Budget 2018: key points for contractors

Aside from IR35 being extended to the private sector in April 2020, what other changes were revealed for contractors in the Budget 2018 report? From Entrepreneur’s Relief reform and VAT registration frozen thresholds to Personal Allowance and Higher Rate Thresholds. We’ve done a quick summary of what’s most important for contractors.   Entrepreneurs’ Relief reform…

Budget 2018: IR35 to be rolled out to the private sector in 2020

On 29th October 2018, Philip Hammond finally delivered the highly anticipated Autumn Budget 2018. After much speculation, it has been confirmed that IR35 reform will be extended to the private sector. Despite fears that the reform would be introduced in April 2019, the Chancellor of the Exchequer said the changes would not be implemented until April 2020.…

Wage inflation persists in the job market

Staff placements and temp billings continue to rise in the job market as unemployment rates fall to 4.0%. Reported by the Office for National Statistics (ONS) the UK unemployment rate is now at it’s lowest since 1975. Naturally, the reduction in unemployment levels corresponds with strong hiring growth. Though the ongoing decline in candidate shortages…

Making Tax Digital For Income Tax

As we prepare for the implementation of Making Tax Digital, it’s useful to know the ins-and-outs of the different stages of this legislation. We recently published an article discussing the first stage of Making Tax Digital – MTD for VAT. Today, we will be covering Making Tax Digital for Income Tax. Although this following stage…

What is MTD-compatible software?

MTD-compatible software is accounting software that is able to integrate with HMRC systems to send regular updates directly to HMRC. While HMRC will not be offering their own software, they are providing the Application Programming Interfaces (APIs) to commercial software developers such as FreeAgent. These accounting software providers are currently using HMRC’s APIs to develop…

Making Tax Digital for VAT

We recently covered the fundamentals of Making Tax Digital (MTD): whom it will affect, when it will come into effect, and the first steps to being MTD-ready. So now it’s time to get into the intricacies of this upcoming legislation. In this article, we’ll be talking about Making Tax Digital for VAT – the first step…