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All Umbrella Companies are Equal (AUCAE) have launched a survey so that contractors can have their say on any concerns they may have about the Government’s proposed changes to tax relief on travel and subsistence that were announced in Budget 2015.
The Government has announced it may restrict tax relief on travel and expenses for some contractors where they cannot demonstrate they have control, supervision or direction of their own work.
Choosing a company name for your new business can often be a complex decision with you having to avoid similarly named businesses and exclude banned words such as implying you are a Government Body or a member of an industry/trade body (i.e. the Institute of Chartered Accountants in England and Wales (ICAEW) control the use of the term Chartered Accountant).
As a contractor you may well get invited by your end clients to join in their Christmas activities but as a contractor working through your own limited company there may be some tax breaks possible for holding your own.
A proposal to introduce a special new type of limited company called a “Freelancer Limited Company” has been submitted to the Chancellor of Exchequer by The Association of Independent Professionals and Self-Employed the IPSE (formerly PCG – Professional Contractors Group)
If you are a contractor looking at trading for your own limited company how important is your company name especially in relation to IR35?
Some potentially good news for contractors who operate through their own limited company is that HMRC have relaxed their deadline for Limited Companies (with less than 50 employees) that are adjudged to be late filing their monthly PAYE returns and hence liable for a penalty.
At Umbrella we provide accountancy services for small owner managed limited companies and as part of this service we often act as the registered office making it easier for us to monitor Companies House and Tax Notices that require actioning.
If you are a contractor or freelancer working through your own limited company it can be useful to know that legislation exists to ensure that you, as a small or medium sized business (SME), are paid promptly for the work you perform.
Social workers operating through their own limited companies may fall under the HMRC spotlight as they look at sectors they consider to fall foul of IR35.
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.
