The Chancellor announced a number of tax changes during the March Spring Statement – most notably a rise in the threshold before employees are liable to pay National Insurance Contributions.
Contractor News Updates
We typically publish site updates when important events take place (such as upcoming changes to legislation, Budget reports). You can also keep up-to-date with the latest contractor news updates by following us on:
- Twitter (recommended)
Autumn Budget 2021 – tax rises confirmed to fund big spending
Aside from the price cut for a bottle of Prosecco, the 2021 Autumn Budget will be remembered mainly for confirming a wide range of future tax increases for both businesses and individuals, and unprecedented levels of public spending.
Contractors could face significant penalties if they haven’t repaid deferred VAT
In line with a series of amends to VAT payments made by the government in response to the COVID-19 pandemic, the VAT deferral payment scheme was introduced to support businesses during the pandemic, helping them preserve cash during an undoubtedly challenging time for many small business owners.
Bounce Back Loan dividend and repayment issues for limited companies
With the first recipients now due to start repaying their Bounce Back Loans, it is clear that a significant proportion of firms will be unable to meet these repayments. What if your company used a loan to make dividend payments?
Mini Umbrella Company (MUC) fraud – what is it?
The Government has published guidance on so-called ‘mini umbrella company fraud’ – the widespread practice of setting up multiple companies to employ workers – with the sole aim of defrauding the taxman.
What does Budget 2021 mean for contractors?
The March 2021 Budget contains a large number of announcements that will affect contractors – including a 2023 Corporation Tax hike, many frozen tax allowances, and a variety of other measures which we have outlined below.
Contractors can pay 2019/20 self-assessment bills over time
As part of the Treasury’s wide-ranging measures to support the economy during the COVID-19 outbreak, the Chancellor has given the UK’s 11 million self-assessment taxpayers more time to pay their next income tax bills, which become due on 31st January 2021.
April 2021 Off-Payroll clause creates ‘unintended’ problem for umbrella companies
Clauses included within the Off-Payroll section of the 2020 Finance Act imply that the role of umbrella companies may be redundant after the April 2021 private sector IR35 rollout, prompting HMRC to rapidly publish clarification on the matter.
No change to 2021 Off-Payroll start-date, as 2023 extension amendment rejected
The Finance Bill was approved without division in the House of Commons earlier today; a proposed amendment by David Davis MP to delay the Off-Payroll reforms until April 2023 wasn’t even selected for debate by the Speaker. This means that the private sector Off-Payroll legislation deferral to April 2021 remains unchanged.
Contractors, sick pay and COVID-19: What you need to know
As the COVID-19 pandemic continues to sweep across the country, it’s clear that all types of workers have been affected in one way or another. Often, it’s presumed contractors suffering from an illness will not receive any income for the time that they’re unable to work. However, you may be eligible to help, depending which […]