In an effort to make tax less taxing for the burgeoning contractor and freelancer masses, HMRC has decided to introduce free live webinars to help sole traders complete their Self Assessments.
HMRC were due to release details of their IR35 business test, designed to help contractors and freelancers "self-assess" their status, on April 6th. As this date fell on a public holiday the release has been delayed. HMRC and IR35 Forum members have variously said the delays would be "a week or few".
The "pro-business" 2012 Budget may have provided many boons for large businesses in the form of an extra 1% cut in the Main Rate of Corporation Tax (which will now fall from 26% to 24% in April), increased R&D tax credits, and a 5% income tax cut for their wealthy executives, but there was little...
There was hope for contractors affected by IR35 last week as both Prime Minister David Cameron and his deputy Nick Clegg publicly stated the Government was looking at introducing a General Anti-Avoidance Rule to tackle tax dodgers, which could render IR35 redundant.
Forming a Limited Company can be a shrewd move for the budding contractor. Not only can it give your business an added sheen of professionalism, it can pay dividends (quite literally) in terms of better tax efficiency, meaning you get to take home more of the money you earn, with less being syphoned off by...
Last week Companies House, who, like so many other Government bodies, have begun to use social media to communicate with their public, tweeted some interesting figures.
An IT contractor who has spent eight years battling with Her Majesty’s Revenue & Customs over IR35 claims has emerged victorious after the case was dismissed at the first tier tax tribunal.
A study by market research firm BDRC Continental says that more than half of small and medium-sized enterprises (SMEs) who applied for bank credit in the past 12 months have been successful. The report goes on to say that 72% of small businesses had overdrafts approved, while 59% of loan applicants were successful.
There has been yet another victory for contractors and opponents of IR35 this month as a tribunal ruled in favour of engineering contractor Gary Hughes. The case, brought against the contractor who was operating under his Limited Company Marlen, ended last week with Mr Hughes emerging victorious.
Everybody hates taxes, but as Corporation Tax is less than Income Tax and National Insurance, meaning contractors and freelancers operating under their own Limited Company can pay less. Corporation tax is calculated based on your profit, so unfortunately as your profits increase, so will your tax.