Many contractors are still confused as to how exactly the IR35 tax changes for the private sector will impact their income and their business. The new changes are due to come into effect in April 2020, but recently UK pharmaceutical giant GlaxoSmithKline (GSK) has become the centre of a tax crackdown on so-called “disguised employment”. …
Read MoreWhy contractors may consider an MVL There are many reasons why a contractor might decide to close down their company using the Members’ Voluntary Liquidation (MVL) process, including: retirement taking on an employee-role emigrating. The over-riding reason for choosing an MVL is that the directors no longer need their (solvent) company, and they want the…
Read MoreContractors have been in the spotlight for some time now. While the current arrangements appear to be working well for contractors and the hiring companies (and, indeed, the general economy), there are other parties who are keen to meddle with things. In the recent Budget it was announced that the new IR35 rules will be…
Read MoreHMRC should rethink its ‘aggressive’ approach to IR35 tax reforms, according to many experts in the Contractor Accountant sector. Qdos Contractor (a tax insurance provider) says that the reforms could be seen as a threat to the self-employed way of working, worsened at a time of political uncertainty and no-deal Brexit fears. The claims come…
Read MoreJust a year after the major public sector shake-up caused by the IR35 reforms, similar changes are likely to happen in the private sector. The widely anticipated IR35 consultation, published recently by HMRC, aims to increase compliance for the self-employed and ensure that contractors are paying the correct levels of tax and National Insurance. The…
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