New research from the Royal Society of Arts (RSA) and e-commerce trading site, Etsy, has identified self-employed workers as happier individuals than traditionally employed workers, despite the challenges that working for oneself may involve. The report, entitled ‘Salvation in a Start-Up’, interviewed approximately one thousand microbusinesses, concluding that entrepreneurialism shows no signs of slowing down…
It seems that not a week goes by without some tax furore hitting the headlines. Most recently, the spotlight has been thrust on the much-loved celebrity and general do-gooder, Gary Barlow of Take That fame, but for all the wrong reasons. With the enduring controversy over multinational corporations like Amazon, Starbucks and Google dodging taxes,…
The debate on self-employment has reared its head once more. With the numbers of self-employed workers in the UK rapidly increasing, there has been much speculation over whether this increase should be attributed to a surge in entrepreneurialism or a dissatisfaction with and desperation over the availability of suitable jobs. The latest research from the…
94% of contractors in the public sector are compliant with new PAYE rules clamping down on illegal use of Personal Service Companies (PSCs). A review of governmental departments has found that only 6% of contractors were found not to be compliant with the Treasury’s new PAYE rules and will subsequently face investigation by HMRC. The…
The Chancellor of the Exchequer’s 2014 Budget given on 19th March, included changes to savings, pensions and economic projections. PCG said that the budget backed business with ‘a nod to the self-employed’. Commenting on the budget announcement, PCG’s Director of Policy and Public Affairs, Simon McVicker, said: “Independent professionals offer the flexible access to specialist…
HMRC has announced that employers can decrease the NICs they pay for their workers. From the beginning of the new tax year, 6th April 2014, employers will be able to claim Employment Allowance. Employment Allowance can save employers up to £2000 on National Insurance Contributions. In addition, those employers that pay less than £2000 per…
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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