Tax & IR35 News

Corporate Charges Set to Rise

Beware the pitfalls of overdrawn loan accounts

rise icon

Budget 2016 announced that the corporate charge (s.455 charge) on loans to participators will rise from 25% to 32.5% as from 6th April 2016, so as to prevent an unfair tax advantage being obtained by taking a loan from the company rather than salary or a dividend. The new rate applies to loans, advances and arrangements made on or after 6th April 2016.

Read more...

Can we ever trust HMRC again?

Revenue has lost public confidence

Just like any other relationship in life, once the trust between two parties has been eroded it is very difficult to restore, making the association a difficult one to carry on with. This is what has happened with HMRC’s relationship with taxpayers over decades of time and was the topic of discussion at a recent lecture given to the Chartered Institute of Taxation by Judith Freedman, CBE and Professor of taxation law at Oxford University.

Read more...

Put digital reporting on ice

ATT call for postponement of Making Tax Digital

Amid concerns about the timeline for the Government’s Making Tax Digital (MTD) project, the Association of Taxation Technicians (ATT) has called on HMRC to postpone the implementation of quarterly digital reporting by at least a year. This is after it was announced that the consultation process would be delayed until after the EU referendum.

Read more...

Ongoing mission to simplify tax

OTS six years on

OTS

It is nearly six years since the Office of Tax Simplification (OTS) came into being and since then it has made 402 recommendations to improve our tax system of which over half have been accepted and another quarter still being considered.

Read more...

Should Have Known Better

‘Reasonable excuse’ appeal may have future repercussions

A recent First Tier Tax Tribunal decision may give taxpayers some future cause for concern when Making Tax Digital moves into gear.

Read more...

Fears Rising About Making Tax Digital

Treasury Committee voice concerns

Digital Tax

Making Tax Digital (MTD) has raised a number of concerns over recent months and now Chairman of the Treasury Committee, Andrew Tyrie, has voiced his. 

Read more...

Travel & Subsistence Update: Legislation Flawed

Unintended error spotted early

update icon

HMRC have discovered a fault line in the Travel & Subsistence (T & S) legislation, effective from 6th April 2016.

Read more...

HMRC Strike Gold

Landmark MSC case - but are we any more the wiser?

Nine years after the Managed Service Company (MSC) legislation was passed we now have the first ruling following an appeal before the First Tier Tax Tribunal in the case of Christianuyi Ltd and others v HMRC. Five companies who were clients of Costelloe Business Service Ltd (CBS), the MSC provider, were disputing that they were actually MSCs in the hope of escaping a total tax and NIC bill of just over £159K covering the years 2007/08 – 2009/10.

Read more...

Business News

Coworking Contractors

Contracting can be a lonely occupation, working alone at home or spending hours commuting back and forth to the current client’s office. But the growth of coworking spaces right across the country is providing an alternative solution and one which suits the contractor market very well.

Read more...

The true value of umbrellas for contractors

Umbrellas have certainly come under some fire over the past year or so and we’ve all read and heard some bad press portraying them all as the ‘baddies’ who just want to take their cut and deprive the contractor of hard-earned money.  They just process the payroll and expenses, right? WRONG!  They do a whole lot more than that and are key to supporting and sustaining a strong flexible workforce that is vitally important to the growth and success of UK plc.

Read more...

Neardesk comes to Contractor Weekly

Contractor Weekly is today launching its partnership with co-workspace specialists Neardesk.

Read more...

Range Rover Evoque Review

The Range Rover Evoque turned heads when it went on sale back in 2011 and has been a massive hit for Land Rover. Such was the demand when it first launch that waiting lists were months and months long. And it’s not hard to see why.

Read more...

Protecting your car over winter

Advice from Kudos Vehicle Management

With dark gloomy winter nights only around the corner, don’t wait until it freezes before you start to think about your wheels! It’s important to look after your car all year round, regardless of whether you own it or lease it. However, different times of the year require different approaches to protecting your car – you need to take into account the changing weather and driving conditions brought about by the changing seasons.

Read more...

Revival of the Electric Car

The global economic recession in the late 2000s led to increased calls for automakers to abandon fuel-inefficient SUVs, which were seen as a symbol of the excess that caused the recession, in favor of small cars, hybrid and electric cars.

Read more...

Top tips for contractors thinking of an electric car!

An electric car offers lots of advantages for contractors, self-employed and small businesses, from simple running and maintenance costs to tax benefits and with an increase of between 50% and 150% sales in Europe this year alone, the attraction of ultra-low cost electrical travel has seriously started to raise its game.

Read more...

Driving our way back into fashion

Company car demand

The demand for company cars continues, with fuel economy, low maintenance costs and minimising company car tax through low CO2 emissions behind most corporate decisions.

Read more...

Tax & IR35 News

Corporate Charges Set to Rise

Beware the pitfalls of overdrawn loan accounts

rise icon

Budget 2016 announced that the corporate charge (s.455 charge) on loans to participators will rise from 25% to 32.5% as from 6th April 2016, so as to prevent an unfair tax advantage being obtained by taking a loan from the company rather than salary or a dividend. The new rate applies to loans, advances and arrangements made on or after 6th April 2016.

Read more...

Can we ever trust HMRC again?

Revenue has lost public confidence

Just like any other relationship in life, once the trust between two parties has been eroded it is very difficult to restore, making the association a difficult one to carry on with. This is what has happened with HMRC’s relationship with taxpayers over decades of time and was the topic of discussion at a recent lecture given to the Chartered Institute of Taxation by Judith Freedman, CBE and Professor of taxation law at Oxford University.

Read more...

Put digital reporting on ice

ATT call for postponement of Making Tax Digital

Amid concerns about the timeline for the Government’s Making Tax Digital (MTD) project, the Association of Taxation Technicians (ATT) has called on HMRC to postpone the implementation of quarterly digital reporting by at least a year. This is after it was announced that the consultation process would be delayed until after the EU referendum.

Read more...

Ongoing mission to simplify tax

OTS six years on

OTS

It is nearly six years since the Office of Tax Simplification (OTS) came into being and since then it has made 402 recommendations to improve our tax system of which over half have been accepted and another quarter still being considered.

Read more...

Should Have Known Better

‘Reasonable excuse’ appeal may have future repercussions

A recent First Tier Tax Tribunal decision may give taxpayers some future cause for concern when Making Tax Digital moves into gear.

Read more...

Fears Rising About Making Tax Digital

Treasury Committee voice concerns

Digital Tax

Making Tax Digital (MTD) has raised a number of concerns over recent months and now Chairman of the Treasury Committee, Andrew Tyrie, has voiced his. 

Read more...

Travel & Subsistence Update: Legislation Flawed

Unintended error spotted early

update icon

HMRC have discovered a fault line in the Travel & Subsistence (T & S) legislation, effective from 6th April 2016.

Read more...

HMRC Strike Gold

Landmark MSC case - but are we any more the wiser?

Nine years after the Managed Service Company (MSC) legislation was passed we now have the first ruling following an appeal before the First Tier Tax Tribunal in the case of Christianuyi Ltd and others v HMRC. Five companies who were clients of Costelloe Business Service Ltd (CBS), the MSC provider, were disputing that they were actually MSCs in the hope of escaping a total tax and NIC bill of just over £159K covering the years 2007/08 – 2009/10.

Read more...

Email: info@contractorweekly.com - Address: Sandringham Suite - Windsor House - Humberstone Lane - Thurmaston - Leicester - LE4 9HA