Philip Hammond’s final Spring budget statement was met with fury from the self-employed community when the Chancellor broke a manifesto promise and increased taxes on the self-employed.
At the same time as setting a final deadline for claims, The Financial Conduct Authority (FCA) has admitted that as few as one in five payment protection insurance (PPI) policies have been claimed for so far.
After 29 August 2019, consumers who were mis-sold PPI won’t be able to make a compliant, meaning they could miss the opportunity to claim back thousands of pounds of compensation.
The FCA revealed that only 13 million genuine PPI complaints had been made so far, while they estimate that up to 64 million PPI policies were sold between 1990 and 2010.
Although it is unclear how many of these policies were mis-sold, the 2019 deadline gives a very large number of complainants little over two years to make a claim.
A team of thirty personal service company (PSC) contractors have agreed to abandon an already overrunning NHS IT project, after the Guy’s & St Thomas (GSTT) hospital trust said that the contractors would be declared ‘inside IR35’ from April.
The Court of Appeal has ruled that a plumber, described by his employer as ‘self-employed’ should receive some of the same basic employment rights as a ‘worker’ for the company.
Brought against Pimlico Plumbers, London’s largest independent plumbing company, it is thought that the case will have implications for other companies that employ lots of self-employed workers.
A similar court battle was won by two Uber drivers last year in a landmark ruling for so-called ‘gig economy’ workers.
But some experts have warned that it is too early to make sweeping generalisations about self-employed contractors in other industries.
HMRC has launched a new tool designed to help contractors, and those that engage them, decide a worker’s IR35 status.
But with less than a month to go before a fundamental change in the way IR35 rules are applied, some experts have found cause for concern with the Employment Status Indicator tool.
A contractor’s IR35 status is all about whether the contract they are working on should be considered employed or self-employed for tax purposes. The Employment Status Service is supposed to give HMRC’s view of whether a contract is inside or outside IR35.
This will be of particular interest to limited company contractors working in the public sector because, from April, it will be the public sector organisations that decide on IR35 status instead of the individual.
Changes are coming to Public Sector contracting in April 2017.
The key area which could affect your company in April will be the following;
From 1st April this year many Limited Company Contractors working on a contract for a Public Sector institution will be classed as “Inside IR35” which means that the income from that contract will be taxed as if it was employment income. This can drastically increase the tax burden on the company.
With the pace of life currently the way it is it can be difficult to stay on top of everything at any one point in time. As a contractor you’ve also got bills to pay, forms to file, returns to authorise and money to chase. We have found that the on-line cloud based to-do list todoist is a real life saver when it comes to helping you out.
A professional contractor employment services body has been scathing in its criticism of the changes to the off-payroll public sector changes, due to take effect in less than two months.
The Freelancer & Contractor Services Association (FCSA), which represents more than 110,000 contractors in the flexible workforce sector, said that the changes raise problems associated with accountancy, points of law and practicality.
It is always scary pushing the submit button on your self-assessment. Even for veteran contractors, sending the final document can be unnerving because traditionally, HMRC doesn’t have much sympathy for mistakes.