Search Magnifying Glass

IR35 Test – Office Holder

Q. Could you please provide further clarity on the 'Office Holder' issue within the IR35 HMRC online test. I provide my services via a limited company of which I am company director. Does this mean then that I need to answer Yes to this question? I am not an 'office...

Dividend tax allowance slashed

The Chancellor of the Exchequer has delivered the final Spring Budget. This is not the first time this has been attempted however. Twenty four years ago, Norman Lamont, made the same announcement only to be sacked ten weeks later!Listening to Philip Hammond, at times one di...

ESS Tool Hasn’t Nailed It

After playing around with the format, HMRC last week launched its much anticipated Employment Status Service (ESS) tool.The tool is primarily designed for those working in the public sector and can be used by contractors, public authorities and agencies alike. By answering ...

Umbrella Mortgages

Q. I work in the public service sector and have no choice but to join an Umbrella company. Can I still get a mortgage based on my contract rate or will I be assessed on my payrol salary which is pathetic. I've already contacted my existing lender HSBC and they didn't have a clue?...

Healthcare IR35 Considerations

Q. I am a healthcare professional working with nursing agencies, also I have set up my own recruitment agency to provide care for individuals in in the community and supply to other organisations that may require healthcare workers. However, how do I go about my own payment with ...

Personal Cover vs. Contractor Relevant Life & Critical Illness Cover

Contractors who operate through a Limited Company can save up to 49% simply by putting the premiums for their Life & Critical Illness cover through their Limited Company.In essence, there is no difference between the two types of policies, they both pay out on death or ea...

Taking the Strain Out of VAT

Under normal circumstances, most VAT registered businesses have to send in quarterly VAT returns which must be done electronically. Payment of VAT should be made electronically either by Direct Debit, Faster Payments by internet/telephone banking, CHAPs, BACs, Direct Credit, On...

Locum Doctor: IR35 Enquiries

Q. A locum doctor working in Public sector mentioned that they were previously investigated for IR35 and they passed the test. It would be useful to have more info about this, as this would help all locum doctors to fight against IR35 insanity from April 2017.

...

New Public Sector Rules: Should I enter an Umbrella?

Q. Do I have to enter an umbrella company with the new IR35 inclusion rules for contractors in the public sector. My agency is claiming 20% for sick, pension & holiday pay and their fees ...but I do not require these as can do this myself as my contract is shor...

PAYE Housekeeping

With the end of the fiscal year swiftly approaching, now is a good time for employers to prepare for their RTI end of year reporting.The last Full Payment Submission (FPS) should be sent on or before your employees’ last payday for 2016/17 tax year. A ‘Yes’ should be ...

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...