Things to do before the end of the tax year
Editor | 29 March 2018
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For many contractors, a new personal tax year starts on April 6th. There are some important things that you can do now to minimise the amount of tax you owe and to make the process of paying taxes simpler.

 

Private sector IR35 consultation expected soon

Last week, the Government’s Spring Statement warned that a consultation on extending IR35 off-payroll working reforms to the private sector could be due soon.

Off-payroll working didn’t make it into the Chancellor’s speech, but buried in a supplementary document the government did make mention of the rule changes.

The document says that “in the coming months,” the Government will publish “a consultation on how to tackle non-compliance in the private sector, drawing on experience of the public-sector reform.”

 

Watch out for this HMRC call scam
Editor | 10 March 2018
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HMRC is warning people to be on high alert after numerous reports that cold calling scammers are pretending to be the tax authority.

HMRC says that it has seen a sharp increase in the number of recorded message scams hitting people across the UK.

The scammers appear to be calling people randomly with an automated message which says that you are under HMRC investigation after failing to pay a tax bill. 

 

Billy Barnett Wins Umbrella.co.uk February Employee of the Month

“Congratulations to Billy Barnett, a hard-working member of the Customer Services Team and the February Employee of the Month. Billy is extremely customer focussed and certainly a character within the office. We often have to discuss his work attire! Currently he’s soldiering on wearing one work shoe, one trainer and is blaming this on a ‘dodgy ankle’.  Well done Billy.” – Sarah Postlethwaite, Customer Services Manager

How Much Will April Dividend Cut Cost You?

A cut in dividend allowance will cost some contractors more than £1,000 per year when it takes effect from April.

The allowance on dividends will be cut from £5,000 to £2,000 as the chancellor continues his raid on self-employed finances.

This means that individuals will not pay taxes on the first £2,000 of dividend income, regardless of what non-dividend income they have.

Construction: Calls to Action on Poor Payment
Editor | 7 March 2018
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In the wake of Carillion’s collapse, construction industry chiefs have called for action to tackle bad payment practices.

Mark Castle, chairman of Build UK, spoke to Construction News about the need for “consequences” for bad payers, calling for more transparency to expose the industry’s worst offenders.

“When you have companies that have poor payment practices there has to be consequences for those companies, particularly when it comes to winning work,” he said.