Following on from our article in April where we discussed female contractors and how they are paving the way towards closing the gender pay gap, once again it appears that female contractors are flourishing within the self-employment industry. Data from the Office for National Statistics (ONS) has revealed that last year a record number of…
While the heat wave might have taken a bit of a dip, pay rates seem to be hotting up this summer! In what can only be good news, temporary workers and contractors continue to enjoy inflation in pay rates. Neil Carberry, the new REC Chief Executive observed, “Across the majority of sectors, both temporary and…
The Making Tax Digital (MTD) initiative was first proposed in the 2015 Spring Budget. It is an essential part of the government’s strategy to make the tax administration system more efficient, effective and easier for taxpayers. What does this mean for you? Making Tax Digital aims to make it simpler for business-owners, landlords, and…
Across most sectors, there has been a significant rise in demand for contractors. According to the REC’s Report on Jobs, the top 3 sectors with a high demand for contractors were the Blue Collar, Engineering and IT divisions. IT contractors have had even more good news, with the growth in demand hitting a 9-month high…
The overall UK employment rate hit a record high this May with 75.6% of UK residents now in employment. According to the REC/IHS Markit’s Report on Jobs, these encouraging figures were reinforced by the 71.2% of women in employment, which is the highest percentage reported since records began. Equally, it was revealed 80% of men…
Many in the contractor industry appear to be disappointed in HMRC’s response to the complications surrounding IR35 legislation. Industry feedback so far has brought to light various issues impacting contractors from the efficiency of HMRC’s customer service to their response and management of IR35 legislation. As a whole, many feel as though there is still…
As we are now weeks away from Christmas, and the holiday season is in full swing, we cover the most common queries about festive and annual event deductible expenses. Annual Christmas party as deductible expenses Your limited company can claim its festive or annual party as deductible expenses for corporation tax purposes. The cost…
One of the most frequently asked questions from our clients on the VAT flat rate change for a limited cost business is: “what is counted as ‘goods’ when determining if they need to use the higher rate of 16.5%?” According to HMRC guidance, ‘goods’ are movable items or materials exclusively used in your limited cost…
Former BBC presenter, Christa Ackroyd has lost her legal battle with HMRC and is now facing a fine of £419,151 in outstanding income tax and national insurance contributions covering tax years: 2006/07 to 2012/13. This ruling made by the first tier tribunal (FTT) was based on the judgement that despite Ackroyd working through a PSC…
If you are affected by off-payroll reforms and are considering alternatives such as Umbrella employment, it’s helpful to understand AWR.
Across the UK, contractors and temporary staff are receiving notably higher pay rates. The REC disclosed that the steepest inflation in contractor pay rates recorded was in London. However, across the board, wages were continuing to rise, extending this trend to 62 months. Contractor pay rates accelerating at an exceptional rate REC director of…
‘Effective from 1 April 2017, The VAT flat rate scheme (FRS) for businesses with limited cost is set to increase to 16.5% from their current rate, based on defined criteria for a limited cost trader.’ What is a Limited Cost Traders? According to HMRC guidance, a limited cost trader will be defined as one whose…
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