New PAYE fines introduced by HMRC
Limited company contractors, recruitment agencies and umbrella companies could be in line for a series of new PAYE penalties, which have been introduced by HMRC from the start of this tax year.
Late payment trends could affect umbrella companies
According to recent research by BACS, the payment of invoices to UK SMEs, including limited company contractors and umbrella companies, is being delayed by an average of more than 40 days longer than the original invoice date.
Lib Dems pledge to target tax avoidance
The Liberal Democrats released their election manifesto yesterday and pledged among other things to crackdown on tax avoidance. They also want to scrap income tax below a threshold of £10,000, costing the UK exchequer around £16.7bn a year.
Further doubt over Tory National Insurance claims
According to the Conservatives, the proposed 1% increase in National Insurance Contributions will result in the loss of nearly 60,000 jobs from the UK economy. This figure was cited in their election manifesto, published on Tuesday.
Will Labour’s election manifesto affect umbrella companies?
The Labour party released its election manifesto yesterday and it did not contain many new policies relating to tax and businesses They did promise to keep business taxation competitive and encourage investment by increasing capital allowances.
New PAYE rules will benefit umbrella companies
From 6th April 2010, new PAYE regulations mean that HMRC will accept the use of electronic P60s (also known as eP60s). This is great news for large employers, such as umbrella companies.
Temporary and permanent recruitment on the rise
The REC’s latest report on jobs shows that in March growth in temporary placements reached the strongest level for nearly 3 years. This proves the “vital flexibility” that temporary and contract workers, including umbrella company contractors, provide for UK businesses.
Umbrella companies welcome action on illegal workers
Gordon Brown is going to strengthen the links between the Points Based System and training UK workers in a bid to fill the UK’s skills gap.
HMRC cuts could affect service they provide to umbrella companies
HMRC is in line for a tough year as they face more cost cuts whilst continuing to find and chase tax evaders. This could have a knock on effect on those who work through umbrella companies.
Where are all the female IT contractors?
Only 35% of IT workers in Europe are female according to the latest European survey by the IT Job Board. This could be about to change however as more women are now entering the sector.
Wanting the quiet life…
How quickly the months roll around, the first quarter seemed to just disappear with minimal upset for most umbrella companies (there were a couple of exceptions).
National Insurance cuts becomes an election issue
There have been a lot of complaints recently about the proposed hike in NICs and the Tories seem to have taken heed.
