Umbrella companies offered EBT amnesty by HMRC
Umbrella companies that have been using Employee Benefit Trusts have been offered an amnesty by HMRC. This comes just months after the Revenue said it would be closing EBT schemes down.
PAYE
HMRC presses ahead with real time information scheme
Umbrella company contractors may be interested to learn that HMRC’s Real Time Information system is to go ahead, starting with a pilot scheme next year.
New tax rules could be a nasty shock for some
Although the new tax changes have been widely publicised, it appears that a lot of people, including umbrella company contractors, are still unaware of the effect they will have on their personal finances.
Self-Employed Umbrella Companies
Self-employed umbrellas seem to be the new “in thing” – it’s almost like umbrella companies around the country had a eureka moment all at once and decided to run a “new model” to catch everyone they couldn’t put through the typical PAYE umbrella.
Will Real Time Information changes affect umbrella companies?
HMRC should not rush its planned computerised PAYE reforms according to leading professional bodies.
Are umbrella companies affected by HMRC staff cuts?
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.
HMRC to use debt collectors to bring in overdue taxes
Umbrella company contractors and freelancers beware! HMRC may send debt collectors to your door if you owe taxes.
HMRC staff still receive high bonuses despite blunders
Despite various blunders by HMRC last year that affected umbrella company contractors, the department still spent nearly £800,000 more on bonus payments to staff than it paid out the previous year.
Finance Bill 2011 tackles disguised remuneration
Employee benefit trusts and employment finance retirement benefits schemes are the latest to be targeted in proposed Treasury regulations.
Will real-time PAYE information benefit umbrella company contractors?
HMRC has launched a consultation asking for opinions on the introduction of real-time information into the PAYE taxation system.
Bad news for IT contractors working at Lloyds Banking Group
Lloyds Banking Group recently announced it was to cut jobs, a move that will affect 1,150 umbrella company and limited company IT contractors in the UK.
HMRC launch PAYE consultation
HMRC have launched a new consultation that could result in major changes on the horizon for PAYE. The PAYE business processes were introduced in 1944 and have not changed in the following 66 years.
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.
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.
Have you considered a contractor pension yet?
It was recently reported that many people are not prepared for the day to day financial changes that take place on retirement and one reason for this could be that we simply do not believe that 65 is old.
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.