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Is self-employment the way forward?

One of the biggest societal changes of the last five years has been a growth in contracting, freelancing and self-employment. One of the underlying trends behind this explosion in the volume of small companies and sole-traders is how large organisations are seeking a dynamic critical mass, a lower cost-base and...

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What does the new tax year bring for Contractors?

Chancellor George Osborne’s plans to ‘reduce the costs of employment, ease the tax burden on businesses and stimulate investment’ is looking good for contractors and freelancers.There are a number of changes that come in to play from 6th April 2015 that contractors and freelancers should be particularly aware of: T...

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Plans to digitise paper tax returns runs in to difficulties

In this month’s Budget announcement, Chancellor George Osborne publicised plans to digitise paper tax returns for the majority of the UK population by 2020. The plans have however already ran in to issues – IT concerns, security threats and software glitches have already posed serious questions.Under the new plan, 15...

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Understanding Contractor Expenses

There are a range of expenses that are allowable for contractors, however you must remember that the more expenses that a company has, the less profit it makes. The less profit the company makes the less funds available for the shareholders to take as dividends. The general rule of thumb is that if an expense is whol...

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HMRC to crack down on tax avoidance promoters

HM Revenue & Customs (HMRC) have this week announced new rules which mean promoters described as ‘high-risk’ must make clear to clients that they are being monitored by the authority. Promoters of tax avoidance can now be subject to financial and reputational penalties that aim to stamp out arrangements designed to m...

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OTS recommend changes to self-employment status guidelines

The Office of Tax Simplification (OTS) are calling for better guidelines when it comes to determining employment status, according to their latest report. At current there a number of different tests that determine whether you are self-employed or not for tax purposes, which this reports addresses. There isn’t a defi...

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