According to the recent survey by the Recruitment and Employment Confederation (REC), public sector employers do not approve the changes to the monitoring and reporting of skilled contractors’ tax status that the government is currently proposing. The survey, based on feedback from 95 public sector HR managers, highlighted that 69.5% expressed fears that the suggested…
We’ve all heard the old adage ‘if it’s too good to be true, then it probably is.’ A minority of contractors are still getting caught up in schemes that are offering 85-95% take home pay. These may not be all that they seem. HMRC is continuing to focus their attention on reducing the number of…
Taking IR35 seriously and giving it proper consideration for every contract should be the starting point for all contractors. Ultimately, IR35 will fundamentally affect how you choose to operate. More importantly, you will be in a better position to establish what your tax and NIC liabilities are from the outset, which will enable you to…
On Friday 22nd July, Cloud9 Umbrella and K&B Accountancy Group were pleased to be part of the ‘Brave New World’ seminar organised by PRISM, one of our affiliates. Focusing on existing and future legislation changes that will affect the recruitment industry, the session offered guidance and insight for all those who attended. The day was…
We are delighted to be working with contractors who originate from an assortment of countries throughout Europe. Having spoken to some, it’s clear that Brexit has raised a variety of concerns regarding their futures. This week the government released a post online (.gov.uk) to reassure European nationals about their future in the United Kingdom. The…
Who will win the Euro 2016 final between Portugal and France? We are running a new competition to celebrate the Euro 2016 final. Thank you to everyone who has taken part in our previous Euro 2016 competitions, and congratulations to Mark Funnell and Jamie King who have both won Amazon vouchers. The final on Sunday…
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…
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…
It has almost been 3 months since the start of the 2016/17 tax year. Contractors who are eligible to claim subsistence (e.g. those who are working in temporary workplaces for less than 24 months and outside of IR35) have been able to further reduce their administrative work by utilising HMRC Benchmark Rates. From 6 April…
We recently published an article overviewing HMRC’s new legislation, the 2019 Loan Charge. The government claims this to be the next phase in tackling tax avoidance. However many have raised concerns about the harshness of the new bill. There are calls for the taxman to be compassionate and flexible towards those they are taxing as…
Completing and submitting your Self Assessment Tax Return (SATR) can seem like a daunting task, but having it prepared well in advance of the 31st January deadline will make your life so much easier. If you miss the deadline you will be subject to a penalty, and this sum will only increase the longer you…
Since the public sector reform in April 2017, we are still asked frequently by public sector contractors if they should continue using their own limited company or switch to an umbrella. The answer very much depends on each individual’s circumstances thus we would strongly encourage contractors to speak to us for tailored advice. Nonetheless, we…
OFFICES CLOSED
Due to severe weather conditions, our offices are closing early at 4pm today to ensure our employees can get home safely. Our offices will be open on Monday as per the usual hours. We apologise for any inconvenience caused and thank you for your understanding.
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