Contracting Consulting Freelancing Made Easy

HMRC have recently announced plans to review the system of Business Record Checks and have postponed the scheme for the time being, in the face of numerous complaints from businesses who felt the system was too strict and stifling. The idea behind business record checks was that HMRC would be allowed to make random checks [...]

Today is the government’s official deadline for filing your self assessment tax return if you are self employed or a contractor working through your own limited company. With repeated warnings sent out to contractors throughout the year reminding them of the paper return deadline in October and then the January 31st deadline today, there should [...]

One of the most important legal rules for contractors and freelance worker is IR35, which affects the tax conditions for every contractor. This can be difficult to understand so here is a very basic explanation to help you to know where you stand. IR35 is a rule brought in my the government to help bring [...]

If you are a contractor, freelancer or consultant the chances are you are aware that January 31st is the deadline for your self-assessment.  A lot of freelancers and contractors choose to do their books and accounts themselves but it is important that you are aware of a few things. It is vital that you complete [...]

When it comes to paying income tax as a contractor it is important that you don’t leave yourself short.  The best advice is to only draw your dividends when you have enough in there to cover your contract accounts. Finances, especially in this tough economic climate, need to be in order.  You should always make [...]

As a contractor, consultant or freelancer running your own company, deciding what you should pay yourself can actually be quite confusing.  It may seem like a daft question but it is in fact one of the most commonly asked questions for those running their own limited company. So what salary should you take? At the [...]

HMRC have this week issued guidance to new contractors who have registered as self employed. The guidance is aimed at those awaiting their first tax bill from HMRC. According to HMRC, when a person starts self-employment, they will be waiting for some time before their first tax bill lands on the door mat so they [...]

The average yield that HMRC get for every IR35 case where a contractor is seen to be a ‘disguised employee’ has increased by 100% according to new information revealed under the freedom of information act. The information has also revealed that HMRC were managing to collect up to £1,700 per IR35 case until 2006, but [...]

HMRC recently highlighted at the IR35 forum four areas that they intend to improve IR35 processes. HMRC have been taking comments on how they are able to improve their IR35 helpline, guidance to contractors, status review and processes of investigation. They have also confirmed that they wish to make improvements to their assessment processes surrounding [...]

March 2008 saw the chancellor announce a crackdown on abuse of loopholes regarding taxation treaties. Double taxation treaties that exist between the UK and other countries became closely watched due to schemes that were enabling people, to avoid, paying tax. Tax avoidance schemes had been put in place to allow contractors and other UK workers [...]