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From 1st October 2013 there will be an increase in the National Minimum Wage (NMW) rate for workers aged 21 and over from £6.19 to £6.31. Below Miles Grady, Director of PayMatters Limited, explains what this could mean if you are a contractor working through an Umbrella Company:
Yesterday the Government published the Finance Bill 2013 which sees a change to the IR35 exemption that was available to Office Holders.
The Draft Legislation for The Finance Bill 2013 is to issued today (11th December 2012).
The Chancellor of the Exchequer has just completed his Autumn Statement on how the UK is going to manage it's deficit.
Two umbrella companies, Liquid Friday and NWM Solutions (listed as payroll services providers), have made it into the 2012 Fast track 100 League table in positions 31 and 32 respectively.
Paymatters, along with all other APSCo approved umbrella company suppliers, were contacted this week following a concern that had been raised to APSCo by an organisation expressing concern that some umbrella companies are competing or preparing to compete with recruitment agencies by providing services that recruitment agencies offer, including HR and direct placement services, to others in the supply chain". Miles Grady ACA BA Econ (Hons) , Finance Director at PayMatters, was able to confirm that PayMatters do not have any plans to compete with our agencies. Quite simply, we consider our agencies to be our business partners and we rely upon them to provide contractors to us. Competing with them would not make sense!
ContractorCalculator.co.uk have reported that HMRC have only issued 193 IR35 investigation letters between 1st April 2012 and 9th November 2012.
The Chancellor in his Autumn Statement that was delivered yesterday proposed the following tax changes that will affect contractors working through an umbrella company.
The Chancellor of the Exchequer, George Osborne, will today at 12.30pm make his Autumn Statement.
He is expected to say there is no miracle cure to the UK's current economic issues. The chancellor will set out how he plans to reduce the deficit by cutting costs and increasing income.
