After the Festive Break and the beginning of a new calendar year we thought it would be good to do a round-up of current tax issues and news.
Yesterday 16th December 2014 HMRC issued their discussion document on changing the current scheme in respect of the tax relief temporary workers currently benefit from for costs reimbursed in relation to travel and subsistence (food and drink).
If you are self-employed or a sole trader it is important that you keep a record of all your business income and expenses in order that you can complete your annual tax return. You also need to keep a record of other income you receive i.e. bank interest, dividends etc.
The Chancellor, George Osborne, will tomorrow (Wednesday 3rd December 2014) deliver his annual Autumn Statement.
If you are a contractor working through your own personal services limited company or employed through an umbrella company then it is important that if you missed the 31st January deadline for submitting your tax return (online) that you submit by the end of April.
At Umbrella we wish to highlight the deep concern felt with the points raised and possible proposals outlined in the recently published HMRC document titled ‘Employment Intermediaries: Temporary workers – relief for travel and subsistence expenses’
An article in the Daily Mail caught our eye this morning with the headline that Agency Workers working for the Brighton and Sussex Universities NHS Trust should also be considered when inviting staff to the annual Christmas Party.
Today, 3rd December 2014, the Chancellor George Osborne delivered his Autumn Statement (#AS2014).
As a contractor you may well get invited by your end clients to join in their Christmas activities but as a contractor working through your own limited company there may be some tax breaks possible for holding your own.