Umbrella.co.uk has been getting into the spirit of the festive season with a desk decorating competition.
HMRC has added three more companies to its list of ‘named tax avoidance schemes, promoters, enablers and suppliers’ and two of them have offices in the North West of England.
In an effort to improve payment practices for self-employed workers, the Association of Independent Professionals and the Self Employed (IPSE) has named the worst offending late payers in the UK.
Since April 2017, large companies have been required to report their payment practices to the UK government. IPSE has collated information from the latest data release to find the ten companies that take the longest time to pay.
The information covers payments to limited company contractors and other businesses. Payments to umbrella contractors are not included in this information, as these contractors are paid by PAYE.
For many years, running a limited company was almost the default option for contractors.
Rishi Sunak’s pared back Spring Statement contained only small crumbs of comfort for contractors and umbrella company workers.
A £3,000 increase in the threshold at which you start paying National Insurance (NI) contributions will help some low-earning employees. For many, however, this benefit will only slightly outweigh the simultaneous NI increase of 1.25%, and for some workers will only serve to reduce the loss.
Umbrella.co.uk held its Christmas Party and annual awards on the 9th of December. We chose a cold and snowy evening to make it very festive! 60-plus staff enjoyed a fabulous meal and drinks, followed by a period of ‘shape throwing’ on the dance floor by those who could – or at least thought they could after partaking in the bar! The photo booth provides permanent evidence of the high jinks!
Uncertainty around recruitment has led to an increase in the number of opportunities for contractors, according to research from APSCo.
While Office for National Statistics (ONS) figures show that the number of new permanent vacancies is beginning to slow compared to Pre-Covid, APSCo data shows that opportunities for contractors increased 13% in July 2022 compared to July 2019.
Permanent opportunities decreased 23% in this same period.
When it comes to choosing an umbrella company, maximising take home pay is a priority for most contractors.
Unfortunately, schemes that advertise the best rates of take home pay are also the ones that will get you in trouble with HMRC.
Even though most of these firms claim to be ‘100% compliant’, the reality is that an umbrella company that can offer 90% take home pay simply can’t be conforming with tax regulations.
With the cost of living going up many freelancers will be looking at ways to save money or boost their income.
One of the main benefits of working as a freelancer is that it’s easier to find additional work when you need to.
Chancellor Rishi Sunak has missed a chance to regulate umbrella companies after failing to mention it in his Autumn Budget.
The Freelancer and Contractor Services Association (FCSA), which represents compliant umbrella companies, expressed disappointment at the government’s silence on an important issue to protect temporary workers.