Umbrella companies protect you from IR35 whilst still maximising your pay. Here we have all the latest news on this controversial piece of tax law.
The Chartered Institute of Taxation has called on the new coalition to prioritise tax reform. They have written to George Osborne, the new chancellor, highlighted the need to simplify the current tax regime.
According to a recent manifesto published by the IT trade association Intellect, a fundamental overhaul of the UK tax incentive system could create as many as 250,000 jobs for IT contractors.
Recruiters and umbrella companies are drowning in employment red tape and bureaucracy after 13 years under a Labour government.
The number of short term assignments for limited company contractors, sole traders and umbrella company workers is set to drop according to a new report by the Confederation of British Industry (CBI).
After a 5 year fight, Novak Brajkovic has finally won his appeal against HMRC’s interpretation of his service contract. HMRC considered that Brajkovic was a full time employee rather than a contractor.
If you’ve ever given advice to your friends and family about tax matters, you might be interested in the views of one of the UK’s leading tax experts.
It had been hoped that a Conservative government would scrap IR35 but it now appears that this may not be the case. A Tory spokesman said last week that this may not be a viable option.
According to recent reports in the financial media, Britain’s banks are now approving 80% of small business loan applications, which should come as good news to limited company contractors and sole traders.
In my world, the term “self employed umbrella company” is a tad paradoxical. After all, a traditional PAYE umbrella employs their workers and provides (or should provide) the various benefits commensurate with employment.
Limited company contractors could once more be in the firing line with HMRC. According to accountancy firm Smith & Williamson, HMRC will be closely monitoring the use of dividend payments between now and the end of the tax year.
With full implementation of the Agency Workers Directive less than 20 months away, the REC has announced that it will issue new guidance to help recruiters, contractors and umbrella companies ensure their businesses are compliant in time for October 2011.
The last budget before the general election will be presented on March 24th, the Treasury confirmed yesterday. It is thought that the Chancellor will unveil his plans to cut the growing public deficit by 50% over the next 5 years.
At the Royal Court of Justice last month, the retrospective effect of BN66 was last judged as lawful. The rule was being tested with regards to whether or not it breached an individual’s human rights.
More confusion exists over the Agency Workers Directive, this time for limited company contractors. Some people believed that the Regulations exclude limited company contractors but this may not be the case.
An umbrella company is the ideal solution for contractors who do not wish to set up their own limited company or become self employed. For contractors seeking a way of working which allows them to work on several contracts without administration, then an umbrella company is the answer.
Since the new AWD regulations were published last week various professional organisations have voiced their concerns.
