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Are you a contractor? Are you planning to work through your own limited company in the new tax year? New IR35 rules could mean that it’s time to rethink the ltd way of working.
Changes to off-payroll working (IR35) rules mean that contractors are more likely to be caught out. From the start of the 2021/22 tax year, private sector clients will be responsible for judging a contractor’s IR35 status for the first time.
Highly skilled contractors working in software development, IT project management and many other roles in technology are among those most at risk from changes to IR35 rules.
Although these roles tend to be well paid, the contracts are often structured in a way that means they fall ‘inside IR35’.
In this brief guide, we aim to answer the most important questions about IR35 to help you better understand the rules, how they might be applied and how you can avoid paying more in tax.
Open Banking is set to modernise bookkeeping for limited company contractors, with banking data integrated directly into online accounting software.
Umbrella.co.uk's limited company contractors all use FreeAgent’s cloud accountancy software to simplify their accounting. And with FreeAgent on the forefront of the Open Banking changes, bookkeeping is about to get even easier.
Open Banking is set to roll out to all FreeAgent customers soon, so we thought we would take an in-depth look at the changes and how they can benefit limited company contractors.
Chancellor Philip Hammond has been urged not to ‘clobber’ limited company contractors and other businesses with another dividend tax grab this autumn.
The Federation of Small Businesses (FSB) said it was concerned that the Treasury might once again cut the tax-free dividend allowance for limited company directors, to collect an extra £1.3bn in tax receipts.
The Chancellor has already reduced the allowance from £5,000 to £2,000, a policy which took effect this April.
Now there is concern that Philip Hammond will announce a fresh raid on the dividend tax-free allowance in this year’s Autumn Statement.
A small cohort of limited company contractors had been holding onto hope that the Chancellor would use his recent Budget statement to once again delay a set of damaging IR35 reforms.
IR35 changes were originally due to be implemented in April 2020, but coronavirus-related disruption pushed the reforms back until April 6 2021.
The coronavirus outbreak presents a special kind of business crisis for limited company contractors.
Many industries have already experienced a sharp contraction and analysts suggest that things are going to get worse before they get better. Thankfully, however, they’re also forecasting a relatively quick turnaround.
Businesses that were viable before the international pandemic will be viable again, limited company contractors just need to keep their personal service companies (PSCs) going for long enough to see the economy return to pre-crisis levels.
We would like to share some tips to help your business and your family keep going.
New research indicates that one-in-five UK sole traders are preparing for the upcoming changes to off-payroll working rules in the private sector, despite the fact that the legislation will not affect them.
Completed by the Freelancer & Contractor Services Association (FCSA) professional body and cloud accounting software provider FreeAgent, the research found that 18% of sole traders were making preparations for the new rules when they would not affect their business type.
