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HMRC Tax Revenues on the Up

HMRC has recently published its Annual Report and Accounts 2016/17 and whilst the department maybe congratulating itself in some of its achievements, some of its claims must be tempered by what the National Audit Office have to say.For the fourth consecutive year, HMRC brou...

Can Your Company Pay Your Mortgage?

Salary sacrifice arrangements, whereby an employee benefit was funded through a reduced salary to give rise to NIC and tax savings, were curtailed from 6th April 2017 following the changes introduced by the new Operational Remuneration Arrangements (OpRA) rules.Many employe...

Software – To Buy or To Rent

Buying has always been the superior option to renting, by fully owning assets or property this can put you in a more secure space. But when it comes to digital space this can be turned on its head. Would you rather own software and storage or rent it?Renting software and stor...

Sole trader or limited company?

Q. I am a optometrist company director and due to ill health I would like to revert back to locum work, what is the best option for me? Sole trader or form a limited company?A. As a very general rule of thumb, if anticipated annual profits are expected to be in excess of £40...

No Clear View of Employment

In one of those unusual cases where a self-employed individual claims to be an employee, Malcolm Tomlinson failed to persuade the First Tier Tax Tribunal that he was an employed double-glazing salesman.Mr Tomlinson worked as a glazing salesman for more than 35 years selling...

Government Listens Over MTD

Late last week Paymaster General, Mel Stride, issued a written statement confirming that Finance Bill 2017 will be introduced as soon as possible after the parliamentary summer recess, containing provisions that had to be withdrawn before the General Election.One of those w...

Retrospective Taxation

I am a professional IT contractor who worked and lived very happily using the ‘prescribed’ and accepted method of operating through a limited company with few breaks from 1987 until 1999. Coinciding with Labour coming into power, IR35 and off-shoring came into existence bot...

Should contractors be worried about cyber risk?

The word “cyber” is unavoidable. Every day in the news is yet another article, about yet another cyber incident, affecting yet another business. With business operations being ever increasingly digitised, it should be of no surprise that these companies are becoming increasin...

A round-up of The Taylor Review of Modern Working Practices

Yesterday, the long-awaited Taylor Review of Modern Working Practices was unveiled. And as expected, there was plenty to get our teeth stuck into when examining the effect it could have on UK freelancers and contractors.The general consensus is that the Taylor Review values...

HMRC Update Off-payroll Guidance

Two of HMRC’s IR35 guidance notes, ‘Off-payroll working through an intermediary’ and ‘Off-payroll working rules for public authorities’ have recently been updated. The former now includes some brief information about IR35 in the public sector and the...

Full Time for EBTs

The Supreme Court last week ruled unanimously that payments made by [formerly] Rangers Football Club Plc to its players via employee benefit trusts (EBTs) were taxable income, bringing to an end a long running saga.Between the period 2001 – 2010, HMRC argued that Rangers ...

Contractors demand a fairer, simpler tax system

Following the hung parliament result from June’s snap election, Theresa May has since formed a government with the DUP.Whilst the new government’s sights are set on Brexit negotiations and continued cuts to public spending, a survey conducted by Contractor Weekly reveals ...

Contractor Flights

Q. I am working with a contract for a large company and they require me to travel on business to deliver projects. They are telling me that I have to book all my travel using their internal flights and fly with the airlines they dictate to me - is this OK?A. This often happen...