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Penalties for tax avoidance scheme promoters

Responses to HMRC’s consultation document, ‘Strengthening Tax Avoidance Sanctions and Deterrents’, which closed in October, appear to strongly support the Revenue’s proposals to make promoters of tax avoidance schemes bear some of the risk.The proposals con...

Making good on benefits-in-kind

Where an employee receives non-cash remuneration, ie benefits-in-kind (BIK), these benefits are subject to tax and the majority are also liable to employer’s Class 1A NIC.The cash equivalent of the BIK that has tax and NIC applied to it is usually calculated as the cost t...

Are contractors prioritising pensions?

As more and more workers join the ‘gig’ economy, concerns about saving for retirement have re-surfaced with the government set to launch a review in 2017 to look at pension provision for all self-employed groups.For limited company contractors, saving into a pension remai...

Critical Illness Insurance

GREAT NEWS! There's now a one in two chance of you winning the lottery before you retire.Getting excited? – Think it's just a matter of time before you win? Think again, it’s not going to happen – but it got you thinking!Now think of the same odds but this time ab...

Accountant’s Responsibilities

Q. At the moment 'accountants' have a legal duty to ensure the PSC are complying to money laundering legislation. Considering the changes in the IR35 legisation; from April 17 is there any legal requirement to ensure that the 'accountant' we take on to do our accounts; are paying...

Autumn Statement FRS Rules

Q. Regarding the Autumn statement FRS rules. Is it safe to say the the definition of bought in goods also include bought in services? For example if a I am a plumber and the size of my contracts varies, meaning I have buy in the services of other plumbers or an electrician, would...

Inside IR35

Q. One of my contracts has been ruled as falling within IR35 and as such HMRC have sent me a bill for personal tax and NI contributions. I contest this but now need legal advise on where I stand with regards to whether I have a chance at tribunal to contest this decision.A. Q...

Self-Employed or PSC?

Q. My wife and I both work in the public sector under our Limited Company and through an agency. Our company income is disbursed via salary, personal expenses, dividends and company expenses such as Business Insurance. I have just been asked by my client to provide an assurance t...

Public Sector IR35 Concerns

The new public sector IR35 arrangements look very complicated and raises a number of questions:

  1. Q. If the contractor has insufficient income to use all his allowances in the tax year, is the tax deducted by the employer from the payments made to the PSC repayable?

Off-payroll rules have landed

Last week saw the publication of the draft provisions for Finance Bill 2017 for PSCs working in the public sector, along with HMRC’s technical note and summary of responses to the consultation document that closed in August 2016.The new rules, to be introduced via Chapter...

Contractors lead the Tech revolution

Backed by the government and with foreign investment pouring into technology funds in the UK, digital talent has never been in greater demand. We look at the key developments and advancements in a new era of digitalisation that is creating lots of opportunities for skilled contra...

OTS to review VAT

Once described as being a simple tax and easy to administer, VAT has, since its introduction in 1973, evolved and changed into a tax that is complex to administer. This in turn creates challenges and difficulties for all types of businesses from sole proprietors to large compan...

Public sector clients to test IR35 status

Following the ‘Off-payroll working in the public sector: reform of the intermediaries legislation’ consultation launched back in 26 May, the government has published a summary of responses to the key themes raised by stakeholders, including public sector organisations, agenci...