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.
Contractor News Updates
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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?
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.
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.
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.
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.
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.
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 […]
With most contractors ineligible to benefit from the main Government COVID-19 support schemes, the new Bounce Back Loan scheme may offer some relief to cash-starved small companies.
The Government has announced a series of measures to support businesses and people through this period of disruption. Here, the team at Forma has put together an excellent summary of the various schemes, plus a calculator.