatever settlement is made with Europe. It is also anticipated that more tax incentives will be introduced to encourage investment in the UK as we break away from needing to seek EU approval on issues concerning R&D credits, the patent box, and executive investment schemes.

 

At Intouch we will, of course, be keeping a keen eye on developments and advising our clients on how to get the best from their Limited Company. To benefit from unlimited advice whenever you need it, sign up to our all inclusive monthly service and rest assured that we’re here for you, whatever the future holds.

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

Leap year love – do what you love on this extra day

Happy Leap Year!

Today marks a leap year, a whole extra day to do whatever you like! So how will you be spending the day? How about doing something you love?

 

Here are just a few ideas you could try:

  • Be brave, bite the bullet and propose to your boyfriend!
  • Book a holiday
  • Watch a marathon box set or series of movies
  • Have a “staycation” – imagine you’re a tourist in your own town for a day
  • Buy a novel by your favourite author and read it in one day
  • Plan an old fashioned play day with children or grandchildren and relive your childhood
  • Visit a National Trust property to see snowdrops, the first signs of spring
  • Learn a new skill at a one-day workshop – eg cooking, photography, mindfulness
  • Volunteer for a day – so rewarding and you may decide to make it a regular event

 

Contracting means you can design your professional career around your personal life, rather than the other way around. You work when, where and how you like (try doing that if you are a permanent employee!) Why not take a couple of minutes to find out what makes a successful contractor? If you’re considering contracting, it’s better to be fully prepared and know what to expect.

 

A few fun facts about leap years

So, you’ve decided how you’re spending your extra day, but do you know how the leap day came about and how the rest of the world celebrates?

 

  • A leap year occurs every four years to help synchronize the calendar year with the solar year, or the length of time it takes the earth to orbit the sun, which is about 365¼ days.
  • However, because the orbit is slightly less, we have to skip three leap days every 400 years. The last time was in February 1900. The next time will be in February 2100.
  • Only 30 people alive today experienced the skipped Leap Day in 1900.
  • The tradition of a woman being “allowed” to propose marriage on 29th February became commonplace in the 19th Century.
  • Women who propose must either wear breeches or a scarlet petticoat to pop the question. In Scotland, the petticoat should be partly visible to the man during the proposal. If a man refused his partner’s proposal, he would be fined a kiss, a silk dress or twelve pairs of gloves.
  • One in five engaged couples in Greece will plan to avoid getting married in a leap year. They believe it is bad luck.
  • People born on February 29 are called “leaplings” or “leapers”.  The chance of being born on a leap day is one in 1,461. There are five million leaplings around the world.

 

So what will you be up to this leap year? Why not share your plans with us. Simply leave a comment below and we will share the craziest with our Twitter and Facebook followers!

 

And if you haven’t yet leapt at the chance of contracting and the freedom it brings, why not become your own boss and use 2016 to take a quantum leap forward for personal and professional freedom?

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

Everything’s about to change for Umbrella workers – make sure you’re prepared

Calling all Umbrella workers

Are you currently contracting under an Umbrella? Have you considered how the changes coming in April will affect you?

 

Read on to know what’s coming, what you’ll be losing and what you can do to make the right choice for you.

 

Announcements made in the 2015 Budgets, the Autumn Statement and the draft Finance Bill shook the UK’s 200,000 Umbrella workers, as the feared changes were confirmed. Fundamentally, Umbrella workers’ take home pay is under threat from increased taxation. Come April 2016 strict new rules are to be imposed. How will they affect you?

 

Your professional life will change

In April this year:

  • Your tax relief on travel and subsistence expenses will be restricted, where you are subject to supervision, direction or control (SDC)
  • You’ll automatically be deemed as subject to SDC by HMRC and your Umbrella must determine otherwise with the help of the client
  • Greater compliance checks will be enforced
  • Other expenses you claim will be taxed under PAYE
  • By law you will have to submit a Self-Assessment Tax Return to obtain tax relief on other expenses
  • Umbrella charges may increase to pay for the additional compliance

 

So what are your options?

  • Be moved over into a Limited Company by your current Umbrella provider if (or when) they offer this service
  • Run the risk of other untested models designed to avoid the changes
  • Set up your own Limited Company
  • Return to permanent employment
  • Stay with your Umbrella and see if the model still works for you.

 

Many contractors work under an Umbrella because their services complement their professional requirements. But this is all about to change.

 

Umbrellas in their current form will need to implement major changes to the way they operate in preparation for April’s changes. What they will look like is as yet unknown, meaning they’ll be untested and unproven.

 

If contracting is a long term career choice, then it’s worth revisiting your options.

 

Tempted to go Limited?

If your current Umbrella provider is offering you their Limited Company services, it may be tempting (and seem easier) to stick with them. But you could end up paying more for a service that doesn’t meet your requirements. It’s worth checking out what specialist contractor accountants offer to make sure you’re getting the service you need to run your company smoothly and help you stay compliant.

 

We’ve compiled the essential checklist of what every Umbrella-to-Limited contractor should expect from their prospective service provider:

checklist

 

To help with your research why not download our essential checklist? You can do so by clicking on this link:  The essential checklist (192 downloads)

 

Final thoughts

Change is imminent, but it’s how you prepare yourself now that will put you in the best stead for April. Whatever decision you make, always ensure it’s the best one for you, both personally and professionally. Don’t be persuaded by your existing provider that their solution is your only choice.

Before you get caught up in your research, why not make use of our free take home pay calculator to give yourself an idea of how much you could be taking home as a Limited Company contractor.

 

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

Drum roll please……Intouch runner up in 2015 Contractor UK Reader Awards

The Contractor UK Reader Awards

We are pleased to announce that we have won runner up in The Best Accountant (medium/small) category in the 2015 Contractor UK Reader Awards!

 

They are the only industry specific awards created by and voted for by the UK’s contracting community, which makes being placed extra special.

 

Paul Gough, MD of Intouch Accounting had the following to say upon hearing the news:

”We are delighted with the outcome of the 2015 Contractor UK Reader Awards. This award is so special to us, as it reflects the importance and high level of personal service and fantastic technology that our team provides to our clients. We extend our thanks to those who voted for us, this award is shared with you all.”

 

Another reason why Intouch clients are great!

We’d like to say a big THANK YOU to our clients who voted for us! Without you we wouldn’t have come second, so we’d very much like to thank you for the time you took to vote for us.

 

If you are serious about your contracting career and specialise in the IT sector, then the Contractor UK website is an excellent resource for industry news, insights and of course, their famous contractor forum, where you can talk to other contractors about anything and everything contractor related.

 

Recommend Intouch and receive £150 Amazon vouchers every time!

If you recommend a friend or colleague to Intouch Accounting, we’ll send you £150 of Amazon vouchers when they sign up. We’ll repeat this every time you refer us!

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

And the winner is…

And the winner is…

We recently ran a contractor insight survey with one of the UK’s top recruitment search engines for technology professionals.

 

The survey gave us a strong insight into the current contractor industry, from professionals who have either previously worked as contractors and are now back in permanent employment, or are currently contracting through their own Limited Company or using an Umbrella. The results from this survey will aid us in continuing to offer contractors the specialist advice, support and services they need in order to contract successfully.

 

Whilst we received lots of fantastic feedback, one lucky participant was picked at random to win £150 Amazon vouchers! We are pleased to announce that the winner is (drum roll please…..) Kulvinder Jhalli!

 

Kulvinder had this to say about winning, I’m so pleased to have won the vouchers! As a contractor it’s great to be able to give my feedback and feel like my opinions and experiences have been heard.

 

Congratulations to Kulvinder and a big thank you to everyone else who filled out our survey. We will be displaying the results in the upcoming weeks, so keep your eyes peeled.

 

Wishing you all a very pleasant and peaceful festive period and New Year!

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

10 facts contractors need to know from today’s Finance Bill

The Finance Bill 2016 – why it’s good news for genuine PSC contractors…bad news for Umbrella workers, their clients and agencies.

Are you a contractor worried about changes to tax relief on travel and subsistence (T&S)? Concerned that you will lose out financially? The Autumn Statement announced that changes were on the way that could affect contractors/ freelancers. Today we’ve found out more and share what the changes in the law mean for Umbrella and personal service company (PSC) contractors.

 

Intouch is at the forefront of tax for contractors and Managing Director Paul Gough, with over 30 years experience in accounting and tax, has completed an initial analysis find out what the draft Finance Bill means to you.

In summary

PSCs who are truly independent and are not “disguised employees” (outside IR35) can still claim tax relief on T&S after April 2016.

 

This will not be the case for many Umbrella workers.

The relevant detail

Today’s publication of the draft Finance Bill 2016 sets out the detailed legislation and now makes these changes clearer:

  • If you are currently an Umbrella worker under the (or right of) supervision, direction or control (SDC) of the client or any party related to them then you cannot claim tax relief on T&S expenses from April 2016.
  • You are automatically deemed to be subject to SDC by HMRC; the Umbrella must determine otherwise with the help of the client.
  • Clients and agencies will have to provide information to help Umbrellas decide on the existence of SDC.
  • The only exception is where all services are conducted at the client’s home (domestic workers for instance).
  • If your employer (the Umbrella) gets this decision wrong then the Umbrella or its directors may have to pay any underpaid tax.
  • If your Umbrella does not pay the tax or the client or agency provide poor information they too may be on the line.
  • If you are an Umbrella worker not under SDC then you can claim T&S relief after 6 April 2016 (but not at source) unless new untested models work when wages are paid.
  • If you are a PSC (Limited Company contractor) and are outside of IR35 then it’s business as usual.
  • PSC contractors can claim T&S relief on travel to the client, and where they are outside of IR35.
  • If you are outside of IR35 then the SDC test is not applied – happy days!

 

HMRC has listened to stakeholders have made it clear with this draft legislation that PSC contractors working outside IR35 are indeed “self employed” and not the same as Umbrella workers.

 

They do enjoy different risks and rewards and as a consequence can claim tax relief for T&S costs.

 

So this is good news for anyone already running their own Limited Company or thinking about going Limited. For any Umbrella workers, it’s a good idea to start asking questions and consider your options so you aren’t forced into unwanted working practices come April 2016. In our next blog we’ll unpick what the Finance Bill 2016 means for contractors and give you ideas on actions you should consider.

 

Does today’s Finance Bill leave you more confident in contracting, or are you a worried Umbrella worker? Share with us how today’s announcements will affect you.

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.