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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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Promoting yourself as a contractor

When you take the plunge in to contracting or freelancing you also become a business, to successfully promote yourself you have to think like you’re running your own small business. You are fully self-reliant on finding work for yourself, so selling yourself to potential clients and recruiters is key.One of the issue...

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Tips for getting a mortgage as a contractor

There are numerous advantages to being a contractor, choosing your own hours, higher rates of pay and being your own boss, but a major disadvantage is securing mortgage funding.Below is a list of tips to help you:1. Use a specialist mortgage brokerThe reality is that most lenders do not understand the contracting marke...

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