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Limited Trader Category Needs Rethink

As if the IR35 public sector changes are not enough for contractors to contend with, last year’s Autumn Statement announced a new 16.5% VAT flat rate which will apply to businesses with limited costs, such as labour-only businesses, to be applied from 1st April ...

For the Record

Entitlement to a full state pension is contingent of having paid, or been credited with, sufficient NIC. The number of qualifying years needed for a full state pension depends on the date on which state pension age is reached. To ensure that this record is maintai...

Lifetime Pension Allowance

Q. Will your life cover fall within your LIFETIME PENSION ALLOWANCE and be taxed at 55%?

A. Traditionally, having life cover which can be put through as a business expense meant taking up a ‘Group Life Cover Policy’, the biggest downside of wh...

FREE Webinar – Advanced CV Writing for Contractors

Thursday 23rd Feb, 7:15 pm SIGN UP HEREIs your CV optimised for recruitment software? Does it work for the machine as well as humans?On Thurs 23rd Feb, Contractor Weekly is hosti...

Flushed with Success

In another case of a self-employed person being classified as a “limb” worker, the Court of Appeal recently confirmed that Gary Smith, a self-employed plumber, was entitled to sick pay.Gary Smith carried out plumbing work for Pimlico Plumbers Ltd during the period Augus...

All to Thee I Freely Give

Who wants to give HMRC money before it becomes payable? Not many, I would guess but there may be some who would find it a useful way to budget for their forthcoming tax bills.‘Making Tax Digital [MTD]: Voluntary Pay as You Go’, one of the six consultation docum...

Contractor Mortgages: Proving Historical Income

Q. Can I still get a mortgage if I'm on my first contract and have only been trading for 8 months through my Limited company? A number of high street lenders have rejected my application and have told me that I need a minimum of 2-3 years accounts.A. The simple answer to this...

Public Sector Guidelines: Academy Trusts

Q. I am a consultant working in schools on daily rate contracts either with LA controlled schools or with schools in Academy trusts. I work through my own limited company with contracts normally brokered by recruitment agencies. With the change in IR35 will I be inside or outside...

Public Sector Options

Q. In view of current changes, what are the options for locum doctors? How safe and legal are your options?A. With regard to the public sector guidelines which take effect from 06 April 2017, the options will depend on the position your end client wishes to adopt. Initially i...

Status Tool Ready by End of Month

Late last week, HMRC published its guidance on the impending public sector off-payroll rules albeit somewhat limited and lacking any real meaningful detail. The guidance is contained within four documents.There is further confirmation that the new rules apply to payments ma...

Contractor Mortgages: Right to Buy Scheme

Q. I need a contractor mortgage for a right to buy property, I have had it valued and the council has made the offer and I have a month left to confirm with them who my broker is. Is this something you can help with.A. At Freelancer Financials we have an excellent relationshi...

HMRC Claims Given the Chop

It is unusual for HMRC to seek to argue that a taxpayer is self-employed rather than an employee but that is exactly what happened in the First Tier Tax Tribunal case of Ashton v HMRC (2016).Karate World is a martial arts instruction business which had been established by M...

Actual Substitution Was Not Enough

Lorry drivers who occasionally engaged and paid a replacement driver were still found to be employees by the First Tier Tax Tribunal in the case of husband and wife partnership, R S Dhillon and G P Dhillon Partnership v HMRC.

The partnership t/a...