Contractor loans at risk of retrospective tax following Government proposal
Contractors could be hit with retrospective tax charges for loans received in the past, as the Government ramps up its efforts against tax avoidance.
Contracting stakeholders respond to the OTS Small company taxation review
Contracting experts offer opinions on new business model and taxation proposals put forward by the OTS in its ‘Small company taxation review’.
Contractor guide to the digital tax accounts
Contractors will have to endure a period of transition before experiencing the benefits of the digital tax accounts, says Duncan Strike of Intouch.
End of year tax return tips
Contractors can apply a range end of year tax return tips to ensure they file on time and maximise tax efficiency, says Abbott Moore’s James Abbott.
Contractors with large company cash reserves need to act now to save thousands in tax
Limited company contractors have little time left to tax-efficiently distribute cash reserves through an MVL, before new regulations come into force.
10 actions you can take to help you avoid a tax investigation
Contractors are often targeted for HMRC tax investigations. Here are ten actions you can take to reduce your chances of being one of the unlucky ones.
Contractor travel and subsistence restrictions go ahead, confirms Finance Bill 2016
Contractor travel and subsistence tax relief abolished for contractors caught by IR35 or considered under ‘SDC’, confirms Finance Bill 2016.
Rangers lose EBT tax case - door opens for HMRC to target contractors with APNs
Contractors who used EBT-based tax avoidance schemes could be targeted with APNs, following HMRC’s victory in the Rangers EBT case.
Limited company contractors major contributors to 2013-14 Tax Gap, claims HMRC report
Limited company contractors, alongside other SMEs, are believed to be responsible for nearly half of the Tax Gap, says HMRC in its latest analysis.
Contractors not unusual for using dividend pay strategies, shows HMRC survey
Contractors are not the only types business using dividend strategies, prompting questions as to why contractors are targeted by HMRC for doing so.
Contractors who subcontract must comply with HMRC employment intermediary obligations
Contractors who subcontract are classed as employment intermediaries and must follow HMRC guidelines to ensure subcontractors pay the right tax.
Dividend Tax changes – how contractors can mitigate their impact
Contractors can use strategies that mitigate the impact of the Dividend Tax changes announced in the Summer Budget, says Abbott Moore’s James Abbott.
Dividend Tax changes here to stay despite protests by contractors and business owners
Dividend Tax changes look set to stay, as Government rejects a petition by contractors and business owners calling for the changes to be reconsidered.
Contractors using loan schemes the target of HMRC’s latest tax avoidance Spotlight
Contractors who have used or are using loan-based tax avoidance scheme are the focus of HMRC’s latest ‘Spotlight 26’ that’s adopting bullying tactics.
How contractors pay more tax than employees
Contractors raise more tax than equivalent employees, despite HMRC’s worked examples in its IR35 discussion document that try to prove the opposite.
Dividend Tax rules change 2016 - new calculations explained
Dividend Taxes changed in April 2016, adding to contractors’ tax bills – updated to include HMRC’s Dividend Allowance guidance of 17 August 2015.
Dividend Tax rules change 2016 – dividend lookup table for at-a-glance tax increases
Contractors taking dividends will pay a new Dividend Tax from April 2016 and this table provides a quick reference on how much extra tax needs paying.
HMRC clarification of Dividend Tax changes will cost most contractors another £1250
HMRC has clarified how the Dividend Tax changes will work and it will mean an additional £1250 in tax than previously thought for most contractors.
APN High Court win by HMRC leaves contractors facing bleak future, warns expert
Contractors receiving an Accelerated Payment Notice (APN) from HMRC have few options, warns WTT Consulting’s Graham Webber after High Court ruling.
Chancellor George Osborne’s income tax and NI merger plans will not affect dividends
Osborne’s income tax and National Insurance Contributions (NICs) merger plans won’t impact on dividends, confirms Office of Tax Simplification.
Family businesses hit hardest by new Dividend Tax change
Husband and wife/civil partnerships are to be hardest hit by Dividend Tax change introduced in the Summer Budget resulting in higher tax bills.
Dividend Tax rules change 2016 – new calculator published
Contractors and business owners can calculate the impact of the new Dividend Tax rules change introduced by the Chancellor in the Summer Budget 2015.
Contractor badges of trade: HMRC rules on being in business
Contractors who demonstrate badges of trade according to HMRC’s rules are in business on their own account, explains Emily Coltman of FreeAgent.
Onshore Employment Intermediaries reporting rules: contractor obligations
Contractors must supply personal data to agencies for the Onshore Employment Intermediaries reporting rules: those that subcontract are also caught.
What tax code should I be on? How UK tax codes work
UK tax codes tell contractors how much tax they are paying. Limited company contractors control their tax code but it is set for umbrella contractors.
Contractors face long haul for employment status clarity, says OTS review
Contractors will have a long wait before measures can be implemented to introduce clarity and certainty over employment status, says the OTS’s review.
OTS Employment status review key questions: ContractorCalculator’s response
ContractorCalculator responded to the Office of Tax Simplification’s (OTS) request for responses to key questions for its Employment status review.
What is a Limited Liability Partnership (LLP)?
Limited liability partnerships (LLP) offer businesses many of the benefits of a general partnership with the limited liability of a limited company.
What is a sole trader?
Sole traders are the simplest way of starting & running a business but are not the most tax efficient and they leave the business owner open to risk.
Contractors using subcontractors face nightmare from draft HMRC legislation
Contractors subcontracting work to other contractors and freelancers face a red tape nightmare from HMRC’s new onshore intermediaries reporting regs.