insolvency Articles

HMRC’s fresh crackdown on tax avoidance schemes

Her Majesty’s Revenue and Customs (HMRC) has brought fresh impetus to its crackdown on tax avoidance schemes, issuing a £1 million fine for one promoter and ‘naming and shaming’ four additional schemes.

Hyrax Resourcing Ltd received a £1 million fine for promoting a tax avoidance scheme that paid contractors through loans rather than taxable income.

IR35 Contractors: Act Fast to Avoid Wind-Up Tax

Limited company contractor that are caught under IR35 arrangements may need to act quickly if they want to close their companies and make the most of lucrative tax incentives.

If they wish to continue working flexibly, these contractors will also need to think carefully about how they offer their services, according to Umbrella.co.uk Director Miles Grady.

“Because we offer limited company support, umbrella payment solutions and a business liquidation service, we are in the best position to help a growing group of customers that have been caught out by IR35,” Miles Grady said.

Contractors Pushed Down Insolvency Payout Pecking Order
marketing | 8 November 2018
/ / / / /

Last week, we covered some of the biggest Budget announcements and how they would affect contractors. This included a big change to private sector IR35 rules and other smaller changes to tax and spending.

Buried a little deeper in the Chancellor’s Budget statement, we uncovered one more change that pushes HMRC further up the payment pecking order when a business goes insolvent.

The number of insolvencies expected to affect UK companies is set to rise, according to analysts at bankruptcy-insolvency.co.uk, an established debt advice service. With more businesses failing to budget accordingly for HMRC liabilities, many SMEs (smal and medium sized enterprises) could be pushed over the edge.

What does ‘inside IR35’ mean for contractors?

With changes to off-payroll working rules imminent, experts predict a tidal wave of new ‘inside IR35’ judgements in the next few months. 

If you are a contractor working through your own limited company then you are at risk of being judged ‘inside IR35’ - but what does this mean for you and your bank account?

With changes to off-payroll working rules imminent, experts predict a tidal wave of new ‘inside IR35’ judgements in the next few months. 

If you are a contractor working through your own limited company then you are at risk of being judged ‘inside IR35’ - but what does this mean for you and your bank account?

Congratulations to Sarah McClean on winning the Umbrella Group Employee of the Month Award
marketing | 6 November 2019
/ / / / /

We are delighted to announce that Sarah McClean, Insolvency Administrator, has won the Umbrella Group October Employee of the Month Award!

“Since starting with the firm in June 2017, Sarah has always demonstrated a strong work ethic and is a dependable member of the team always prepared to go the “extra mile” for the customer, whatever the scenario. Well done Sarah, a well-deserved award!” Tom Fox, Head of Umbrella Insolvency.

Umbrella.co.uk have today launched our new Umbrella Logo with the strapline:

account | consult | reward

This change has been made to reflect that we offer more than just a contractor umbrella company or limited company accountancy services to contractors and freelancers.