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.
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.
UK limited company contractors may want to seek the advice of an accountant now that the coalition has struck a deal with the Swiss government in a bid to win the battle against offshore tax evasion.
Umbrella company contractors may be interested to learn that HMRC only yielded slightly over £200,000 last year from their enquiries into the IR35 status of self-employed workers.
Umbrella contractors might like to know that Danny Alexander, the chief secretary to the Treasury, has said HMRC is to strengthen the size of its team tackling tax avoidance and evasion by adding more than 2,000 additional tax inspectors this autumn.
HMRC has issued a warning to recruiters, including umbrella companies, against the adoption of a new business model for travel and subsistence.
The Low Income Tax Reform Group is urging taxpayers, including umbrella company contractors, to double check calculations if they receive letters from HMRC.
Millions of taxpayers, including umbrella company contractors, could be in line for a tax refund after HMRC reconciles its books.
Low-income households and the elderly have been badly hit by the recession, according to research conducted by the BBC and the Institute for Fiscal Studies.
The government has confirmed that deferred bonuses will not fall under its new tough tax avoidance regulations.
Umbrella company contractors might be unsurprised to hear that the Commons Treasury select committee has been told that HMRC is nearly at breaking point due to recent staffing cuts.
Employee benefit trusts and employment finance retirement benefits schemes are the latest to be targeted in proposed Treasury regulations.
Although the government spending cuts may not have a direct impact on everybody, it’s worth bearing in mind the underlying message that the coalition is trying to get through.
Umbrella company contractors, freelancers and other self employed workers might not be too happy when they read the recommendations of an influential think-tank regarding Britain’s taxation system.
The requirement for all employees to be enrolled automatically into a pension scheme is due to be implemented in 2012, but it seems there are still some aspects of the legislation that are causing concern.
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.
