The latest news affecting umbrella companies in the UK. Featuring HMRC, the Agency Workers Directive, the 2003 Agency Regulations, and IR35.
New research by the CIMA shows that most businesses believe they will survive the next 12 months. 69% are now extremely confident that they will survive, a big jump from the 34% that expressed such a high level of optimism in March.
Vince Cable has announced that the coalition intends to scrap or simplify in excess of 160 onerous regulations to free contractors and small businesses from unnecessary bureaucracy.
Last week’s GDP figures from the Office for National statistics confirmed growth of just 0.2% in the second quarter of this year.
IT umbrella contractors could be about to benefit from a newly launched cybercrime initiative.
Contractors may be interested to learn that MPs from all the UK’s main political parties have pledged to address the false perceptions that exist around freelance contracting.
HMRC is to offer a disclosure facility to taxpayers, including umbrella company contractors, it suspects of fraud.
The Office for Budget Responsibility says that tougher austerity measures and higher taxes are needed if Britain is to achieve long term fiscal sustainability.
HMRC has issued a warning to recruiters, including umbrella companies, against the adoption of a new business model for travel and subsistence.
Contractors may want to ask an accountant to check their tax position after HMRC admitted that as many as 16% of people could have paid an incorrect amount of tax in 2010-11.
Umbrella contractors may be relieved to learn that government data shows there has been a decrease in corporate insolvencies this year.
Umbrella company IT contractors could be amongst those to benefit from an anticipated increased spend in IT and telecoms services.
Last week, the REC attended an Agency Work seminar run by the JSB, which provided up-to-date insights on how leading organisations are gearing up for the implementation of the Agency Workers Regulations.
Umbrella company contractors might want to take heed of the news that HMRC has got some new anti-fraud technology that it hopes will save it up to £20 million a year.
If you are entering into a contract with an agency you will no doubt have been faced with the daunting options of choosing your route – either going PAYE directly with the agency, going limited or using an umbrella company.
Chris Huhne, the energy secretary, has warned that the government must act now and update the National Grid, or face the prospect of blackouts within eight years.
The Low Income Tax Reform Group is urging taxpayers, including umbrella company contractors, to double check calculations if they receive letters from HMRC.
