The new tax year is only one day away, marking the arrival of several changes to tax legislation that will have an impact on contractors. George Osborne announced the changes during the Summer Budget 2015 and Autumn Statement 2015 in a move to tackle alleged tax avoidance in the contractor industry.
Being a contractor has the benefit of not being restricted to traditional office hours. Use your flexible working hours and locations to your advantage this April and spend some time watching your favourite sports.
One of the biggest factors contributing to stress levels is a lack of sleep. With all the modern-day distractions of phones, tablets, TV, Netflix, and the need to respond immediately to e-mails coming in from work at all hours, it is easy to see how falling asleep might be difficult for contractors.
Question: “I have just finished studying for master’s degree and have now started contracting to maximise my pay, but I am not sure how I go about paying off my student loan as a contractor. Can you advise as I would like to set up a limited company but don’t know how this would affect my take home pay?”
Going digital could now happen a lot sooner than anticipated. In a bid to modernise the current Personal Tax Return system, HM Revenue & Customs (HMRC) have announced that the progression to move this process entirely online will be introduced by April 2016. Millions of taxpayers will have the option to open their own digital tax account and complete their Personal Tax Return online. The transition to digital processes often faces issues and errors so what can you expect from the digital Tax Return and what challenges could you face by taking your tax return online?
As contractor accountants, we receive many frequently asked questions about VAT registration for limited companies. We help our accountancy clients register their limited companies for VAT, and we’re happy to advise on the VAT registration threshold, what VAT taxable turnover is, and how to register for VAT.
In his eighth Budget, George Osborne has set out measures to improve the health of the UK economy. The 2016/17 Budget aims to balance the country’s finances as well as reduce national debt and the budget deficit.
The 2016/17 fiscal year starting on 6th April 2016 is set to introduce changes to dividend taxation that will affect Directors of limited companies. Any contractor who, as the shareholder of his or her own limited company, takes over £5,000 in dividends will be affected. Those who reach the higher rate tax threshold will be affected the most.
As your contractor accountants in London, we keep you updated with the latest changes in legislation and bring you the most important highlights from the news. Coming up on Wednesday, 16th March is the annual Budget. George Osborne will take to the House of Commons to deliver his third, wholly Conservative Budget.
The engineering sector provides a wealth of opportunities every year for engineers looking to start a contracting career. Despite turmoil in the oil and gas industries, investment opportunities in UK infrastructure and other areas of engineering will allow many engineering contractors to develop their professional skills and experience in 2016.