It’s World Mental Health Day on 10th October. We’d like to take the opportunity to remind our contractor customers that you have access to a free professional counselling service with Umbrella Rewards. If you are affected by mental or emotional strain, especially in these difficult times, login to the Umbrella Rewards Customer Portal and visit the 'Care & Support' area.
Reports suggest that the Chancellor Rishi Sunak could increase limited company contractor taxes to help reduce Britain’s COVID-19 debt.
The Autumn Statement isn’t expected until mid-to-late November at the earliest, but the rumour mill is already beginning to swirl - and tax hikes for companies and contractors look to be on top of the Chancellor’s agenda.
UK contractors’ average income dropped by 25% in the second quarter of 2020 according to the Freelancer Confidence Index, run by contractor interest group IPSE and PeoplePerHour.
The three-month period, which includes the height of the UK’s national coronavirus lockdown, saw a record fall in the average number of weeks worked by contractors in a quarter. In the 13 weeks between March and June, the average freelancer went five-and-a-half weeks without work.
Following an independent review of the controversial loan charge, the Government has launched a consultation on how it can tackle the use of these arrangements.
The loan charge was applied to contractors that participated in so-called ‘disguised remuneration’ tax avoidance schemes. In many of these schemes, contractors were effectively paid using ‘loans’ which did not have to be repaid.
The Chancellor’s £30bn plan to protect jobs and boost the economy in the wake of the coronavirus outbreak doesn’t include everything on contractor’s wishlist, but some of the measures will be welcome.
The ‘mini budget’ includes plans to reward employers that bring back furloughed workers, increase the threshold on stamp duty and cut VAT in some key at-risk sectors.
The Chancellor Rishi Sunak has unveiled a package of measures designed to support the economy, limit redundancies, and support small businesses and the self-employed during the ongoing coronavirus
A new report into contractor productivity has found that firms with at least 11% of their workforce as contractors are more productive, with each employee generating an extra £4,669 for their organisation on average.
Researchers from the Trinity Business School and the University of Derby said the results showed the important role that contractors can play in the UK’s recovery.
IR35 concerns and the coronavirus lockdown has had a negative impact on UK contractor wellbeing and finances, a survey has found.
The survey of over 1,000 limited company contractors found that many were disappointed to be excluded from government support schemes like the self-employed income support and furlough schemes.
HMRC and the Treasury have published a weak response to a damning House of Lords committee report on off-payroll (IR35) working rules.
Industry commentators said that while the response acknowledged many of the issues facing limited company contractors, they failed to propose any proactive solutions.
Umbrella companies allow contractors to achieve IR35 compliance. If a limited company contract is deemed ‘inside IR35’, contracting through an umbrella company is usually preferable.
This will become more important as an upcoming rule change will mean that many more contractors are caught out by IR35 legislation.