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Contracting & Freelancing News

HSBC Inflict Pay Cuts on Around 500 Contractors

HSBC is imposing a 10% pay cut on about 500 contractors in their global investment banking operation as well as constraining them to take an unpaid holiday for two weeks as they battle the rate of rising costs. This could be a sign that thousands of jobs and billions of pounds worth of assets in the

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IT Contractor Demand Continues to Fall for a Sixth Consecutive Month

The growth in demand for IT contractors has continued to decrease into September for the sixth month in a row. Published earlier this month, the monthly report for IT contractors by the Recruitment & Employment Confederation scored demand at 58.6, compared with 58.7 that was seen in August. This means growth in IT contractor demand remains

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The Government Respond to the Dividend Tax Petition

The Government has responded to the dividend tax petition that has now received over 26,000 signatures. They are required to respond to any petition that obtains over 10,000 signatures and must consider a debate if the total number of signatures exceeds 100,000. They claimed that they are committed to supporting both entrepreneurs and a fair tax

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Travel and Subsistence Changes: An Update

Earlier this month, FreeAgent gathered many experts together including the Tax Director of the Office of Tax Simplification for the inaugural Self-Employment Tax Summit. This event was arranged to discuss proposed changes to contractors who could claim tax relief on travel and subsistence costs. Furthermore, revisions to P11D forms and potential changes to IR35 were also

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Contractors and Freelancers Involved in Large Tax Issues

Thousands of contractors and freelancers have become entangled in a £5.5bn tax issue that allows HMRC to demand and collect backdated underpayments from as long as 10 years ago that must be fully paid within a three-month period. HMRC were able to do this as of last year to force wealthy investors accused of using aggressive

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Its Almost Time For National Freelancers Day!

Almost 5 million individuals both young and experienced have bravely made the decision to work for themselves. This involves both males and females who have created a more colourful future for self-employment and IPSE believe this something worthy of celebrating.

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Anger Expressed Over HMRC Helplines via Twitter

Twitter has erupted over delays with HMRC’s helpline. During a 12 month period, between September 2014 and August 2015, over 11,500 tweets were directed at HM Revenue & Customs from furious callers following lengthy waits to speak to an adviser. The average waiting time for individuals calculated from complaining tweets totalled a huge 47 minutes. This

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Companies House: Changes You Need to Know

The Small Business, Enterprise and Employment Act has arrived and contains measures that will cause significant changes for some companies including contractors and freelancers. All companies however, will be slightly affected by some changes, as alterations of legal requirements on companies will be introduced, as well as what they are able to file with Companies House.

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Travel and Subsistence Changes: Support the Petition

Freelancers and contractors within a limited company are currently able to claim tax relief on travel and subsistence expenses if they are a director. In many cases, these are claimed when travelling to and from their clients’ and, for temporary accommodation and food costs when working away from home. You are only able to claim travel

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Do Contractors Need Public Liability Insurance?

As a Contractor, Do I Need Public Liability Insurance? The short answer to this question is yes, although it is not a legal requirement to have public liability insurance. Many contractors will be contractually obliged to take out business insurance cover but most take it out to ensure that they have peace of mind whilst working. 

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Tax Avoidance will not be tolerated

David Gauke, the Financial Secretary to the Treasury, has announced HMRC has collected £1 billion in tax payments as a results of collecting disputed tax upfront from individuals who are believed to be users of tax avoidance schemes. Any contractors or freelancers currently looking into tax avoidance schemes should think again. Accelerated payments were introduced by the

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