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Dear Contractor,
Welcome to the June 2010 edition of our Contractor Newsletter. The election and subsequent coalition has reignited the IR35 debate, with rumours that IR35 is to be killed off. Sadly though IR35 is still very much in force, and it may be sometime before things change. The Novasoft IR35 ruling caught many by surprise, and it will be interesting to see if HMRC appeal the ruling. One of the main IR35 defence is proving you are providing a contract for services, which we focus on in our feature about different types of substitution. Our Contractor Doctor has been busy this month, dealing with umbrella expenses issues and also advising a newly married couple about tax efficiency and dividend splits.
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A decade of uncertainty over contractors’ tax status may be over, with the ConLib coalition committing to review and replace IR35.
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The date for this year’s PCG National Freelancers Day is 23rd November, with themes being ‘freeing-up potential’ and ‘contractor lifestyle choices’.
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The Novosoft IR35 ruling is inconsistent with previous IR35 status case rulings and is likely to be overturned, says Andy Vessey of Qdos.
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Both the parties committed (on paper, at least) to make positive changes for contractors are now in power. But beware, they may yet disappoint.
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In the space of a few short weeks we’ve been told the demise of IR35 is imminent and seen the publication of new case law guidance by HMRC.
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Contractors may blame their agent for landing them with a contract inside IR35, but Roger Sinclair from Egos says they have few legal options.
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Contractors can use other workers to help fulfil contracts and thereby prove those contracts are outside IR35, says Andy Vessey of Qdos.
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The termination clause in a contract can result in an IR35 ruling going either way, according to Andy Vessey of Qdos Consulting.
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ClearSky’s Derek Kelly explains why some contractors must complete a P11D for HMRC each year and the penalties for filing incorrectly or late.
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For many limited company contractors, taking long breaks is part of their reason for contracting, but James Abbott warns there can be pitfalls.
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Contractors refused their right of substitution may find their client in breach, and termination could be one outcome, says Roger Sinclair of Egos.
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David Colom of D J Colom highlights the pitfalls of sharing contracting income with a new spouse and suggests the best tax strategies to employ.
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Parasol’s Rob Crossland explains that different expenses rules come into play when an umbrella contractor gives notice, over-riding the 24-month rule.
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Rob Crossland of Parasol warns contractors against umbrellas that use expenses policies to maximise their VAT income at their contractors’ expense.
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Contractors will benefit from the positive upward trending of most economic indicators, although experts report the recovery is still fragile.
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