Umbrella Company Articles
Friday Payments, discount shopping vouchers and personal accident cover are just some of the great perks of going Max.
You can now save up to 38% on cinema tickets with our new e-vouchers. Simply login to your rewards account, place your order and you will instantly receive an email with a voucher code to exchange at the cinema.
Simply search ‘Cinema’ to start saving on your cinema tickets!
Our Umbrella and CIS Max packages include this fantastic benefit and will save you hundreds of pounds a year shopping in-store or online. You will get over 2000 vouchers, cashback offers and insurance products from some of the biggest high street brands including supermarkets. These discounts are not available to the public, you will just need to log into your secure account to shop and save. If you are already registered simply login here.
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.
In November 2015, prior to the release of George Osborne’s Autumn Statement, we wrote to the Chancellor raising our concerns in respect of proposed legislation changes to IR35, travel & subsistence tax relief for contractors and the one month rule that was incorrectly rumoured to being introduced for contractors working through their own limited company.
Today, 9th December 2015, we have received a reply and are thankful for the time taken in doing so.
Coincidently today is the day when the first draft of the new Finance Bill will be released. This Bill will contain the new legislation.
Potentially good news for lower paid contractors working through an umbrella company is that on 26th October 2015 the House of Lords voted not to accept the Chancellors proposed changes to tax credits that will affect the entitlement to the credits for low income families.
The proposed changes are expected to result in some families being up to £1,300 worse off per year by 2020. The Government are trying to reduce the earnings limit for entitlement to the Working tax Credit and the Child Tax credit.
A recently concluded court case could have far-reaching consequences for contractors on ‘too good to be true’ tax avoidance schemes.
In a warning sign to contractors that are thinking about using a dodgy ‘too good to be true’ remuneration scheme, MPs have been told that users of one type of tax avoidance scheme could risk bankruptcy in the near future.
The charge centres on a recently concluded Supreme Court Case between Rangers Football Club and HMRC and a tax avoidance scheme where an offshore Employee Benefit Trust (EBT) paid players and other staff through loans.
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.
We have a very tasty latest entry for our Umbrella Bake Off.
Daniel Bird from Accounting kept the competition strong and the office fed with his Carrot and Walnut Cake with cream cheese filling.
We have 20 staff taking part so expect more than a bakers dozen of delicious cakes over the coming months! To make sure everyone in the department takes part they have the motto “No Bakey, No Cakey!”
It is the dreaded time of year to get around to completing your self-assessment tax return.
Tax Return Deadline
Online tax returns should be submitted before the midnight 31st January 2016.
This is also the date any outstanding taxes need to be paid.
The deadline for paper tax returns was 31st October 2015.
Instead of putting it off and having the constant worry about it needing it doing contact Umbrella.co.uk today and we can help you get it completed within the next 2 working days.