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.
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…