What is the 2019 Loan Charge?

The 2019 Loan Charge is HMRC’s next step in their crackdown on tax avoidance. They aim to recover unpaid taxes they deem to be owed by thousands of contractors who have used a disguised remuneration scheme. HMRC will be looking to collect payment for retrospective taxes from any individual who has used a disguised remuneration…

IR35 – what should contractors look out for in their contract?

So you’ve secured a contract…great! But before you agree to take on any project, there are some points you should consider before signing on the dotted line. Particularly with the clampdown on IR35, every contract you are given should be read carefully to evaluate your IR35 status. Since IR35 is such a complex legislation, the…

Making Tax Digital: what you need to know so far

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…

Industry reactions to IR35 legislation and its complexities

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…

Income Tax Rates and Allowances 2018/19 and 2017/18

As a contractor, it's important to know the rates and thresholds when operating payroll or calculating expenses and benefits. We cover the changes in income tax rates and allowances in 2018/19. You can also scroll down a little further to see the rates, allowances and duties for tax year 2017/18. Please click the drop-down options below…

HMRC wins first IR35 case in seven years against former BBC presenter Christa Ackroyd

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…