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‘Making Tax Digital’ Looms for more Limited Company Contractors.
The Government’s flagship digital tax policy will be extended to include more contractors and limited company directors from April 2022.
Making Tax Digital (MTD) is HMRC’s strategy to make taxes easier and more efficient. But complying with the rules does come with an additional cost for businesses that need to use Government-approved accounting software.
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.
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.
The Chancellor’s £30bn plan to protect jobs and boost the economy in the wake of the coronavirus outbreak doesn’t include everything on contractor’s wishlist, but some of the measures will be welcome.
The ‘mini budget’ includes plans to reward employers that bring back furloughed workers, increase the threshold on stamp duty and cut VAT in some key at-risk sectors.
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.
