Leading umbrella expert praises HMRC’s guide to spotting tax avoidance schemes
Lisa Keeble, MD of Contractor Umbrella Limited, and founder of All Umbrella Companies Are Equal – a new site aimed at promoting best practice within the umbrella company industry, pointed us to a recent HMRC publication, ‘Tempted by Tax Avoidance’ – which is written in unusually plain English.
The guide provides readers with a useful list of warning signs for would-be umbrella company employees which could indicate whether or not a prospective scheme is likely to be a tax avoidance vehicle, and urges people not to be seduced by sales pitches with offer amazing rates of return.
As the saying goes; “if something sounds too good to be true, it probably is.”
Keeble commented: “All Umbrella Companies are Equal was set up to create a level playing field for umbrella companies and we feel that this publication is exactly what’s needed – straight talking, unambiguous and easy to read – quite a feat for a document about tax!”
Accountancy firm reveals UK regions with worst late payment record
Using data collected from 3,500 of its clients, a contractor accountancy firm has published a league table featuring the best (and worst) paying UK regions.
According to online accountants, Crunch, the seaside town of Blackpool comes out top, with invoices paid within a week. At the other end of the spectrum lies Shrewsbury, where invoices take over 46 days to be paid.
If you are lucky enough to do work for businesses in North London, Portsmouth and Nottingham, you can expect prompt payment, whereas clients in Wigan, Newcastle and Salisbury have less than impressive payment records.
Of course, this is not a scientific breakdown of late payment by region, as the dataset is fairly small, but it does come as a timely reminder for contractors to keep on top of overdue invoices.
Read our comprehensive guide to dealing with late paying clients for more information.
New comprehensive guide for the self-employed launched
Easy Accountancy has published a new 70-page guide to starting up in business. Aimed at businesses of all types, the guide looks at the two main ways of setting up – becoming self employed, or forming your own limited company.
It is very unusual for IT contractors to work as sole traders, for a number of reasons, so the information on running a company should be very useful for prospective business owners (including contractors and freelancers).
The guide also covers a number of topics related to running your business, such as lead generation, and even how to do well in the Google rankings.