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Higher and additional rate contractors could be missing out on a significant tax refund because they aren’t claiming back the full tax relief on their pension contributions.
Richard Perch, who heads up the social work and healthcare division at Umbrella.co.uk said: “We think that this is the biggest tax relief that goes unclaimed by higher and additional rate contractors."
Self-employed contractors have just a few days left to pay their payment on account.
The second annual tax installment is due on the 31 July and is payable by anyone who is self-employed, or anyone that has substantial income not paid by an employer or pension provider.
Most contractors will have already paid the bulk of their income tax before the first January 31 deadline. The payment on account system means that contractors pay an advance on what the taxman thinks they will owe for the current tax year.
The July 31 payment will reduce what you have to pay next year.
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Tired of finishing that self-assessment with just a few late January days to spare? This could be the year when you finally make a change.
It’s a feeling that many contractors will be all too familiar with. One minute you’re toasting the end of another successful year, the next you’re staring down at a mountain of work you didn’t get done before the Christmas break and, all the while, precious seconds are ticking down on the self-assessment deadline.
Sure, you don’t really want to think about it while the World Cup is on and the sun is out, but completing your tax return paperwork early does have a lot of benefits.
Here are four that we think are most important.
The government wants to hear from you as part of an attempt to tackle IR35 non-compliance in the private sector.
It comes after changes to IR35 rules in the public sector caused problems public authorities and contractors
Also known as off-payroll working, IR35 rules are designed to stop employees working and paying taxes as if they were contractors.
The rules apply to contractors working through personal service companies who, if they were engaged directly by the company, would effectively be employees.
On May 25th 2018 a new EU regulation could mean big fines for businesses of all sizes if they don’t follow new personal data and privacy rules.
General Data Protection Regulation (GDPR) will replace the 1995 Data Protection Directive and will restrict the way that businesses collect, store and export personal data.
This includes data held on customers, potential customers, suppliers, employees and any other EU residents.
HMRC is offering to help social care providers who may not have paid workers a National Minimum Wage for sleep-in shifts.
Underpaying employers in the social care sector can avoid fines of up to £20,000 per worker if they join the Government’s social care compliance scheme (SCCS).
The move comes after the court of appeal reversed a ruling on payment for sleep-in shifts last month.
HMRC says that one million married couples can claim a £900 tax break, just in time for the summer holidays. But time is running out.
Around three million married and civil partnered couples have already claimed the Marriage Allowance, which is worth up to £238 per year.
Couples who have not claimed for the tax break yet can backdate their claim to boost their payment by up to £900 this year.
As the government consults on plans to extend IR35 rules to the private sector, self-employment organisation IPSE claims that the changes could ‘strangle’ contractor living standards.
IPSE claims that the ‘inhibiting, anti-business’ policy could cost contractors an average of £14,000 per year in lost income.
Using average day rate (£430) and average weeks worked (42 weeks per year) figures from IPSE’s Freelancer Confidence Index, they calculate that a contractor’s take home pay will drop significantly.
Joanna Gosling is the latest BBC presenter to complain that the public service broadcaster forced her to operate through a limited company, exposing her to HMRC legal action.
Alongside BBC colleagues David Eades and Tim Willcox, Gosling is appealing against a £920,000 tax bill, which HMRC argues is owed in back income tax and National Insurance contributions.
HMRC claims that the presenters were within the IR35 rules and operating in ‘disguised employment’.
The court heard that the three presenters were “pushed by the BBC” into creating the personal service companies. These companies allowed the corporation to avoid paying employers’ National Insurance contributions and came with very few benefits.
The Government has said that it will ban tier one contractors from bidding for work if they don’t pay their suppliers promptly.
As part of a broader package of measures designed to protect smaller businesses, the Government announced plans to exclude suppliers from major Government procurements if they cannot demonstrate “fair and effective” payment practices with their subcontractors.
