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.
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.
Nearly six million UK taxpayers, including umbrella company contractors, are due for a rude awakening, thanks to an error in the PAYE system.
Umbrella company contractors should consider themselves lucky not to have to undergo the sort of company training that many PAYE employees undergo, which often has no underlying purpose.
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.
Vince Cable has pledged to review the incoming agency workers directive but some employers are warning him not to jeopardise a deal that was previously agreed with the unions.
Both the BCC and the CBI have hit out at the coalition’s proposal to abolish the default retirement age from April 2011. The BCC’s director of policy, Adam Marshall, says this will restrict the ability of businesses to manage their workforce.
The British Chamber of Commerce has warned George Osborne to tread carefully with his plans to increase taxes in today’s budget. UK umbrella companies will also be watching with interest.
There are more opportunities available for IT contractors according to the latest Monster employment Index report. 11% additional vacancies were advertised online in May compared to the previous month.
Morale is currently low at HMRC and employees have now been warned that they are in for tough times ahead. Chief Executive, Lesley Strathie, informed staff that they need to be realistic about the challenges they face.
Ten of thousands of people, including contractors and freelancers, have been affected by the tax coding problems caused when HMRC migrated their records to a new computer system earlier this year.
Small businesses in the UK are spending too much time complying with red tape and government bureaucracy, according to a new report by the British Chambers of Commerce (BCC).
The Chartered Institute of Taxation has called on the new coalition to prioritise tax reform. They have written to George Osborne, the new chancellor, highlighted the need to simplify the current tax regime.
Small businesses, limited company contractors and umbrella companies could be among those affected by a drop in confidence following the result of yesterday’s hung parliament election.
According to the Institute for Employment Studies (IES), the proposed hike in employer’s national insurance contributions will have a relatively small impact on the permanent employment market in the UK.
In my world, the term “self employed umbrella company” is a tad paradoxical. After all, a traditional PAYE umbrella employs their workers and provides (or should provide) the various benefits commensurate with employment.
