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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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HMRC to enforce new reporting requirements for contractors

HMRC has publicised its plans to make changes to the way records are reported for recruitment companies. New regulations published last week will now mean that all agencies will need to provide the Revenue with details of all ‘workers’ they are involved with.Recruitment companies will need to inform HMRC of informati...

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RTI penalties will affect contractors on 6th March 2015

As you may be aware the Real Time Information (RTI) scheme came in to place on 6th April 2013. Employers have been required to submit Payroll information to HMRC on a monthly basis and on or before the day they make the payment under this scheme. However penalties for non-compliance are only just being introduced for...

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What lenders are contractor-friendly?

Mortgage options for contractors have become more comprehensive in recent years. More lenders than ever before have realised the contractor workforce is growing, and have decided to alter their borrowing criteria in order to cater for them. Below are a list of ‘contractor-friendly’ mortgage lenders and a summar...

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Time is up to share your views on Contractor Travel Expenses

After the announcement by HMRC on 16 December 2014, we have all been anticipating the changes that will affect a contractor’s ability to claim for travel and subsistence expenses. Time is now up to share your views on the potential changes in the consultation document, so now we will have to wait for the outcome. If ...

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MPs Call For Greater Regulation of Tax Advice Sector

Earlier this week leading firm PricewaterhouseCoopers (PwC) have come under intense criticism by a select committee of MPs. They have accused PwC of trying to promote tax avoidance "on an industrial scale", this is following the leaking of hundreds of Luxemburg tax rulings.HMRC will be looking at putting a 'code of c...

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