PPI Deadline: Only 1 in 5 PPI policies checked

At the same time as setting a final deadline for claims, The Financial Conduct Authority (FCA) has admitted that as few as one in five payment protection insurance (PPI) policies have been claimed for so far.

After 29 August 2019, consumers who were mis-sold PPI won’t be able to make a compliant, meaning they could miss the opportunity to claim back thousands of pounds of compensation.

The FCA revealed that only 13 million genuine PPI complaints had been made so far, while they estimate that up to 64 million PPI policies were sold between 1990 and 2010.

Although it is unclear how many of these policies were mis-sold, the 2019 deadline gives a very large number of complainants little over two years to make a claim.

Editor | 24 February 2017
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A team of thirty personal service company (PSC) contractors have agreed to abandon an already overrunning NHS IT project, after the Guy’s & St Thomas (GSTT) hospital trust said that the contractors would be declared ‘inside IR35’ from April.

What does self-employed plumber ruling mean?

The Court of Appeal has ruled that a plumber, described by his employer as ‘self-employed’ should receive some of the same basic employment rights as a ‘worker’ for the company.

Brought against Pimlico Plumbers, London’s largest independent plumbing company, it is thought that the case will have implications for other companies that employ lots of self-employed workers.

A similar court battle was won by two Uber drivers last year in a landmark ruling for so-called ‘gig economy’ workers.

But some experts have warned that it is too early to make sweeping generalisations about self-employed contractors in other industries.

Editor | 6 February 2017
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HMRC have released a number of updated sections on their website detailing how the changes to IR35 and the public sector will work from April 2017.

Umbrella or PSC: What’s better for public sector contractors?

It’s a question that many limited company contractors will be asking in the coming months as impending changes threaten some of the biggest financial advantages that come along with limited company status.

For public sector contractors operating through personal service companies (PSCs) the changes could prove catastrophic.

The big shift concerns the IR35 status of public sector contractors – specifically, who judges a contractor’s IR35 status. From April, the responsibility for judging IR35 status will pass from the individual contractor to the hiring public sector body or agency charged with recruitment.

As a result, more contractors will be ‘caught out’ by the IR35 rules. Anyone ‘caught out’ by the changes will be reclassified by HMRC as being in ‘disguised employment.’ This means they will be taxed as if they were regular employees.

April IR35 Changes. Now is the time for public sector contractors to act
Editor | 27 February 2017
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Changes are coming to Public Sector contracting in April 2017.

The key area which could affect your company in April will be the following;

Change
From 1st April this year many Limited Company Contractors working on a contract for a Public Sector institution will be classed as “Inside IR35” which means that the income from that contract will be taxed as if it was employment income. This can drastically increase the tax burden on the company.

Cloud based Todoist is a real life saver

With the pace of life currently the way it is it can be difficult to stay on top of everything at any one point in time. As a contractor you’ve also got bills to pay, forms to file, returns to authorise and money to chase.  We have found that the on-line cloud based to-do list todoist  is a real life saver when it comes to helping you out.

FCSA blasts public sector IR35 changes
Editor | 10 February 2017
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A professional contractor employment services body has been scathing in its criticism of the changes to the off-payroll public sector changes, due to take effect in less than two months.

The Freelancer & Contractor Services Association (FCSA), which represents more than 110,000 contractors in the flexible workforce sector, said that the changes raise problems associated with accountancy, points of law and practicality. 

It is always scary pushing the submit button on your self-assessment. Even for veteran contractors, sending the final document can be unnerving because traditionally, HMRC doesn’t have much sympathy for mistakes.

FreeAgent on the Go
Editor | 20 January 2017
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FreeAgent continues to update its mobile app to bring the functionality more in line with the browser edition.

December brought some new features to the Mobile App, many of which may be of use to our clients;

The ever-popular Tax Timeline has been included within the App with the option to turn on notifications. This can help you to make sure you don’t miss any important VAT or Corporation Tax payments. Umbrella Accountants will continue to confirm how much is due and when but it acts as a good aide memoire in today’s busy work environment.

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