With the new tax year rapidly approaching, a specialist accountancy firm has urged limited company contractors to carefully consider their tax planning in readiness for the new dividend tax rules which come into effect on 6th April 2016.
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:
HMRC’s 10 reasons why you should not use contractor loan schemes
With the Government keener than ever to outlaw ‘aggressive tax planning’ vehicles – specifically those aimed at freelance professionals, HMRC has published a new document – “ten things about contractor loan schemes.”
Contractors urged to sign online petition against dividend tax hike
The new April 2016 dividend tax will cost company owners thousands each year. This controversial measure could be debated in Parliament once an online petition reaches the 100,000 signature mark. Are you ready to take part?
Contracting in 2016 – 10 things you need to know
Many people contemplate a move into contracting at the start of new year, or take stock of how life as a contractor is treating them. Here we consider 10 things – good and bad – which will affect contractors during 2016.
‘430,000 contractors’ affected by travel expenses ban
The clampdown on travel and subsistence expenses has been included in the Finance Bill 2016, and is expected to impact 430,000 contractors according to HMRC estimates.
MP tables motion against contractor expenses cut
An MP has tabled an Early Day Motion (EDM) highlighting the Government’s decision to scrap tax relief on travel and subsistence expenses for thousands of contractors.
George Osborne – a contractor’s friend or foe?
Is no news good news for contractors? Is the Chancellor a friend to the temporary workforce? Or has he just left IR35 for another day? Paul Gough, MD of Intouch Accounting looks back on what has emerged since Wednesday’s Autumn Statement and predicts where things could be heading for contractors.
New IR35 test rumours slammed by recruiters
The controversy surrounding changes the Government will announce in the Autumn Statement continues, as recruiters say forcing clients to determine the IR35 status of contractors would be ‘devastating’ to the professional contracting market.
Papers claim Government plans to force most contractors onto payroll
Separate stories published in Daily Mail and Guardian over the weekend suggest that the Government is considering new legislation to force contractors working for a client for over one month back onto the payroll.
Employment Allowance restriction – another tax blow
The Employment Allowance reduces the National Insurance costs for most employers, including contractor limited companies. However, this is all set to change from April 2016 when many contractors will not longer be eligible to claim it.
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