Up to 100,000 contractors are being pursued by HMRC for historic tax avoidance. In some cases, the amount due to be paid to the Revenue runs into the £100,000s. Each contractor who is embroiled in this matter needs to decide what they are going to do. To use the cliché, doing nothing is not an…
Read MoreWe’ve spoken a lot on the Clarke Bell blog about changes to IR35 and how it’s heavily affecting contractors and their limited companies. That, along with on-going issues such as the collapse of Carillion, have meant that many contractors are having to close down thier company. As an accountant, you may be looking to advise…
Read MoreFollowing the collapse of construction firm Carillion, many subcontractors who have been left with huge unpaid bills by the firm are considering drastic action to salvage their businesses. One Oldham-based building contractor has been reported to have already had to let go two of his workers, and has been left with a pile of 40…
Read MoreAccording to recent reports, two of Britain’s most well-known banks, HSBC and RBS, have recently laid off hundreds of IT contractors. RBS has made 230 IT contractors jobless from its London hub and HSBC is getting rid of a multitude of IT contractors from its Canary Wharf office. Both businesses are blaming these job losses…
Read MoreThe Government has approved the new changes to IR35 which will come into effect from April 2017. But what does this mean for contractors? According to Deloitte, the average contractor’s take-home pay will see a reduction of 13%. That figure takes into account that whoever pays the Personal Service Company (PSC) will need to deduct…
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