Umbrella company contractors who have been longing to see the back of IR35 might be interested to learn that HMRC’s average yield per case has leapt by 100%.
Apparently, umbrella company contractors yearn for stability nearly as much as their permanent counterparts do, according to a survey commissioned by recruitment company Elan.
Millions of people, including umbrella contractors, could be in line for an early Christmas present from HMRC in the form of a tax rebate. 6 million income tax rebates will be made following the identification of PAYE errors in the years up to 2007/08.
Young people, including those who intend to work as a contractor through an umbrella company, think they will get a better job if they persevere with their education and obtain good qualifications.
Umbrella company contractors may be concerned to learn that small business confidence collapsed in the third quarter, according to the Federation of Small Businesses.
Umbrella company contractors have the peace of mind of knowing that their income tax is deducted at source. But contractors in the UK who file their own tax returns should be aware that HMRC continues to delay sending out penalty notices despite losing recent tribunal cases.