5 common mistakes to look out for in your Self Assessment Tax Return

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…

Cracking down on risky contractor loan schemes

2017 was a turbulent year for contractors, especially those who work within the public sector and were hit by the introduction of the “off-payroll” reforms in April. Following this, a storm of risky umbrella firms begun luring temporary workers with promises of higher take-home retentions in a bid to sidestep the tax crackdown that occurred…

Tax avoidance and the importance of compliant umbrella companies

Tax avoidance was once again at the forefront of the government’s agenda in the Autumn Budget. A topic that has been meticulously discussed, Philip Hammond announced during his speech on Wednesday 22nd November 2017 that “the Government is committed to tackling tax evasion, avoidance and aggressive tax planning.” We’ve already seen an increased focus from…

Rules regarding tax evasion: Criminal Finances Act 2017

On April 27th 2017, the Criminal Finances Bill received Royal Assent becoming the Criminal Finances Act 2017 and represents a significant development in the UK’s anti-money laundering regime in over a decade as well as the largest expansion of corporate criminal liability since the Bribery Act 2010. From 30th September 2017, companies became criminally liable if they fail to…

Giving back and getting back this Christmas: tax relief and expenses

With just over 2 weeks left until Christmas, it’s safe to say the winter celebrations are in full swing. With that, we wanted to recap on the expenses and tax relief you may be able to claim through your charitable donations and work festivities. Getting a little back for yourself, while treating and gifting others…

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…