Contractors must make sure their tax affairs are in order
HMRC is likely to become more vigilant when it comes to scrutinising the tax affairs of umbrella company contractors, freelancers and entrepreneurs.
news
The latest news affecting umbrella companies in the UK. Featuring HMRC, the Agency Workers Directive, the 2003 Agency Regulations, and IR35.
Umbrella companies and the agency workers directive
The controversy regarding the Agency Workers Directive continues, as in fact it is likely to so do for some time to come. Although the AWD does not come into force until next October, the recruitment industry is already starting to prepare for implementation.
Top-level IT personnel still in high demand
Despite the decline in demand last month, the ICT sector is still looking healthy, according to the REC’s latest Report on Jobs.
Interim managers may be being too pessimistic
Contractors working in the retail sector have seen their rates slashed since the recession began, according to Interim Partners’ director of retail and consumer.
Are you a freelance mastermind?
The PCG is holding Mastermind sessions throughout the UK in the run up to National Freelancers Day (November 23rd).
Recruitment optimism for umbrella company contractors
The services sector showed modest growth last month, according to the most recent Markit/CIPS Business Activity Index.
Those nearing retirement want more taxation advice
A new survey by Just Retirement has found that workers who have retired or are nearing retirement would like to receive more guidance on taxation and other issues. This can include those working through umbrella companies.
Is a centralised tax system a viable option in the UK?
Employers may be relieved to pass over employee tax calculations to HMRC but experts are not convinced that a centralised tax system will work efficiently in the UK.
Should umbrella company contractors be saving or spending?
Last week, the Bank of England controversially hinted that we should be spending rather than saving.
Mixed predictions on the future of the economy
The National Institute of Economic and Social Research think tank predicts that the UK’s economy will increase by 1.3% this year. In 2011, GDP will grow by 1.7% followed by an increase of 2.2% in 2012.
Entrepreneurs leap by 117% in the last 5 years
There’s been a massive surge in the number of entrepreneurs who have set up limited companies in the last five years, according to Experian.
More people are now benefiting from flexible working
Umbrella company contractors will no doubt be interested to learn that more people in the UK are now working flexibly.
Temporary immigration cap leads to a social worker shortage
The government’s temporary immigration cap is harming the social work profession according to recent reports in the media. In July, the government imposed a limit of 24,100 skilled workers from non EU countries entering the UK and a permanent immigration cap will be in place next year.
Young umbrella company contractors need to consider pensions
Young umbrella company contractors need to be encouraged to save for their retirement, but in order to make the prospect appealing, the UK pensions industry need to undergo radical reform, according to George Ladds from the Fair Investment Company.
HMRC says it will continue to chase tax underpayment cases
The BBC was recently told by HMRC whistleblowers that the Revenue has been instructed not to chase a lot of underpayment cases that are over two years old and which could be open to a legal challenge; a claim that has been strongly denied by an HMRC spokesman.
Northern companies struggle to obtain finance
New research shows that small businesses, recruiters and umbrella companies in the north have less chance of obtaining business loans than their counterparts in the south.