Contractors should prepare for a spotlight on taxes

This article originally appeared in IPSE Magazine issue 59. IPSE, the Association of Independent Professionals and the Self-Employed, is the UK’s largest representative body for the self-employed community, including freelancers, contractors, consultants and independent professionals. We exist to support and enable our members, and the wider population of self-employed, through a range of support services,…

Self-Assessment Tax Return Deadline 2015/2016

It’s that time of year again where the self-assessment tax return deadline 2015/2016 is almost upon us. We hope that you are keeping up to date with all of your paperwork since it can be all too tempting to switch off before your holidays have even begun. If you are processing your own tax return…

PRISM: Government review of employment legislation something to celebrate

Article by PRISM Trade body PRISM has welcomed the Government’s decision to launch a review of employment legislation after campaigning for one for the past year. PRISM has been pressing for a review to end the sticking plaster approach to legislative changes which have been impacting the temporary workers market. The idea of the review…

HMRC update on contractor tax avoidance schemes

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…

IR35 contract review – why bother?

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…