Setting up a limited company is the most tax-efficient way to operate as a contractor – subject to your contracts falling outside of IR35. Our short guide will help you gain an understanding of the various taxes you will be liable for as a limited company director.
Chancellor Rishi Sunak has unveiled new economic measures ahead of the closure of the furlough scheme in October, to support jobs and the economy over the coming months. Our blog outlines the critical support packages introduced in the Winter Economy Plan.
The Treasury has scrapped plans for an Autumn 2020 Budget in order to focus on its response to the coronavirus pandemic.
Capital Gains Tax is a tax on the profit made when you sell or dispose of an asset that’s increased in value. Our blog explores what the tax is, when it’s due, exemptions and allowances.
There are more contractor accountants and umbrella companies than ever before. In fact, new companies seem to be entering the marketplace on a daily basis! As a result, choosing the right provider for your circumstances may be difficult, and you may be left scratching your head.
With so many to choose from, how can you be sure which one will offer you the best, most reliable service? It’s not an easy question to answer. Still, we do have some invaluable advice that should make the experience far easier for you – only choose an accountant or umbrella company that is accredited by the Freelancer & Contractor Services Association (FCSA). Keep reading, and we’ll explain why this is so important.
Umbrella companies have been around for years, but since the recent changes to off-payroll legislation (IR35), there has been a noticeable rise in the number of umbrella companies targeting UK temporary workers. With so many options, how do you know which umbrella company is best for your circumstances, and what should you be aware of when selecting one for your payroll?
HMRC is continuously stepping up their efforts in catching contractors engaging with non-compliant payroll services; choosing a compliant umbrella has never been so crucial. To help you make well-informed decisions, we’ve come up with eight useful tips to help you pick an umbrella company you can truly rely on.
Last year, a first-tier tribunal went in favour of Talksport presenter and comedian Paul Hawksbee. It was found that Paul and his personal service company (PSC) Kickabout Productions Ltd were operating compliantly and outside IR35. Interestingly, it wasn’t the first time HMRC had lost a case regarding IR35, and it looked as if they were continuing to lose credibility on the legislation and their understanding of how it applies in practice. After an appeal from HMRC, an upper tribunal ruled in favour of HMRC – almost 12 months after the original ruling. As a result, Paul Hawksbee faces a tax bill of nearly £140,000.
As part of the package of measures included in the draft Finance Bill 2020-21, the Treasury has set out a roadmap for extending Making Tax Digital filing. From April 2022, the programme will be extended to all VAT registered businesses and plans to include income tax self-assessments from April 2023.
Completing a tax return can be time-consuming and often stressful – especially if you decide to put it off until the last minute. Although it’s tempting to leave it until later in the year, there are many benefits to filing your Personal Tax Return early.
In an unusual appeal, HMRC has asked for the assistance of organisations and workers in gathering evidence to help tackle unethical disguised remuneration schemes. More precisely, HMRC is looking for stakeholders to help them understand why people are continuing to engage with disguised remuneration schemes, how they can identify new schemes, and where they can take further action to close schemes and reclaim unpaid tax fairly.