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The Federation of Small Businesses (FSB) has come out in support of a review on the ‘unfair’ application of the 2019 Loan Charge.
Earlier this month, Sir Ed Davey successfully tabled and passed an amendment calling on the government to review the retrospective contractor charge before March 31st.
Announced at Budget 2016, the Loan Charge applies to any disguised remuneration loans that are still outstanding on 5 April 2019.
The deadline for submitting your online self-assessment tax return and paying any tax due is 31st January 2019. This is only just over three weeks away….but don’t panic!!
Accountants are being booked up quickly as time runs out but at Umbrella Accountants, we always plan for the last-minute rush! We have capacity to help you with your self-assessment – provided you don’t leave it until the very last minute!! Plus, if you quote ‘2019SA’ we will give you a 25% discount off the current fee!
If you miss the deadline by up to three months, then you will get an automatic penalty of £100. You could have to pay more if it is later than three months or if you pay the tax bill late.
So, what do you need to do to avoid the last-minute stress and heartache? Here are our top tips.
Is your New Year’s Resolution to start working for yourself? You aren’t alone.
January is one of the busiest times for new company registrations as skilled workers target the money and freedom that can come with contracting.
But setting up isn’t easy. There are a lot of things to think about and if you plan your contracting journey properly now, you can save yourself several headaches down the way.
The Chancellor’s most recent Budget contained new measures to combat VAT avoidance by companies in the UK.
As part of the Treasury’s strategy to combat ‘missing trader’ VAT fraud, contractors in the construction industry will have to grapple with confusing changes to the VAT system that could affect their cashflow.
Delivered by Chancellor Philip Hammond on Monday, the 2018 Budget was another important one for contractors.
In this blog post, we look at some of the most important announcements and how they will affect contractor pockets.
With less than a week to go until the 31 January Self-Assessment deadline, HMRC has provided a bit of light relief by posting some of the weird and wonderful excuses from people who have missed the deadline in the past.
One late filing Brit tried to blame his mother in law, another tried to blame a junior member of staff and one even blamed the postbox.
The tax authority also posted a list of failed expense claims that people have tried to get away with, including five years’ worth of woolly underwear.
As Christmas draws closer, many contractors will be finalising their plans for the festive season.
You know who is in charge of wrapping presents, what time you’re going to travel to the in-laws and who’s cooking the turkey. But you shouldn’t forget about the tax return deadline in amongst all the merriment.
After all, you only have until 31 January to complete and pay your Self-Assessment.
If you contract through a limited company, there are certain expenses that you can claim against your income to reduce your tax liability.
If your limited company makes £50,000 and you claim back £10,000 in allowable expenses, the taxable profit will be £40,000.
There are some rules governing what expenses limited company contractors can claim.
Last week, we covered some of the biggest Budget announcements and how they would affect contractors. This included a big change to private sector IR35 rules and other smaller changes to tax and spending.
Buried a little deeper in the Chancellor’s Budget statement, we uncovered one more change that pushes HMRC further up the payment pecking order when a business goes insolvent.
The Treasury released new guidance on off-payroll working (IR35) in the private sector yesterday, following the Chancellor’s Budget speech.
Following a consultation on the rules, some commentators expected IR35 reforms to take effect from next year. But the policy paper reveals that the changes will be introduced in April 2020, giving businesses more time to prepare for the reforms
We’ve combed through the policy document, picking out the key points so you can understand how the changes will affect you.
