Just when contractors were beginning to come to terms with the uncertainty and damage of one set of letters and numbers (IR35) – another jumble comes along in the form of Section 660 of the Income and Corporation Taxes Act 1988 – the so-called married couple’s business tax.
Shout99, the UK’s largest freelancer network, has gathered a panel of experts for the first conference on the latest threat to contractors on June 18, 2003.
Some contractors – often on the advice of their accountants or advisers - have structured their shareholdings between close family members or friends who then share the success and failure and, therefore, the dividends.
However, in its April Tax Bulletin, the Inland Revenue interpreted Section 660 of the Income and Corporation Taxes Act 1988 to target many of these small businesses. Because the Revenue claims this isn’t anything new, some contractors are already facing the prospect of up to £42,000 in tax bills going back six years.
Shout99 has arranged a team of experts to discuss the issues behind Section 660 and provide advice on the way forward. The team comprises independent tax consultant Simon Sweetman who is one of the authorities on Section 660; Carl Whittaker, a consultant from Qdos Consulting - who are currently dealing with several Section 660 cases; - and Shout99's expert on freelancer taxation matters, Kevin Miller.
The Shout99 Section 660 Conference will include:
- Background to Section 660;
- Calculating your exposure;
- Reducing past risks;
- Understanding the Revenue's approach;
- What Tax Bulletin 64 means;
- Strategies for dealing with Section 660;
- Should you restructure your company?
- Minimise present and future risk;
- Case studies and examples;
- Question and answer session.
The conferences will be held on June 18, 2003 at 2.30pm and 7pm at the Institution of Electrical Engineers, Savoy Place, London WC2. Places cost £85 + VAT (£99.88)