HMRC finds £42 billion tax gap
Any contractors currently at work in the UK as either limited companies or sole traders may be interested in a new series of figures recently published by HM Revenue & Customs.
Contractors contacted by HMRC told not to bury their heads in the sand
Due to recently discovered errors, HMRC has sent out its first round of approximately 45,000 letters to taxpayers, potentially including umbrella company contractors, informing them that their taxes were wrong. The total number of letters sent out should top 6 million by the end of this year.
PAYE errors causing umbrella company contractors headaches
Nearly six million UK taxpayers, including umbrella company contractors, are due for a rude awakening, thanks to an error in the PAYE system.
January’s VAT increase may be the first of many
Tim Denison from Synovate believes that the VAT increase which will come into effect next January could be the first of a range of changes.
HMRC coding errors led to a 148% increase in overpayments
The fiasco surrounding HMRC’s attempt to introduce a new system to cope with PAYE codes earlier this year continues with news that PAYE processing errors resulted in a 15.7% increase in underpayments and a 148% increase in overpayments.
HMRC questions offshore account holders
Last week HMRC sent out letters to some of the taxpayers who had taken up the Offshore Disclosure Facility to ask them for their insights.
Don’t divulge personal information over the phone!
A fresh warning has been issued about a telephone scam that could be targeting small business owners and umbrella company contractors.
Umbrella company contractors affected by backlog of tax claims?
We all know that HMRC has been instructed to collect as much overdue tax as possible but it might surprise you to know that it also has a significant amount of overpaid tax claims to work through.
Forget about tax evasion, honesty must be the best policy
HMRC is set to increase its investigations into tax avoidance and contractors not operating via an umbrella company may wish to get advice from a specialist accountant to ensure that all their tax matters are in order.
Is my umbrella company financially stable?
1% fewer companies became insolvent in the 2nd quarter compared to the 1st quarter of 2010 according to the latest analysis from PricewaterhouseCoopers. 3,467 businesses became insolvent during the period, a drop of 28% from the same quarter last year.
Will HMRC helpline changes affect umbrella companies?
The Low Income Tax Reform Group believes that HMRC’s decision to reduce the opening hours of its helpline will hamper it in its long term aim to move to online services.
Concerns over tax avoidance measures
The government has announced that they will once again look at whether a general anti-avoidance rule should be introduced as a measure to deter limited company tax evaders.
