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
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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.”
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?
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.
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.
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.
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.
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.
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.
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.