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New government plans for ‘digital tax accounts', that could see contractors forced to update their tax information every quarter, have been snubbed by a bureaucracy watchdog that works with HMRC.
In a report published earlier this month, the Administrative Burdens Advisory Board (ABAB) predicted that plans announced by George Osborne – including mandatory quarterly tax updates – would create too large a burden on small businesses.
The new rules on travel and subsistence (T&S) tax relief came into force on 6 April. In the same week, unethical but legal tax systems, benefitting the very top of society, were exposed in the Panama Papers.
Umbrella.co.uk director Miles Grady explains why we need a change.
Last week was characterised by two big bits of finance news. The start of the new tax year brought planned T&S tax relief restrictions into force for many contractors.
Launched in 2011, the government’s Plug-in Car Grant (PiCG) sought to encourage the adoption of ultra-low emissions vehicles (ULEVs) to benefit the environment, communities, public health, the future of fuel and energy, and also motorists’ finances.
HMRC has released new guidance on the travel and subsistence (T&S) restrictions that came into force this month and who they will apply to.
Specifically, the new guidance tackles questions relating to the personal provision of services and supervision, direction and control.
We have summarised many of the points and picked out some of the more interesting paragraphs that could be of consequence to contractors.
A mammoth technical policy document published alongside the Budget on March 16th contains a measure that will be unnerving to any contractors who have outstanding loans from an ‘employer’ or a company that they own.
The Chancellor’s budget statement was more than a fortnight ago, but the consequences of announcements for everyday taxpayers are still emerging. Among the partially buried announcements is this good news for contractors, who may have been unable to take advantage of previous childcare schemes.
The eagerly awaited Tax-Free Childcare (TFC) scheme was delayed following a legal challenge in 2015, but the new scheme will now come into force in ‘early 2017.’
