At present there is a massive demand for IT contractors in a number of sectors and at the same time a distinct lack of skilled individuals. Opportunities lie within Big Data and how it can be leveraged for an organization’s needs. There is a colossal absence of individuals with the relevant skills to manipulate Big…
If you are not yet a contractor or freelancer and are thinking of going down the self-employed route, there has been no better time than right now. If you are already there, then you would probably already be aware of the improvements to many aspects of the self-employed world. First things first lets talk about…
IPSE’s latest Freelancer Confidence Index indicates that the outlook for freelancers and contractors will remain optimistic over the next few months. The survey highlights include the following: Freelancers expect daily rates to increase over the next year. On average, freelancers spent under two and a half weeks between contracts. Nearly a third experienced a rise…
According to the UK Business Confidence Monitor index from ICAEW and mid-tier firm Grant Thornton, business confidence has dropped from Quarter 2’s record figure of +37.3 down to 32.3 for the current quarter. The Business Confidence Monitor takes into consideration the opinions of a thousand ICAEW UK members who are employed in senior business roles.…
HMRC has issued a warning to 16,000 contractors to declare their involvement in an ‘aggressive’ offshore tax avoidance scheme. The contractors involved will have until January next year to approach HMRC and pay the tax due, or they will risk being liable to pay penalties and even legal fees on top of the owed taxes.…
HMRC has increased its rate of checks on businesses, says insurance firm PfP. Since the 2011/12 period, checks on businesses across the country have risen by 60% from 3,431 to 5,515 during the 2013/14 period. The business records checks process was criticised in the past by numerous business and accountancy bodies leading it to be…
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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