A survey by YouGov found that the UK’s sole traders spend a total of 9.5 hours completing their personal tax returns. Are you a sole trader that spends too much of your precious time completing tax returns?
We’ve all experienced the January blues. The exciting and eventful festive season is over, we’ve stuffed ourselves with sweets for the past month and now we’re forced to go back to reality with seemingly nothing to look forward to.
Recent statistics show that there are almost 6 million people in the UK who are still required to complete a personal tax return but haven’t. If you’re one of these people, you could face fines and mounting penalties if you don’t file soon.
2016 has been a challenging year for contractors using an umbrella company and 2017 does not look any friendlier. April signalled the end of Travel and Subsistence tax relief which has had a significant impact on thousands of contractors by reducing their take home pay. Should you consider leaving your umbrella company to have a more profitable 2017?