Umbrella companies are one of the most popular payroll services for freelancers and contractors in the United Kingdom. However, with so many unethical organisations encouraging tax avoidance and promoting 90 percent pay retention, how much should you realistically take home after the appropriate deductions have been made to your pay?
The deadline for filing self-assessment tax returns for the 2016/17 tax year was midnight on 31st January 2018. Any personal tax payments due also needed to be paid by this deadline. Have you still not filed your return or paid your self-assessment tax bill?
According to a Freedom for Information request by contractor resource firm Contractor Calculator, HMRC has admitted to not holding any detailed evidence that its own IR35 status check tool was tested for accuracy.